FAST CLOSE!! Triplex in Cornwall!! Assigned

  • $149,999
  • 6 beds
  • 3 baths
  • 1,500-1,999 sqft

Located only 1 hour from Ottawa and Montreal, Cornwall is in an excellent location for commuters! Close to the city center, this triplex is in close proximity to schools, restaurants, bars, transit, the Saint Lawrence River and so much more. This property is the perfect price point for anyone looking to build their cash flow. It is currently occupied by tenants on a month-to-month lease, giving you the option to fix up one unit at a time when tenants leave, while still making monthly income from the other units! Don’t miss out!

We are selling our assignable purchase contract.

Closing is January 22nd, 2021.
**Each unit is occupied and the tenants are on a month-to-month lease, and pay $725/month each ($2,175/month total). The Buyer must assume tenants on closing. See property features for further details**

 

Please click HERE for more pictures and information.

Price:
$149,999
Address:
Lennox Ave
Cornwall, ON
Square Feet:
1,500-1,999
Lot Size:
37.5 ft x 100 ft
Bedrooms:
6
Bathrooms:
3
Terms:
Assignment of Contract
Property Type:
Triplex
Year Built:
1920
Basement:
Crawlspace

Additional Features

3 separate units each with its own entrance 6 bedrooms 2 in each unit 3 full bathrooms 1 in each unit Built in 1920 Above grade: 1,500-1,999 sq ft (as per MPAC) On a crawlspace Laundry room in each unit Flooring is hardwood, tile and carpet 3 breaker panels 3 hydro meters 2 natural gas meters Electric baseboard heating Units 2 & 3 have gas space heaters (see pictures HERE) No central AC Windows are older and need replacing Some have been updated over the last 10 years (as per Seller) Roof has had some updates in the last 10 years (as per Seller) 1 parking space in the driveway Lot size: 37.5 ft x 100 ft Structure code: 323-Triplex We believe this is a legal triplex Zoning: RES40 The Buyer must assume the tenants at closing. Each unit is occupied by tenants and they each pay $725/month, are on a month-to-month lease, and the Landlord pays for heat, hydro, and water. At tenant turnover, the Buyer should be able to renovate to increase rental income, and pass on utility costs to future tenants and maximize revenue as a result. Rental expense breakdown (as per Seller) Total rental income: $26,100/year Water/sewer: $1,747.52/year Electricity: $3,334.72/year (all units) Gas: $1,513.95/year (total for 2 units, 3rd unit does not have gas) Heating unit rental: $1,914.28/year (total for 2 units) Unit 1 Heater: $412.80 + HST/year Hot water tank: $492.28 + HST/year Unit 2: Heater: $496.68 + HST/year Hot water tank is $392.28 + HST/ year We think you can eliminate the rental costs for the heaters, saving $1,000+ /year. The heaters are not on a rental contract and they are quite old so they likely can be removed or bought out for a small fee. Property taxes: $1,991.23/year NOI before vacancy and maintenance: approximately $15,500/year PROPERTY NEEDS Full exterior and interior cosmetic updating Possibility to transform backyard into extra parking spaces Two of the units are in okay shape and rentable in the Cornwall market, while the other is in very rough condition

Call (647) 400-2093 for more details

Property Location