| Florence Ave, Kitchener, Ontario
Offer Date: October 28th, 2022
Closing Date: November 30th, 2022
About the Property
Check out this Triplex in the heart of Kitchener! The property currently has 5 bedrooms, 3 bathrooms, and 1 large detached garage. The unit breakdown is as follows: Main Floor 3 bed 1 bath unit, Second Floor 2 bed 1 bath unit and Third Floor Bachelor studio with 1 bathroom. This property is 2862 sqft and is currently registered in the city as a legal Triplex. There is a full basement with 8 ft ceiling height, with access only from the main floor. However, an additional bedroom can be added to maximize the rental potential! There are currently tenants in the Bachelor and 2 bed unit, so only the main floor is vacant. This structurally sound property has a ton of potential and would benefit from a cosmetic renovation! This property is perfect for an investor looking for a winter project, adding a stunning Triplex into their portfolio.
About the Neighbourhood
The subject property is situated in the Centreville Chicopee area in Kitchener Ontario.
This property is perfectly located for a rental for various reasons. The amenities surrounding it such as Zehrs, Shoppers Drug Mart, Restaurants, Grocery stores are located all within walking distance! Also the property is a 7 minute drive to the Grand River Freeport Campus Hospital! The property is also situated less than 1 minute to Highway 8, connecting Kitchener to Highway 401, routes extending east to Toronto and West to London. The public transportation in Kitchener is second to none as well! With GO bus and GO train routes extending towards the GTA, and LRT routes all throughout Kitchener, this property would attract any tenant!
Property Details
- Triplex
- 5 bedrooms
- 3 bathrooms
- 2862 above grade
- 1112 below grade
- Unfinished basement with access through main unit only
- Separate entrances in back
- Property taxes are about $4850
- No A/C
- Forced Air Heating
- Furnace owned, 15 years old
- Roof redone in 2002
- Windows are original
- Detached 1 car garage, currently rented as storage space for $175/month
- The 1st unit HWT is a rental and was replaced within the last 5 years
- 2nd unit HWT owned, 10 years old, 3rd unit 13 years old and owned
- 3 Breaker Panels, Copper Wiring
- Built in 1890
- 56 ft x 120 ft
- R2B Zoning
Recommended Renovations
- Full Cosmetic Renovation
- Consider adding an A/C
- Consider Cash for Keys to renovate upper units to MAXIMIZE rental potential
- Seller has the option to leave contents behind so we recommend budgeting for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.
- Wholesale Price: $624,999 or Best Offer
- We believe that this property is worth $750,000 as-is on the MLS
- We believe that after a full renovation this property should be worth at least $900,000 on the MLS
- Purchase today for $125K BELOW MARKET VALUE!!
Comparable Analysis |
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- 35 Shaftsbury Drive sold for 960K in October 2022. This 5 bed 3 bath unit is similar in unit breakdown to the subject property. It has one 3 bed 1 bath, one 2 bed 1 bath and a bachelor studio. However, according to the listing, the property is legally a duplex, operating as a 3 unit property. The comparable is much better maintained than the subject property, however could still use a full cosmetic renovation. Also, according to the listing only the upper 2 bed unit is vacant, with the other two units currently tenanted. With the 2 attached garages, and better maintained units (though still dated) we believe after adjustments the subject property could sell around 750K on the MLS.
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- 23 Rutherford Drive Sold in October 2021 for $1,000,000. This 5 bed 3 bath Triplex has had a few renovations done throughout the main unit, specifically the flooring and bathrooms. However the kitchen in all three units are dated and could use an update. The property was fully rented at the time of the sale, collecting approximately $3997.30 per month. The property does have much better curb appeal, and is built more as a “purpose build” triplex, with exterior updates including doors, windows and an aesthetic brick surrounding the front door. We believe after adjustments and market change since 2021, also considering the curb appeal, updates and exterior updates, our property should be worth 750K conservatively on the MLS.
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- 90 Brandon Ave sold end of August 2022, for $1,010,000. This 5 bed 3 bathroom “purpose build” triplex has been decently renovated throughout, including the flooring, kitchens and bathrooms. The property was sold fully tenanted, generating $4335/month in income. Each unit is also about 1000sqft, thus making it quite spacious. We believe, after a full renovation, with the ability to re rent it out after getting cash for keys from the current tenants and considering some adjustments from the comparable, the subject property would sell around 900K.
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| Need Financing? |
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| Looking for a construction cost estimate?
SLG Capital will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgcapital.ca |
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| If You’re Interested….
Email us at info@slgpropertydeals.ca or call Sal at 647-492-6380. Sal can answer any questions you have and set up a time to view the property.
Please Do Not Go Directly to the Property
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| Disclaimer: The contents of this email are for informational purposes only. We are not home inspectors or appraisers. Please ensure you do your own due diligence. |
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