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