QUICK CLOSE!! Massive Flip Or New Build Opportunity In Etobicoke!! Assigned

  • $740,000
  • 2 beds
  • 1.5 baths
  • 855 sqft
Assigned
This home is a shell of a detached bungalow located on a bustling, dynamic street only a short walk from Lakeshore Rd, bus routes, and not far from Gardiner Expressway. In addition to its convenient location, this house is all-brick with a side entrance and a laneway garage. An attractively lucrative investment for a builder or motivated flipper to restore a bungalow from scratch, or to build anew at its highest and best use. There is a lot of activity in this neighbourhood, meaning the Investor will be buying into an intensely sought after neighbourhood at a $200,000 discount!! Where else can you find that in Toronto??

We are selling our assignable purchase contract.

Closing is June 8th, 2021
**All the doors have been sealed shut, and the windows are covered or boarded up, making anyone unable to see inside the house and determine its condition. The Seller has disclosed that the property is a full gut job, and that there is very likely to be mold in the basement from a burst boiler pipe several years ago.**

WHAT are the options?

Option 1: Full renovations to the existing structure.

Option 2: Option 1 + building on additions/an additional storey to the structure in order to increase the square footage (Buyer to verify).

Option 3: Complete tear-down of the existing structure to build a new, luxury home (Buyer to verify).

Option 4: Option 1, 2, or 3 + a conversion of the detached garage to a laneway suite for additional income potential (Buyer to verify).

PROPERTY FEATURES
  • 2 bedrooms (as per MPAC)
  • 1.5 bathrooms (as per MPAC)
  • Built in 1940
  • Above grade: 855 sq ft (as per MPAC)
  • Basement area: 855 sq ft (as per MPAC)
  • Heating source is a boiler system (as per MPAC)
    • A pipe from this system burst several years ago, and the Seller believes there is very likely to be mould in the basement because of this (as per Seller)
  • Gas, water, and hydro have all been disconnected (as per Seller)
  • All brick exterior
  • On municipal services
  • 1-car detached laneway garage
    • Built in 1940
    • Total area: 440 sq ft (as per MPAC)
  • Mutual driveway which leads to garage
  • Lot size: 25 ft x 118 ft (as per MPAC)
  • Zoning: RD (f7.5*;a230;d0.4)
    • As per Toronto Zoning Bylaws, a laneway suite and/or a new build should be allowed, so long as it meets all of the city’s requirements (see HERE) — Buyer to verify

PROPERTY NEEDS

  • Full and extensive renovations
  • New HVAC system
  • New roof
  • Buyer should expect mold or water damage to remediate, if renovating

 

Please click HERE for more pictures and information.

Price:
$740,000
Address:
Morrison St & Fourth St
Etobicoke, ON
Square Feet:
855
Lot Size:
25 ft x 118 ft
Bedrooms:
2
Bathrooms:
1.5
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1940

Call (647) 400-2093 for more details

Property Location