!!QUICK CLOSING!! Fully Rented 2-Suite Property in Surrey!! Assigned

  • $719,000
  • 5 beds
  • 2 baths
  • 2072 sq ft sqft
Assigned

This detached, 2000+ sq ft property is now available at an incredible discount!! Located in Surrey’s Bridgeview neighbourhood, this property comes with 2 units that are currently rented: a 3 bed, 1 bath unit located upstairs, and a 2 bed, 1 bath unit on the main floor. There is also plenty of parking available on the property, including RV/trailer parking. The property is currently rented by 2 separate tenants at a combined $2200/month in rent. With a mid-November closing date, you can acquire this property quickly with the opportunity for an Investor to negotiate a “cash for keys” arrangement with tenants, or to upgrade the property and sell for significant gains. Don’t miss out!!

We are selling our assignable purchase contract.

Closing is November 15th, 2021
*As per our APS, the Buyer agrees to assume the tenants upon closing.*

**Please note: The Seller has notified us that they do not have a lease or tenant agreement with the upstairs tenant, but does have one with the downstairs tenant that will be sent to us. The Seller has also notified us that they do not have their own keys to the property, and all keys for each unit are currently held by the tenants. When the Buyer takes ownership, it is recommended that a locksmith be called in order to change the locks and create new keys for the property.**

PROPERTY FEATURES
Please note: The BC Assessment describes the property as having a single floor and a basement, however the basement is entirely above grade. We believe that, more accurately, this property is a 2-storey property with no basement.
  • Options:
    • The Investor could keep this property as a rental and renovate for a higher rent.
      • Please note: The main floor tenant has been extremely cooperative and has mentioned that both tenants are frustrated with the current landlord due to issues that have not been fixed, and a language barrier. The landlord has stated that both tenants pay on time and have not caused any issues in the past. (Buyer to verify)
    • Another option would be for the Investor to vacate the property after closing (through cash-for-keys, etc.) and flip this property as a single-family home with a mortgage helper. 
  • 2-storeys
  • 5 bedrooms
    • 2 bedrooms are located in the Main Floor Unit
    • 3 bedrooms are located in the Upstairs Unit
  • 2 full bathrooms
    • 4-piece bathroom is located in the Main Floor Unit
    • 4-piece bathroom is located in the Upstairs Unit
  • Built in 1980
  • Interior square footage: 2072 sq ft (as per BC assessment)
    • First floor: 967 sq ft (as per BC assessment)
      • This floor is referred to as the “basement” on the BC assessment
    • Second floor: 1105 sq ft (as per BC assessment)
      • This floor is referred to as the “first floor” on the BC assessment
  • Dishwasher, fridge, stove, washer & dryer will all be included
  • Breaker panel:
    • Our Acquisitions Rep was unable to view the electrical panel during their visit, however we believe that this property is on 100 AMP service (Buyer to verify)
  • Furnace is an unknown age, however is functioning properly (as per Seller)
  • HWT is an unknown age, however is functioning properly (as per Seller)
  • Roof was replaced 15-years-ago (as per Seller)
  • Windows appear to be vinyl and in good condition, and were replaced 15-years-ago (as per Seller)
  • On municipal services
  • Vinyl siding exterior
  • The front yard and one side yard are paved with asphalt
  • Property is fully-fenced in both the front and back
  • The backyard of the property has a grass lawn and 2 sheds:
    • One shed has wood siding, and the other is made of plastic/vinyl
  • 1-car, attached carport located at the front of the property
  • There is a trailer parked at the front of the property that is owned by one of the tenants and will be staying upon closing
  • Lot size: 5017 sq ft (as per BC assessment)
  • Zoning: RF
    • Based on THIS interactive zoning map, we believe that this property is zoned RF. Uses permitted in this zone include: a single family dwelling which may contain 1 secondary suite (see HERE, pg. 16.1) — Buyer to verify

UNIT BREAKDOWN
Main Floor Unit:

  • This unit is currently tenanted at a rate of $1000/month
    • The Seller has advised that the tenant always pays their rent
  • 2 bedrooms
  • 1 full bathroom
  • Living room
  • Kitchen
    • There is a cockroach problem in the kitchen of this unit that is unresolved, and will need to be handled by pest control (as per Seller)

Upstairs Unit:

  • Our Acquisitions Rep was not able to access the Upstairs Unit during their visit to the property, and all information has been provided to us by the Seller
  • This unit is currently tenanted at a rate of $1200/month
    • The Seller has advised that the tenant always pays their rent
  • 3 bedrooms
  • 1 full bathroom
  • Living room
  • Dining room
  • Kitchen
    • There is a cockroach problem in the kitchen of this unit that is unresolved, and will need to be handled by pest control (as per Seller)
  • There are stairs leading up to a separate entrance for the Upstairs Unit (see HERE)
PROPERTY NEEDS
  • Cosmetic updating
  • Landscaping
  • Pest control will need to be called in order to deal with the cockroach problem that has been reported in the kitchens of each unit

 

Please click HERE for more pictures and information.

Price:
$719,000
Address:
126A St & 115A Ave
Surrey, BC
Square Feet:
2072 sq ft
Lot Size:
5017 sq ft
Bedrooms:
5
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Duplex
Year Built:
1980

Call (647) 400-2093 for more details

Property Location