Purchase this Property Today for $80K BELOW Market Value!
Closing Date: June 1st, 2022

**Due to COVID-19 restrictions sight unseen offers are preferred.**

Sixth Street, Brantford, Ontario

About the Property

This legal fourplex consists of four 2 bedroom 1 bathroom units and is fully vacant. The roof was redone about 2 years ago and windows are all in good condition. The first unit requires a full renovation as there was some water damage from the upstairs bathroom that leaked into the ceiling of the first unit bathroom. The second unit requires a full renovation and there is only a closet in one of the bedrooms. The third unit had some renovations done to it but there is no heat in this unit so it requires a meter and electricity. The fourth unit is turn key but we would recommend updating the kitchen to max out the rent potential. This house is perfect for an investor looking for a fix and flip or BRRR in Brantford!

About the Neighbourhood 

The subject property is situated on the south side of Brantford and is about a 7 minute drive to the Wilfrid Laurier Brantford Campus. The property is near countless amenities such as Tim Hortons, FreshCo, LCBO, Dollarama, Shoppers Drugmart, Brantford General Hospital, restaurants and schools. Brantford is conveniently located between Hamilton and London and is situtated south of the 403. Brantford is about an hour drive to Kitchener-Waterloo and the GTA.

Property Features

• Fourplex
• Four 2 bedrooms, 1 bathroom units
• 3630 sqft above grade
• 1815 sqft below grade
• Property taxes are about $5150
• 4 separate hydro meters
• 4 separate fuse panels
• Copper wiring
• Built in 1965
• Electric heating
• One HWT is a rental the other 3 are owned
• 106ft x 88ft
• Parking for 10 vehicles
• F-R1C,F-R4A Zoning

Recommended Renovations

• Three units require a full renovation
• Consider replacing the owned HWTs
• Extensive junk removal required

We are selling our assignable purchase contract for this excellent Fix & Flip opportunity.

• Wholesale Price: $919,999 or Best Offer
• We believe that this property is worth $1,000,000 as-is on the MLS
• We believe that after a full renovation this property should be worth between $1,230,000 and $1,376,000 based off the cap rate analysis
• Purchase today for $80K BELOW MARKET VALUE

Unit Breakdown Potential

• Unit 1: 2 bed, 1 bath, $1700/month
• Unit 2: 2 bed, 1 bath, $1700/month
• Unit 3: 2 bed, 1 bath, $1700/month
• Unit 4: 2 bed, 1 bath, $1700/month

Cap Rate Analysis After Renovations

• Annual Revenue: $81,600
• Annual Expenses: $17,378
  • Water – $2,000
  • Insurance – $2,200
  • Property Tax – $5,150
  • Hydro – Paid by tenants
  • Property Management – $6,528
  • Landscaping and Snow Removal – $1,500
• 5% Maintenace: $4,080
• 2% Vacancy: $1,632
• NOI: $58,510
• Purchase Price:
• @ 4.25% = $1,376,706
• @ 4.5% = $1,300,222
• @ 4.75% = $1,231,789

Comparable Analysis

• 111 Sixth Avenue sold for $956,500 in February 2022. This comparable is a legal fourplex with four 2 bedroom 1 bathroom units. The comparable is the same size as the subject property and also requires renovations. The comparable was sold fully tenanted making it harder to renovate and increase rent potential. Given that the subject is currently vacant with the potential to renovate, we believe that it would sell for more than this comparable on the MLS
• 130 FIFTH Avenue sold for $1,010,000 in March 2022. This legal fourplex consists of four 2 bedroom 1 bathroom units. It is the same size as the comparable but outdated throughout and is also fully tenanted. Since this is an identical comparable, we believe that the subject property would be worth similar to this comparable as-is on the MLS