!!QUICK CLOSE!! Purpose Built Triplex in Central Napanee!! Assigned

  • $500,000
  • 8 beds
  • 3 baths
  • 2288 sqft
Assigned
Located in the heart of Napanee, this sturdy purpose built triplex provides immediate income at an incredibly low price!! Featuring 2 apartments with 3 bedrooms, and 1 bathroom, that each have separate exits to the outside, as well as another apartment with 2 bedrooms, 1 bathroom, all with long-term tenants that care for the property like it was their own, this is a no brainer for the price!! Shared coin laundry is in the basement and there is generous space for parking for all units and guests with the option of free street parking, as well. All tenants are currently on month-to-month verbal agreements and they take care of the property maintenance themselves. With very few apartment buildings in the area, this is a hot commodity for any interested Investors!!

We are selling our assignable purchase contract.

Closing is June 29th, 2021
**As per our APS, the Buyer agrees to assume the current tenants. See tenant information below.**

PROPERTY FEATURES
  • 2-storeys (as per MPAC)
  • 8 bedrooms (listed as 7 bedrooms, as per MPAC)
    • 3 bedrooms are located in Unit 1
    • 3 bedrooms are located in Unit 2
    • 2 bedrooms are located in Unit 3
  • 3 full bathrooms
    • 4-piece bathroom located in Unit 1
    • 4-piece bathroom located in Unit 2
    • 4-piece bathroom located in Unit 3
  • Built in 1975 (renovation in 2002, as per MPAC)
  • Above grade: 2288 sq ft (as per MPAC)
    • First floor: 1144 sq ft (as per MPAC)
    • Second floor: 1144 sq ft (as per MPAC)
  • Basement: 1144 sq ft (as per MPAC)
    • Shared coin laundry is located in basement, rate is $1/load (as per Seller)
  • Separate entrances:
    • Front door opens to main landing, with stairs to go either up or down
    • Door at side of the building leads into Unit 1
    • Additional door at side of the building leads into Unit 2
  • Flooring is a mix of laminate, carpet, tile, and poured concrete
  • Tub surrounds were updated in 2020 (as per Seller)
  • All appliances are included 
  • 220 AMP fuse panel (Buyer to verify)
  • Hot water boiler is owned, and is approximately 35-years-old (as per Seller)
  • HWT is rented for ~$53/month, and was installed prior to 2014 (as per Seller)
  • AC window units
  • All basement windows were updated in 2016/2017, and main hallway window update occurred in 2016 (as per Seller)
  • Roof was updated 10-years-ago (as per Seller)
  • On municipal services
  • Storage shed located in the yard
  • Tenants are responsible for all yard upkeep, including lawn work and some snow removal (as per Seller)
  • 2 paved driveways are located on on either side of building
    • One side of the building has 2 parking spaces for Unit 1
    • The other side of the building has 2 single spaces, for Units 2 and 3
  • Free street parking is also available
  • 4 hydro meters in basement (Buyer to verify)
  • Property taxes: $3065.66/year (as per Seller)
  • Hydro: $3348.22/year (2020 expenses, as per Seller)
  • Insurance: $2445.33/year (2020 expenses, as per Seller)
  • Gas: $2048.22/year (2020 expenses, as per Seller)
  • Snow removal: $1000/year (2020 expenses, as per Seller)
  • Cleaning: $400/year (2020 expenses, as per Seller)
  • Lot size: 52 ft x 99 ft (as per MPAC)
  • Zoning: R2 (as per MPAC)

UNIT BREAKDOWN

Unit 1:

  • Located on the second floor
  • 3 bedrooms
  • Full bathroom
  • 2 entrances
    • Main entrance is from front door
    • Features a second entrance, located at the side of the building
  • 2 parking spots are reserved for this unit on the first driveway
  • Tenants are responsible for all yard upkeep, including lawn work and some snow removal (as per Seller)
  • Currently being rented for $900/month (utilities included)
    • Length of tenancy: 7 years
    • Please note, the original lease has expired and that the current tenants are living on a verbal month-to-month agreement.

Unit 2:

  • Located on the first floor
  • 3 bedrooms
  • Full bathroom
  • 2 entrances
    • Main entrance is from front door
    • Features a second entrance, located at the side of the building
  • 1 parking spot is reserved for this unit, on the second, shared driveway (with Unit 3)
  • Tenants are responsible for all yard upkeep, including lawn work and some snow removal (as per Seller)
  • Currently being rented for $900/month (utilities included)
    • Length of tenancy: 25 years
    • Please note, the current tenants are living on a verbal month-to-month agreement.

Unit 3:

  • Located in the basement
  • 2 bedrooms
  • Full bathroom
  • Does not feature a second entrance
  • 1 parking spot is reserved for this unit, on the second, shared driveway (with Unit 2)
  • Tenants are responsible for all yard upkeep, including lawn work and some snow removal (as per Seller)
  • Currently being rented for $850/month (utilities included)
    • Length of tenancy: 7 years
    • Please note, the original lease has expired and that the current tenants are living on a verbal month-to-month agreement.

PROPERTY NEEDS

  • Cosmetic updating

 

Please click HERE for more pictures and information.

Price:
$500,000
Address:
2 & Union St
Napanee, ON
Square Feet:
2288
Lot Size:
52 ft x 99 ft
Bedrooms:
8
Bathrooms:
3
Terms:
Assignment of Contract
Property Type:
Triplex
Year Built:
1975

Call (647) 400-2093 for more details

Property Location