Legal Duplex with Commercial Office Space in Almonte!! Assigned

  • $480,000
  • 5 beds
  • 4.5 baths
  • 3056 sqft
Assigned
Here it is — your next rental opportunity!! Located in a wonderful part of Almonte, just off of Main St E and close to restaurants, LCBO, the local hospital and other various amenities, this property boasts a total of 5 units, including 1 that is commercial. With a few units already vacant and waiting to be tenanted, while a few others that are occupied by long-term tenants, there is amazing potential for profit here. $480,000 is a steal of a deal for a property such as this, and with proper updating throughout, you will be looking at an estimated ARV of $650,000 (Buyer to verify)You won’t want to miss this!!
We are selling our assignable purchase contract.
Closing is November 15th, 2021
**As per our APS, the Buyer agrees to assume the current tenants, both residential and commercial. The Buyer also acknowledges that they are aware of the terms of the commercial lease, as well as the option to extend the lease.**

PROPERTY FEATURES

PRIMARY STRUCTURE

  • 2-storeys
  • 3 bedrooms
    • 1 bedroom is located in the Main Floor Unit
    • 2 bedrooms are located in the Second Floor Unit
  • 2 full bathrooms
    • 4-piece bathroom located in the Main Floor Unit
    • 4-piece bathroom located in the Second Floor Unit
  • Built in 1900
    • 1991 was the year that the additional structure was added on to the property (as per MPAC)
  • Above grade: 1428 sq ft (as per MPAC)
    • First floor: 714 sq ft (as per MPAC)
    • Second floor: 714 sq ft (as per MPAC)
  • Basement: 714 sq ft (as per MPAC)
    • Ceiling height is very low (Buyer to verify exact height)
    • Accessed from the outside of the property, with it’s own separate entrance (Buyer to verify)
  • Multiple breaker panels (Buyer to verify exact amperage and location)
  • Gas furnace is owned, and is located in the basement (as per Seller)
  • HWT is owned, and is located in the basement (as per Seller)
  • Central AC
  • Brick and siding exterior
  • On municipal services
  • 5 separate hydro meters located on the property (1 for each unit, as per Seller)
  • Parking lot located at the back of the property, can easily park 5+ vehicles
  • Irregular corner lot: 96.13 ft x N/A (as per MPAC) — see lot dimensions HERE
  • Zoning: R1-R3 (as per MPAC)
    • As per the Mississippi Mills’ Comprehensive Zoning By-law, in the case where there is more than one zone on a given lot, then the provisions for each zone shall apply to each part as if said part was a separate lot. R1 and R3 both permit a number of other residential uses to provide additional housing choices within detached residential areas, as well as permit ancillary uses to the principal residential use to allow residents to work at home (home-based, professional/domestic household art uses), among various other things. We believe that this accounts for the business being allowed in one of our units, as well as the duplex property code on both of the structures (see HERE, pg. 3-3, 13-1, 15-1).

UNIT BREAKDOWN IN THE PRIMARY STRUCTURE
Main Floor Unit:

  • Currently vacant (as per Seller)
    • Currently the AC, heating, and water are all paid for by the Seller, however any tenants are responsible for the hydro (as per Seller)
  • 1 bedroom
  • 1 full bathroom
  • Laundry hookup is available in the unit
  • Fridge and stove in this unit are included
  • Separate hydro meter
  • 1 designated parking space in the parking lot, located at the rear of the property

Second Floor Unit:

  • Has been rented by the same tenants for the past 33 years, at a rate of $730/month + hydro on a month-to-month basis (there is no lease agreement, as per Seller) — Buyer agrees to assume the current tenant, as per our APS
    • Currently the AC, heating, and water are all paid for by the Seller, however the tenants are responsible for the hydro (as per Seller)
  • 2 bedrooms
  • 1 full bathroom
  • Laundry hookup is available in the unit
  • Any appliances in this unit are owned by the tenant, and are not included
  • Separate hydro meter
  • 1 designated parking space in the parking lot, located at the rear of the property
    • Please note: This unit will require cosmetic updating, however the tenants are very happy with their unit and will likely not want any renovations completed (Buyer to verify)

ADDITIONAL STRUCTURE

  • 2-storeys
  • 2 bedrooms located in the second floor apartment
  • 2.5 bathrooms
    • 2-piece bathroom located in the commercial unit
    • 4-piece bathroom located in the second floor unit
    • 4-piece bathroom located in the basement unit
  • Built in 1991 (as per MPAC)
  • Above grade: 1628 sq ft (as per MPAC)
    • First floor: 814 sq ft (as per MPAC)
    • Second floor: 814 sq ft (as per MPAC)
  • Basement: 814 sq ft (as per MPAC)
    • Accessed from the outside of the property, with it’s own separate entrance
  • Multiple breaker panels (Buyer to verify exact amperage and location)
  • Our Acquisitions Rep did not see an additional furnace, HWT, or AC unit for this building, so we believe it is likely that the furnace, HWT, and AC units present in the primary structure work for both (Buyer to verify)
  • Brick and siding exterior
  • On municipal services

UNIT BREAKDOWN IN THE ADDITIONAL STRUCTURE
Commercial Unit:

  • Currently being rented for $1921.54/month + hydro, on a month-to-month basis (formal lease agreement, as per Seller) — Buyer agrees to assume the current tenant, as per our APS. Buyer also acknowledges that the commercial tenant has an option to extend their lease
    • Currently the AC, heating, and water are all paid for by the Seller, however the commercial tenants are responsible for their hydro (as per Seller)
    • The commercial tenants, as they have access to the second floor apartment as well, must also pay the hydro of the second floor apartment (as per Seller)
  • Powder room
  • Any appliances in this unit are owned by the tenant, and are not included
  • Full access to the parking lot, located at the rear of the property
    • Please note: We currently do not have any pictures inside of the commercial office, due to privacy concerns. However, our Acquisitions Rep has verified that the office unit is clean and well-maintained throughout

Second Floor Unit:

  • Currently being utilized as additional office space for the commercial tenants, as access to this apartment is included in their lease (as per Seller)
    • We believe that if a Buyer is interested in renting this unit out separately, they will likely have to renegotiate the lease with the commercial tenants (Buyer to verify)
  • 2 bedrooms
  • 1 full bathroom
  • Set up for a full kitchen
  • Laundry hookup is available in the unit
  • Any appliances in this unit are owned by the tenant, and are not included
  • Separate hydro meter
    • Hydro is currently paid for by the commercial tenant, as they have access to and are utilizing this space (as per Seller)

Basement Unit:

  • This unit has not been used as an apartment for many years, and is currently being utilized as the Seller’s personal office space (as per Seller)
    • The hydro, as well as all the other expenses for this unit are currently paid for by the Seller, as they are personally using this unit (as per Seller)
  • Open concept, bachelor-style apartment (no designated bedroom)
  • 1 full bathroom
  • Kitchenette area
  • Laundry hookup is available in the unit
  • Any appliances in this unit are not included
  • Separate hydro meter
  • 1 designated parking space in the parking lot, located at the rear of the property

PROPERTY NEEDS

  • Cosmetic updating

 

Please click HERE for more pictures and information.

Price:
$480,000
Address:
Main St E & Martin St S
Mississippi Mills, ON
Square Feet:
3056
Lot Size:
96.13 ft x N/A
Bedrooms:
5
Bathrooms:
4.5
Terms:
Assignment of Contract
Property Type:
Other
Year Built:
1900

Call (647) 400-2093 for more details

Property Location