| Kathleen Street, Orillia, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: June 16th, 2023
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Attention investors looking for a spring project! This legal duplex will come vacant but requires a full cosmetic renovation before the units can be rented out. The electrical and plumbing need to be redone but both the windows and roof were redone in 2008. The zoning allows for a legal triplex so there is potential to add an additional legal unit and convert into a triplex. This property is perfect for an investor looking to add a multiplex to their portfolio that supersedes the 1% rule.
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.
Property Details
- Legal Duplex
- 4 bedrooms 2 bathrooms
- 1 bedroom 1 bathroom
- 1242 sqft above grade
- 666 sqft below grade
- Ceiling height above 6ft as per seller
- Property taxes are about $2576
- 2 breaker panels
- 1 breaker panel
- 1 fuse panel
- copper/aluminum wiring
- Built in 1935
- 2 car detached garage
- Oil furnace
- No A/C
- HWT was purchased in 2020
- Only one fridge, dryer, washer being left behind
- Roof and windows were redone in 2015
- Crack in foundation at the back but no leaking, as per seller
- 40ft x 90ft
- R2-3 Zoning
Recommended Renovations
- Full cosmetic renovation
- Add a gas furnace
- Redo the wiring and plumbing
- Consider sanding and staining the deck
- The seller has the option to leave junk behind so we would recommend budgeting for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent BUY and HOLD opportunity.
- Wholesale Price: $164,999 or Best Offer
- We believe that this property is worth $215,000 as-is on the MLS
- We believe that after a minor cosmetic update this property should be worth at least $390,000 on the MLS.
- Purchase today for $50K BELOW MARKET VALUE
NOI Analysis
Unit Breakdown Potential
- Unit 1: 4 bed, 2 bath, $1750/month
- Unit 2: 1 bed, 1 bath, $1200/month
Cap Rate Analysis After Renovations
- Annual Revenue: $35,400
- Annual Expenses: $8,076
- Water – $2,000
- Insurance – $2,500
- Property Tax – $2,576
- Landscaping and Snow Removal – $1,000
- 5% Maintenance: $1770
- 2% Vacancy: $708
- NOI: $24,846
- Purchase Price:
- @ 10.5% = $236,628
- @ 11% = $225,872
- @ 11.5% = $216,052
Comparable Analysis |
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- 385 Antwerp Avenue sold for $250,000 in February 2023. This comparable is a triplex with no photos of the inside. The property was advertised as a fixer upper and full reno. Therefore, after adjustments, and given the recent spike in the market, we believe this property would sell for at least $215,000 “as-is” on the MLS.
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- 353 Mabel Avenue sold for $390,000 in May 2023. This legal duplex was updated throughout with modest finishes. The main unit features 2 bedrooms 1 bath and the upper unit features 3 bedrooms 1 bath. The comparable sits on a slightly larger size but is similar in size. Therefore, after adjustments, and depending on finishes, we believe this property would sell for at least $390,000 “as-is” on the MLS.
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| Need Financing? |
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| 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 |
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| 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
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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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