Multiplex Detached House in Niagara Falls! Assigned

  • $499,999
Assigned

Multiplex Detached House in Niagara Falls!

House Hack or Buy and Hold Opportunity! 

$100K BELOW Market Value!

McRae Street
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.

Property Details

  • Detached Fourplex
    • 2 beds 1 bath rented at $1460, not including gas
    • 2 beds 1 bath rented at $1380 including utilities
    • 1 beds 1 bath rented at $743 including utilities
    • 1 beds 1 bath rented at $677 including utilities
  • 2821 sqft above grade
  • 1418 sqft below grade
  • Built in 1910
  • 4 Fridges and 4 Stoves are included
  • 4 parking spots
    • 3 parking spots in the back
    • 1 parking spot in the front
  • Breaker panel, copper wiring
    • Not separately metered, seller pays hydro
  • No A/C
  • 3 separately gas metered, for each furnace
    • Units 3 and 4 (basement units) share a furnace
    • Owned and are about 5 years old
  • HWT is a rental, 10 years old
  • Roof was redone in 2018
  • Windows are about 5-10 years old
  • Property taxes are approximately $3800
  • 38 ft x 120 ft lot
  • Zoning R2

Recommended Renovations

  • Cash for keys or continue renting with current tenants and continue to enjoy the Cash Flow
  • Seller has the option to leave junk behind so we recommend budgeting for junk removal
Pictures and More
he Numbers

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


Comparable Analysis
  • 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.
Click Here To See ALL Available Properties
Click Here To See Our Wholesale Process Explained
Need Financing?
Looking for a construction cost estimate?

SLG Renovations will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgrenovations.ca
View our past projects here
If You’re Interested….

Email us at info@slgpropertydeals.ca 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

 
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.
Price:
$499,999
Address:
Niagara Falls
Terms:
Assignment of Contract
Property Type:
Multi-family

Call 647-930-0291 for more details