4+3 Bedroom, 2 Bathroom, Bungalow Rooming House in Oshawa!! Assigned

  • $680,000
  • 7 beds
  • 2 baths
  • 1064 sqft
Assigned

Don’t miss out on this great investment opportunity located in the Lakeview district of Oshawa, close to the 401, shopping, dining, and other amenities!! This bungalow is situated on a corner lot, offering plenty of yard space to be enjoyed. The property itself is currently being utilized as a tenanted rooming house, offering 4+3 bedrooms, 2 full bathrooms, 2 kitchens, basement laundry, as well as separate entrances. With cosmetic updates throughout, this property could easily bring huge profit potential to an Investor. With the R2 zoning, the Investor convert this property back into 2 units to either hold as a rental or resell for a premium on the market, or continue to utilize this property as a lucrative rooming house opportunity (Buyer to verify). Options galore!!

We are selling our assignable purchase contract.

Closing is January 12th, 2022
*As per our APS, the Buyer agrees to assume the current tenants (names written in contract) at the current monthly rates of $700, $400, $500, $500, $450, and $600 respectively (including utilities). The Buyer is aware that the current tenants are on a verbal, month-to-month agreement.*

**As per our APS, the Seller agrees to provide a 60-day notice to the tenants on December 1, 2021 or a few days after. The Buyer is aware that this does not guarantee a vacant closing.**

PROPERTY FEATURES
Please note: this property is currently being utilized as a rooming house. Each tenant rents their own room (rent includes utilities), and has shared access to the kitchen, bathroom, and living areas on the level of the property which their room is located. It is unsure if the laundry area in the basement is shared with all the tenants, or just those in the basement level. There are 2 separate entrances in the property, which either access the basement, or the main floor. This property was viewed in person by our Acquisition Rep, however only for a very limited amount of time, so as to not disturb the tenants. The Buyer is to verify all below information and do their own due diligence.
  • 4+3 bedrooms
    • This property was originally set up as a 3+1 bedroom, however the Seller has since added 2 additional bedrooms to the basement, as well as the conversion of the upstairs living room into another bedroom, making this a 4+3 (as per Seller)
      • 2 of the 3 bedrooms in the basement include closets (as per Seller)
      • All 3 bedrooms in the basement include windows (as per Seller)
      • The main floor dining/living room area is currently set up as a fourth bedroom on the main floor, and a wall has been added in order to block access from the kitchen (wall can be removed to restore original floor plan, as per Seller)
      • Only 3 of the 4 bedrooms located on the main floor are currently occupied, and all 3 of the basement bedrooms are tenanted (as per Seller)
  • 2 full bathrooms (1 bathroom, as per MPAC)
    • 4-piece bathroom located on the main floor
    • 4-piece bathroom located in the basement
  • Built in 1958
  • Above grade: 1064 sq ft (as per MPAC)
  • Basement: 1064 sq ft (as per MPAC)
    • 3 bedrooms
    • Laundry area
      • It is unsure whether or not this is shared amongst all of the tenants in the property or just those with rooms located in the basement level, as this is the only laundry area provided on the property (Buyer to verify)
    • Living room area
    • 4-piece bathroom
  • Separate entrances:
    • Front door opens to a set of stairs, which lead down to the basement
      • This entrance, at one time, also contained access to the main floor, however that has since been closed off (as per Seller)
    • Back door leads into the main floor kitchen area
  • All appliances will be included
  • Flooring: laminate, tile, carpet
  • Walls are double brick with plaster (as per Seller)
  • 100 AMP breaker panel
  • Gas furnace is rented (as per Seller)
  • HWT is rented (as per Seller)
  • No central AC (as per Seller)
    • Window AC units can be seen throughout the property (Buyer to verify)
  • Windows are 20-years-old (as per Seller)
  • Roof is 5-years-old (as per Seller)
  • Parking for 4+ cars on driveway
  • Irregular lot: 58.92 ft x 0 ft (as per MPAC & Geowarehouse)
    • Depth is anywhere between 104.92 ft and 126.28 ft on the Geo aerial shot, though is also written as N/A on the Geo as well (Buyer to verify)
  • Zoning: R2
    • As per the Official Zoning Bylaw from the City of Oshawa, the R2 zone permits single detached dwellings, duplexes, as well as accessory apartments (see HERE, sections 5.12 & 7.1). Rooming houses such as this property are referred to as “lodging houses” throughout the official document, and appear to only be permitted within an R7 zone, a CBD zone, and a PSC zone (sections 12.1, 16.1 & 18.1). More specific information on lodging houses can also be found in Section 4.15B. — Buyer to verify
    • The Seller has stated that they have obtained duplex status through the City of Oshawa (Buyer to verify)

PROPERTY NEEDS

  • Full cosmetic update

 

Please click HERE for more pictures and information.

Price:
$680,000
Address:
Phillip Murray Ave & Cedar St
Oshawa, ON
Square Feet:
1064
Lot Size:
58.92 ft x 0 ft
Bedrooms:
7
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Other
Year Built:
1958

Call (647) 400-2093 for more details

Property Location