|Wholesale Price of $379,999 or Best Offer!
(10K assignment fee included)By March 25, 2022
Realtors bring your clients, just add your commission to the purchase price!Purchase this Property Today for $35K BELOW Market Value!
Closing Date: May 9th, 2022
Seller has agreed to provide vacant possession of the property upon closing date.
**Due to COVID-19 restrictions sight unseen offers are preferred.**
Spruce Street, Sudbury, Ontario
About the Property
This 2 Storey detached Duplex is an investors dream! The property consists of 3 units, (two 2 bed 1 bath units, one 1 bed 1 bath unit) that have been well maintained throughout the years. The property is about 1500 sqft above grade, with a 902sqft basement, 662sqft of finished basement area. The property has three separate entrances, leading to each unit. The subject property is well maintained, however could benefit from a minor cosmetic renovation, specifically in the kitchen and bathrooms of each unit. There is a portion of the roof that must be repaired as there is a small leak from it. This property would be best suited for a beginner or experienced investor looking to add a 3 unit property with massive upside potential in the heart of Sudbury into their portfolio.
About the Neighbourhood
The subject property is situated in the Little Britain area of Sudbury Ontario. The property is a 5 minute drive into the downtown core of Sudbury. Surrounded by countless amenities including multiple independent Grocery Stores, Shoppers Drug Mart, restaurants, businesses and local bars, this property is perfectly located. There are multiple GOVA transit (Sudbury transit system) bus stations located within walking distance of the property as well. There is also a VIA Rail Station approximately 5 minutes away from the property, connecting Sudbury to Toronto by train. Sudbury is also accessible from Highway 69, which extends south connecting to Highway 400, into southern Ontario.
- 2 storey detached Duplex with basement apartment
- Unit Breakdown:
- Unit 1 – 2 bed 1 bath
- Unit 2 – 2 bed 1 bath
- Basement – 1 bed 1 bath
- 1466 sqft above grade
- 902 sqft below grade
- Property taxes are about $3480
- Breaker panel for main floor
- Fuse panel for upper unit (as per seller)
- Both panels have copper wiring (as per seller)
- Built in 1920
- Boiler and HWT are financed- replaced in 2019 as per seller
- Roof is 12 years old as per seller
- Windows are original but in good condition
- Lot size: 44ft x 90ft
- Single driveway beside the house – room for 4 vehicles in back parking lot
- R2-2 Zoning
- Option to do some updates to kitchen and bathrooms to increase REFI or ARV
- Replace the roof
- Tenants have the option to leave contents behind so we recommend budgeting for junk removal
We are selling our assignable purchase contract for this excellent BUY and HOLD opportunity.
- Wholesale Price: $379,999 or Best Offer
- We believe that this property is worth $415,000 as-is on the MLS
- We believe that after a minor renovation ($25,000 – $50,000) this property should be worth at least $500,000 on the MLS.
- We believe that after a full renovation this property should be worth at least $575,000 on the MLS.
- Purchase today for $35K BELOW MARKET VALUE
- Annual Revenue: $48,000
- Annual Expenses: $12,760
- Gas, Water & Hydro – $6,000
- Insurance – $2,280
- Property Tax – $3,480
- Landscaping and Snow Removal – $1,000
- 5% Maintenace: $2,400
- 2% Vacancy: $960
- NOI: $31,880
- Renovations: $50,000
- Purchase Price + Renovations = $430,000
- Cap Rate = 7.41%
Unit Breakdown Potential
- Unit 1A: 2 bed, 1 bath, $1500/month
- Unit 1B: 2 bed, 1 bath, $1500/month
- Basement Unit: 1 bed, 1 bath, $1000/month
- 431 Spruce Street is a 4 bed, 3 bathroom Duplex with a basement apartment, on the same street as the subject property. The property sold in January 2022 for $400,000. The room breakdown is much less superior, as there is only one 2 bed 1 bath unit, and two 1 bed 1 bath units. The property has one unit that has new flooring, but the rest of the property is similar to the subject and needs a cosmetic renovation. The property is tenanted, with only one unit coming vacant, thus is less superior than the subject that is completely vacant. We believe that in its current condition, with vacant possession and a much more superior room unit breakdown, the subject property would sell for a price slightly higher than the comparable on the MLS.
- 364 Frood Road is a 5 bed, 3 bathroom Duplex with a basement apartment, in the Donavan area of Sudbury, slightly north than the subject property. The comparable sold in December 2021, for $590,000. The unit breakdown is exactly like the subject, with two 2 bed 1 bath units, and one 1 bed 1 bath unit in the basement. Similar to the subject property, the comparable has exterior siding, however the comparable property’s siding has been recently updated. The comparable property underwent a full renovation prior to selling, and had tenants recently move in, paying market rents of $1800/month for the 2 bed unit and $1600 for the 1 bed unit, which totals $5200/month for the property. We believe after a full renovation the property would sell for a price slightly below the comparable on the MLS.
|If You’re Interested….
Email us at firstname.lastname@example.org or call Jocelyn at 647-930-0291. Jocelyn can answer any questions you have and set up a time to view the property.
Please Do Not Go Directly to the Property