Duplex Value-Add Close to the “1% Rule” in Belleville!! Assigned

  • $355,000
  • 6 beds
  • 3 baths
  • 1919+ sqft

This detached, 2-storey duplex features 2 self-contained units both with 3 bedrooms. Each unit has its own utility meter, HVAC system, and parking space!! The house is located on a corner lot in front of a bus stop and is elevated above the lower-lying downtown core and, thus, not in a flood zone. Nearby amenities include Tim Hortons, Shoppers Drug Mart, Giant Tiger, and numerous schools. There is a 2-car garage with separate doors that the investor can rent out for additional income. We estimate the overall gross income could hit the sought after “1% Rule”. Act now before this cash cow is scooped up!

We are selling our assignable purchase contract.

Closing is November 1st, 2020.
**There is a tenant in the lower unit, but he has signed an N11 for November 1st, 2020 and thus full vacancy will be given.**

Please click HERE for more information and pictures.

 

Price:
$355,000
Address:
Bridge St W
Belleville, ON
Square Feet:
1919+
Lot Size:
42 ft x 102 ft
Bedrooms:
6
Bathrooms:
3
Terms:
Assignment of Contract
Property Type:
Duplex
Year Built:
1944
Basement:
Unfinished

Additional Features

6 bedrooms 3 bathrooms (2 full, 1 half) Above grade: 1919 sq ft (we believe the MPAC is incorrect as there is an extension that we believe has not been accounted for and it may be closer to 2500 sq ft) Basement (unfinished): 805 sq ft Structure code: 322 - Duplex (the units have two separate addresses) Built in 1944 Plaster walls on main floor and drywall upstairs Side entrance to basement from inside garage Small, private side yard for tenants (low maintenance) Main roof was redone between 2011-2015 (as per Seller) 2, working, natural gas boilers One boiler system is 25-years-old, and the second is 10-years-old 2 HWTs Both are rented and one is currently paid by the tenant 2 gas meters (one per unit) 2 water meters (one per unit) 2 hydro meters (one per unit) 2 sump pumps in basement No central AC 200 AMP breaker panel in basement (not fuses!) Knob & tube is visible in basement but has been disconnected (as per Seller) 2-car, attached garage (plus 2 private parking spaces!): 664 sq ft The garage and basement are not part of either of the units. Both could potentially be rented out separately for additional income. Garage roof is brand new (late 2019) Exterior is aluminum and vinyl siding (very good condition) Lot size: 42 ft x 102 ft Zoning: R4 Main floor unit: 3 bedrooms 2 bathrooms (1 full, 1 half) The main entrance unit is all on one floor (there is access to the basement) Upper floor unit: MPAC states that this upper floor is 736 sq ft. We believe the addition over the garage is not counted in this sq ft. 3 bedrooms 1 bathroom This unit is accessed through the door between the two garage doors. The unit has three levels and is very large due to the extension. The unit is currently being updated and is almost done. The main parts to be finished are the gutted bathroom and addition above the garage. PROPERTY NEEDS Cosmetic updating Upstairs bathroom is gutted and needs to be finished Furnish upstairs kitchen with appliances

Call (647) 400-2093 for more details

Property Location