|Battochio Street, Timmins, Ontario
Offer Date: August 12th, 2022
Closing Date: September 9th, 2022
About the Property
Checkout this Triplex in Timmins with two of the three units already tenanted. The buyer will need to assume these tenants but could offer cash for keys or simply allow them to stay and keep collecting rent! The rents for the two tenanted units are $500 & $475 and third units rent will be set by the buyer. No renovations were done on this property so we would recommend a full cosmetic renovation including kitchen and bathrooms. The property is about 1928 squarefeet and all units are above grade. There was a small house in the back that burnt down in June 2021. Potential to use as a double lot and rebuild as the foundation for the basement is still there. There is a bit of seeping happening in one corner of the foundation causing some water to get through. This property is perfect for an investor looking to add a multiplex to their portfolio with tenants already in place for two of the three units!
About the Neighbourhood
The subject property is situated on the East side of Timmins and is only a 5 minute drive to Timmins Hospital. Downtown is located less than a 10 minute drive from the subject property. This property is close to countless amenities such as restaurants, shops on the downtown strip, LCBO, McDonalds, Shoppers Drug Mart, and schools.
- 3 bedrooms 1 bathroom on main floor
- 1 bedroom 1 bathroom on upper floor
- 1 bedroom 1 bathroom on upper floor
- 1928 sqft above grade
- 884 sqft below grade
- Property taxes are about $2261
- No garage, laneway in the back building
- Roof was redone in 2014
- Windows are original
- No A/C
- HWT was purchased in 2016
- Furnace was purchased in 2014
- Foundation has some seeping in one of the corners causing a bit of water leak
- Fuse Panel & copper wiring
- Built in 1935
- 32ft x 92ft
- R3 Zoning
- Full cosmetic update
- Consider adding A/C
- Consider updating the windows
- Consider adding another unit in the back where the property burnt down
- Fix the foundation
- Considering giving cash for keys for the two tenants
- Seller has the option to leave contents behind so we recommend budgeting for junk removal
We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.
- Wholesale Price: $89,999 or Best Offer
- We believe that this property is worth $125,000 as-is on the MLS
- We believe that after a small cosmetic renovation this property should be worth at least $220,000 on the MLS
- Purchase today for $35K BELOW MARKET VALUE!!
- Unit 1: 3 bed, 1 bath, $1100/month (potential)
- Unit 2: 1 bed, 1 bath, $500/month
- Unit 3: 1 bed, 1 bath, $475/month
Cap Rate Analysis
- Annual Revenue: $24,900
- Annual Expenses: $8,994
- Gas & Water – $3,968
- Insurance – $1,575
- Property Tax – $2,451
- Landscaping and Snow Removal – $1,000
- 5% Maintenance: $1245
- 2% Vacancy: $498
- NOI: $14,183
- Purchase Price:
- @ 11% = $128,936
- @ 11.5% = $123,330
- @ 12% = $118,191
- 17 Vipond Road sold for $131,400 in December 2021. This comparable is a duplex and was sold tenanted. Rents were not disclosed in the listing. The comparable sits on a smaller lot size with no potential to add an additional separate unit. There are no photos of the inside but based on the outside the property it is likely dated and in need of renovations on the inside. Therefore, after adjustments, we believe the subject property would sell for at least $125,000 “as-is” on the MLS.
- 99 Dwyer Avenue sold for $148,600 in December 2021. This comparable is a duplex and was sold tenanted. Rents were not disclosed in the listing. This duplex consists of two separate units in tandem of each other. There are no photos of the inside but based on the outside the property it is likely dated and in need of renovations on the inside. Therefore, after adjustments, we believe the subject property would sell for at least $125,000 “as-is” on the MLS.
- 33 Dwyer Avenue is currently listed at $235,000. This comparable is a duplex and slightly bigger than the subject property. This comparable comes fully tenanted and also has no photos on the inside. Assuming the comparable sells for what it’s listed for, and depending on renovations done on the subject property, we believe the subject property should sell for at least $235,000 on the MLS.
|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 email@example.com
|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
|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.