!!QUICK CLOSE!! 3-Unit Rental Property Located in Surrey’s Royal Heights Neighbourhood!! Available

  • $1,049,000
  • 5 beds
  • 4 baths
  • 2216 sqft

This Surrey property offers a 2200+ sq ft home on a 14,000+ sq ft, ravine lot, and is now available at a significant discount!! Located in Surrey’s Royal Heights neighbourhood, it is only a stone’s throw away from North Delta. This property comes with 3 units that are currently tenanted: a 3 bedroom, 1 bathroom, second floor unit, a 2 bedroom, 1 bathroom, main floor unit, as well as a bachelor unit on the main floor, with 1 bathroom. Combined rents are currently $3070/month!! With a mid-December closing date, this property can be yours in less than a month!! The opportunity exists for an Investor to negotiate a “cash for keys” arrangement with tenants, or upgrade the property and sell for significant gains. Don’t miss out on this one!!

We are selling our assignable purchase contract.

Closing is December 16, 2021
**As per our APS, Buyer agrees to assume all tenants, and does not require vacant possession on date of completion. Seller agrees to send copy of tenancy agreement for all units within 5 business days.**

PROPERTY FEATURES
Please note: This property is listed on the BC assessment as being only a 1-storey with a basement level. We believe that this property more closely resembles a 2-storey, and it is important to note that the basement level is mostly above grade, and has it’s own separate entrance.
  • 5 bedrooms
    • 3 bedrooms are located in the Second Floor Unit
    • 2 bedrooms are located in the Main Floor Unit
    • The Bachelor Unit is a bachelor-style apartment, and does not have a designated “bedroom” area
  • 4 bathrooms
    • 4-piece bathroom located in the Second Floor Unit
    • Additional 2-piece bathroom located in the Second Floor Unit
    • 4-piece bathroom located in the Main Floor Unit
    • 4-piece bathroom located in the Bachelor Unit
  • Built in 1968
  • Interior square footage: 2216 sq ft (as per BC Assessment)
    • Main floor: 1108 sq ft (as per BC Assessment)
      • This floor is referred to as the “basement” on the BC assessment
    • Second floor: 1108 sq ft (as per BC Assessment)
      • This floor is referred to as the “first floor” on the BC assessment
  • 3 fridges, 3 stoves, washer & dryer will all be included
  • 2 electrical panels:
    • 60 AMP breaker panel
    • Our Acquisition Rep was unable to determine the Amperage of the second panel due to a tenants personal belongings (Buyer to verify)
  • Furnace is an unknown age, however is functioning properly (as per Seller)
  • HWT is owned (exact age unknown, as per Seller)
  • Most windows were replaced 2020 (as per Seller)
  • Roof was replaced in 2018 (as per Seller)
  • On municipal services
  • Backyard features:
    • Backyard is fenced with a combination of wood and wire material
    • Grass lawn and a greenhouse structure
    • A portion of the lot is a sloped ravine, however the back fence blocks access (as per Seller)
  • Carport is enclosed and contains framing, however it is currently unfinished (as per Seller)
    • Carport is currently used as storage and the designated laundry area that is shared by all the tenants (as per Seller)
  • Parking for 2 cars on the driveway 
    • 2, unpaved parking spots located on either side of the driveway are currently being used as additional parking (as per Seller)
  • Lot size: 14,630 sq ft (as per BC Assessment)
  • Zoning: RF (as per THIS zoning map)
    • Surrey currently allows for a single-family dwelling that may contain 1 secondary suite, so long as it complies with the all provisions set out in this Bylaw. (see HERE) — Buyer to verify
      • The rental units in the property are not registered with the city of Surrey or considered ‘legal suites’ (as per Seller)

UNIT BREAKDOWN
Second Floor Unit:

  • Currently rented for $1650/month, inclusive of utilities (as per Seller)
  • 3 bedrooms
  • 2 bathrooms
  • Accessed through a separate entrance, located at the side of the property
  • This unit has a living room with very large windows that all face the front of the property
  • Dining room
  • Kitchen features a stainless steel wall-mount kitchen hood
  • Flooring: laminate, tile
  • Laundry access
  • There is a wooden deck that is accessed from the dining room area, that also features a wooden canopy structure covered with clear plastic roofing (deck railings are not yet completed, as per Seller)

Main Floor Unit:

  • Currently rented for $750/month, inclusive of utilities (as per Seller)
  • 2 bedrooms
    • Our Acquisition Rep was only able to access and photograph 1 bedroom in this unit
  • 1 full bathroom
  • Accessed through an enclosed carport, located under the deck
  • Kitchen
  • Flooring: laminate, tile
  • Laundry access

Bachelor Unit:

  • Currently rented for $660/month, inclusive of utilities (as per Seller)
  • 1 bedroom
  • 1 full bathroom
  • Accessed through an enclosed carport, located under the deck
  • Kitchen features stone countertops, and is in good condition
  • Living area is separated from the kitchen with a curtain, and is currently used as a bedroom
  • Flooring: laminate, tile
  • Laundry access
PROPERTY NEEDS
  • Cosmetic upgrades

 

Please click HERE for more pictures and information.

Price:
$1,049,000
Address:
Regent Place & Regal Drive
Surrey, BC
Square Feet:
2216
Lot Size:
14,630 sq ft
Bedrooms:
5
Bathrooms:
4
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1968

Call (647) 400-2093 for more details

Property Location