Legal Triplex Student Rental Opportunity in Cornwall!! Assigned

  • $270,000
  • 4 beds
  • 3 baths
  • 1500-1999 sqft
Assigned

This amazing property is an Investor’s dream: with 3, self-contained units, located directly across the road from St. Lawrence College and close to all local amenities!! Several major repairs have been done recently, and this property boasts an unfinished basement with high ceilings and a separate entrance that could serve as a laundry facility to generate additional revenue (Buyer to verify). The entire property will be vacant upon closing, leaving the Investor with 3 very profitable rental units and plenty of time to fix this place up in order to welcome students in September!!

We are selling our assignable purchase contract.

Closing is June 22nd, 2021
PROPERTY FEATURES
This 2-storey property is a legal triplex, and boasts 3 self-contained units. While the property will require cosmetic updating, there have been various updates already completed by the Seller. Updates include: new flooring throughout the main level, new subfloor, recently painted, all new drywall, as well as all new wiring and electrical panel. 

  • 4 bedrooms
    • 2 bedrooms are located in the first unit (main floor)
    • 1 bedroom is located in second unit (second floor)
    • 1 bedroom is located in third unit (second floor)
  • 3 full bathrooms
    • 1 bathroom is located in the first unit (main floor)
    • 1 bathroom is located in the second unit (second floor)
    • 1 bathroom is located in the third unit (second floor)
  • Built in 1926
  • Above grade: 1500-1999 sq ft
  • Basement: 0-399 sq ft (as per MPAC)
    • Ceiling height is 6 ft to the joists, and 7 ft to the ceiling (Buyer to verify)
    • Has a separate entrance
  • Separate entrances:
    • Front door leads to enclosed porch area that leads to the first unit
    • Stairs on the exterior of the house lead up to a second enclosed porch, as well as the third unit
    • Door around the back of the house leads directly to unfinished basement
  • Flooring is a mix of vinyl, hardwood and tile
    • Flooring is all new throughout the main floor, however the hardwood flooring upstairs will likely require updating (as per Seller)
  • 200 AMP breaker panel
    • All wiring throughout the property was recently updated, and all knob & tube has been disconnected (as per Seller)
    • All new external wiring was also recently updated (as per Seller)
  • Electric baseboard heating
  • No AC
  • 2 HWT’s 
    • Both are owned, one appears to be newer (exact ages unknown, as per Seller)
  • Windows look newer but were updated prior to the Seller taking possession in 2015 (as per Seller)
  • There are no window panes on the second floor porch area (Buyer to verify)
  • Roof is approximately 6-years-old (as per Seller)
  • 2 hydro metres
  • Siding exterior
  • Large storage area
  • 3 parking spaces available, and 1 spot is reserved for each unit
  • Property taxes are ~$2111/year (as per Seller, Buyer to verify)
  • Insurance is ~$1270/year (as per Seller, Buyer to verify)
  • Utilities are ~$5500/year (as per Seller, Buyer to verify)
  • On municipal services
  • Lot size: 36.60 ft x 143 ft
  • Zoning: COM70
    • There are many permitted uses outlined under the Cornwall COM70 zoning (see HERE) — Buyer to verify

Unit One (currently vacant):

  • Located on the main floor of the property
  • 2 bedrooms
  • 1 bathroom
  • Kitchen and living areas
  • 1 parking space
  • Previously rented for $995/month, all included

Unit Two (currently vacant):

  • Located on the second floor of the property
  • 1 bedroom
  • 1 bathroom
  • Kitchen and living areas
  • 1 parking space
  • Previously rented for $795/month, all included

Unit Three (currently vacant):

  • Located on the second floor of the property
  • 1 bedroom
  • 1 bathroom
  • Kitchen and living areas
  • 1 parking space
  • Previously rented for $795/month, all included

PROPERTY NEEDS

  • Cosmetic updating
  • Front porch needs to be updated 

 

Please click HERE for more pictures and information.

Price:
$270,000
Address:
St. Lawrence Dr & County Rd 2
Cornwall, ON
Square Feet:
1500-1999
Lot Size:
36.60 ft x 143 ft
Bedrooms:
4
Bathrooms:
3
Terms:
Assignment of Contract
Property Type:
Triplex
Year Built:
1926

Call (647) 400-2093 for more details

Property Location