Multiplex Detached House in Niagara Falls! Assigned
Multiplex Detached House in Niagara Falls!
House Hack or Buy and Hold Opportunity!
$100K BELOW Market Value!
McRae Street, Niagara Falls, ON
Offer Date: FIRST COME FIRST SERVE Closing Date: January 5th 2024
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Investors looking to buy a multiplex in Niagara Falls, checkout SLGs newest deal! This property consists of two 2 beds 1 bath units and two 1 bed 1 bath units. This cash flowing fourplex will come fully tenanted with AAA tenants. Tenants all pay on time and would like to stay, buyer will need to inherit the tenants, however, after closing if they choose to issue an N12 they may. The units are dated but in good habitable condition and could potentially use a facelift to bring rent up to market rent when/if tenants vacate. This property is perfect for an investor looking to add a tenanted multiplex to their portfolio!
About the Neighbourhood
The subject property is situated in a desirable neighborhood in Niagara Falls. The subject property is surrounded by a variety of recreational amenities. Niagara Falls and Clifton Hills are only a 3-minute drive away. The rainbow bridge leading into the United States is located only 10 minutes away. Freshco, Sobeys, and Costco are under 15 minutes away from the subject property. Access to the QEW is only a 5-minute drive away.
We are selling our assignable purchase contract for this excellent BUY and HOLD opportunity.
Wholesale Price: $499,999
We believe that this property is worth $600,000 as-is on the MLS
We believe after a cosmetic update to the main floor, the subject property would sell for at least $700,000 on the MLS
Purchase today for $100K BELOW MARKET VALUE
5785 Temperance Avenue sold for $682,000 in March 2023. This comparable is a duplex that consists of one 3 bed 1 bath unit and one 2 bed one bath unit. The comparable sits on a larger lot size and has had some updates done throughout but dated in parts of the home. The comparable is smaller in size but had the option to come vacant or tenanted. Therefore after adjustments, we believe the subject property would sell for a price around $600,000 on the MLS, AS IS!
4339 Seneca Street sold for $758,000 in May 2023. This comparable is a triplex that consists of two 1 bed 1 bath and one 2 beds 1 bath. The comparable sits on a larger lot size and is completely dated throughout. The comparable is smaller in size but came with 2/3 of the units vacant. Therefore after adjustments, we believe the subject property would sell for a price around $600,000 on the MLS, AS IS!
4575 Homewood Avenue sold for $682,000 in August 2023. This comparable is a triplex that consists of only 1 bed in each unit. The comparable sits on a slightly larger lot size and presents itself slightly better than the comparable, one of the units has been completely renovated as per the listing. It is unclear if the property was sold vacant or tenanted. Therefore after adjustments, and renovations we believe the subject property would sell for a price around $700,000 on the MLS.