2-Storey Brick House on a Corner Lot with Option for Severability & Secondary Suite in Oshawa!! Assigned

  • $600,000
  • 3 beds
  • 1 baths
  • 1362 sqft

Located in the heart of Oshawa this 2-storey, detached brick property is not to be missed! Situated on a corner lot with dual frontage and the option for a secondary suite and/or severing the lot, this well-maintained property screams profit potential. Walking distance to all amenities, this property is the perfect rental or flip! You can’t pass up the opportunity to maximize your investment in a rapidly growing market with long-term income potential at a fraction of the market value. The average detached property in Oshawa is $780,000 and at only $600,000, this property is a complete steal!!!

We are selling our assignable purchase contract.

Closing is April 9th, 2021

WHAT are the options?
This corner lot property has a double frontage and provides a severance possibility for the Buyer. Although each option will require due diligence from the Buyer, we believe that many of these options are more than possible (Buyer to verify). Option 1: Single-family flip.

Option 2: Addition of a secondary dwelling unit and/or a coachhouse (once allowed)

Option 3: Sever the lot in two and build an approximate 1800 sq ft house on the empty lot. Buyer will need to apply for a minor variance to reduce the required front and rear yard setbacks. We believe this should be possible as there are other houses on the street with much smaller front yard setbacks and this would conform to the existing neighbourhood (Buyer to verify).

Option 4: Sever the lot in two and build a larger home on the empty lot. Buy a piece of the neighbouring property’s backyard to allow for a deep enough empty lot. This would take away the need for a minor variance.

Option 5: Any combination of the above options.

**Please note, Buyer must do their own due diligence regarding any/all of these options.**
PROPERTY FEATURES
  • 3 bedrooms
  • 1 bathroom (has a jacuzzi tub and stand alone shower)
  • Built in 1925
    • Owned by the same family for 45+ years
  • Above grade: 1362 sq ft
    • Main floor: 738 sq ft
    • Second floor: 624 sq ft
  • Partially finished basement: 624 sq ft
    • Hidden door leads to cold storage room at bottom of stairs
    • Ceiling height of 6.5879 ft
  • Wood burning fireplace on main floor and in basement 
  • No signs of knob & tube or lath & plaster
  • 200 AMP breaker panel
  • HE gas furnace is 14-years-old (as per Seller)
    • New igniter was installed March 1st, 2021 (as per Seller)
  • HWT is rented
  • Central AC is over 20-years-old (as per Seller)
  • Separate entrances:
    • Front door to front entrance 
    • Side entrance leads to a landing with stairs down to the basement and up to the kitchen
    • Back door from deck to kitchen
    • Sliding doors from deck to dining room
  • Windows are approximately 5-years-old (as per Seller)
  • Roof is 15-years-old (as per Seller)
  • Storage shed in backyard
  • Deck in backyard
  • All-brick exterior
  • 1-car, detached garage (manual doors)
  • 5-car, brick driveway leading up to garage
  • Lot size: 51.73 ft x 160 ft
  • Zoning: R1-E (allows for a secondary dwelling unit, see HERE)

PROPERTY NEEDS

  • Cosmetic updating
  • Lot could be severed for additional profit (Buyer to verify)
  • Option to convert the basement to a secondary dwelling unit  for additional income (Buyer to verify)

 

Please click HERE for more information and pictures.

Price:
$600,000
Address:
Adelaide Ave E & Ritson Rd N
Oshawa, ON
Square Feet:
1362
Lot Size:
51.73 ft x 160 ft
Bedrooms:
3
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1925
Basement:
Partially Finished

Call (647) 400-2093 for more details

Property Location