|Wholesale Price of $379,999 or Best Offer!
By April 11, 2022
Realtors bring your clients, just add your commission to the purchase price!
Purchase this Property Today for $50K BELOW Market Value!
Closing Date: May 31st, 2022
**Due to COVID-19 restrictions sight unseen offers are preferred.**
Mabel Avenue, Sudbury, Ontario
About the Property
This 2 storey detached duplex consists of two 3 bedrooms 1 bathroom units. The property is currently vacant so the buyer will be able to set their own rent rates. The furnace, A/C and tankless water heater were replaced last year and they are all rentals. Per seller, the basement ceiling height is about 6ft 2″ and it would be possible to add a separate entrance. The zoning for this property allows for an additional unit. There is a small leak in the foundation. The basement is partially finished and there is drywall but no flooring. The roof was redone 5 years ago but the windows need to be replaced. The electrical panel is on breakers and is copper wiring. The property has been fully renovated and is ready to be rented out. This property is great for the savvy or beginner investor looking for a turnkey property to add to their portfolio.
About the Neighbourhood
The subject property is situated in a desirable neighbourhood in Sudbury. The property is a 5 minute drive into the downtown core of Sudbury. Surrounded by countless amenities including multiple independent Grocery Stores, Shoppers Drug Mart, restaurants, businesses and local bars, this property is perfectly located. There are multiple GOVA transit (Sudbury transit system) bus stations located within walking distance of the property as well. There is also a VIA Rail Station approximately 5 minutes away from the property, connecting Sudbury to Toronto by train. Sudbury is also accessible from Highway 69, which extends south connecting to Highway 400, into southern Ontario.
- Legal Duplex
- Both units are 3 beds and 1 bath
- 1332 sqft above grade
- 666 sqft below grade
- Property taxes are about $2351
- 2 breaker panels
- Copper wiring
- Built in 1930
- Furnace. HWT, and A/C are all rented and new (2021)
- Parking in the back for 3-4 cars
- Roof is 5 years old
- 33ft x 120ft
- R2-3 Zoning
- Update one of the bathrooms
- Consider updating the windows
- Consider adding another unit in the basement
- 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 BUY and HOLD opportunity.
- Wholesale Price: $379,999 or Best Offer
- We believe that this property is worth $430,000 as-is on the MLS
- We believe that after a minor cosmetic update this property should be worth at least $475,000 on the MLS.
- Purchase today for $50K BELOW MARKET VALUE
Unit Breakdown Potential
- Unit 1: 3 bed, 1 bath, $1750/month
- Unit 2: 3 bed, 1 bath, $1750/month
Cap Rate Analysis After Renovations
- Annual Revenue: $42,000
- Annual Expenses: $9,631
- Gas & Water – $4,000
- Insurance – $2,280
- Property Tax – $2,351
- Landscaping and Snow Removal – $1,000
- 5% Maintenance: $2100
- 2% Vacancy: $840
- NOI: $29,429
- Purchase Price:
- @ 6% = $490,483
- @ 6.5% = $452,753
- @ 7% = $420,414
- 339 Bessie Street sold for $476,123 in February 2022. The comparable is a legal duplex that consists of two 2 bed 2 bath units. The comparable sits on a similar lot size and has been somewhat renovated but is still outdated in parts of the home. The comparable is newer than the subject property and also has an additional washroom in each unit. After adjustments, we believe the subject property would sell for atleast $430,000 “as-is.”
- 8 Baker Street sold for $515,000 in March 2022. The comparable is a legal duplex that consists of two 3 beds 2 bath units. The comparable sits on a slightly larger lot size and has had some renovations done. Therefore, after adjustments, and depending on finishes, we believe after a full renovation the subject property would sell for at least $475,000 on the MLS.
|If You’re Interested….
Email us at email@example.com 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