!!QUICK CLOSING!! Legal, Non-Conforming Duplex On A 0.25+ Acre Lot in Fort Erie!! Assigned

  • $399,000
  • 4 beds
  • 2 baths
  • 1942 sqft
Assigned
WHAT are the options?

Option 1: Full flip.

Option 2: Option 1 + sever the lot (Buyer to verify eligibility for severance)

Option 3: Tear down the existing structure and build a new, custom/luxury home (Buyer to verify)

Option 4: Option 3 + sever the lot (Buyer to verify eligibility for severance)

This prime, double lot in Crescent Park is a stellar 100 ft x 122 ft and is adjacent to a vacant yard. Located on a very mature and established street and described by Geowarehouse as a “Duplex”, this detached property is an up-and-down 2 unit, with 2 separate hydro meters, 2 separate entrances, a double-wide driveway, spacious backyard, and on a crawl space, meaning no musty basements to worry over!! This property is on a street riddled with custom-built homes, selling in excess of $800,000+!! According to Point2Homes, prices in Crescent Park start at $600,000 and yet here’s a nearly 2,000 square feet property for $200,000 less than that baseline. More than a flip, this property could be torn down and built into a new custom home similar to 653 Buffalo Rd (90.62 ft x 150 ft). Exit Options!! Built-In Equity!! Forced Appreciation!!

We are selling our assignable purchase contract.

Closing is October 28th, 2021
*As per our APS, the main level on the subject property is to be left in vacant possession on closing. The Buyer understands that the upper level on the subject property is rented to tenants at a monthly rent of $850 and the Buyer will assume these tenants and become the sole collector and beneficiary of these rents upon closing. The Sellers agree to provide a properly completed “Tenant Acknowledgment” to the Buyer within five (5) calendar days after offer acceptance to verify all the lease information that has been disclosed by the Seller up until acceptance of this Offer.*

**Please note: As per the Seller, the tenants are up-to-date on their payments and have lived in the property for 7 years. Per our Acquisitions Rep, the tenants seem friendly and are completely aware of the sale. Our Acquisitions Rep believes they would be receptive to a fair cash-for-keys agreement, though the subject hasn’t been openly discussed yet. While we can never guarantee a tenants’s full co-operation, they did not seem like “problem tenants” during our initial inspection. The Sellers have agreed to provide a Tenant Acknowledgement Form to the Buyer, verifying all the terms of the M2M lease.**

PROPERTY FEATURES
  • 4 bedrooms
    • 2 bedrooms are located in the Second Floor Unit
    • 2 bedrooms are located in the Main Floor Unit
  • 2 full bathrooms
    • 1 bathroom is located in the Second Floor Unit
    • 1 bathroom is located in the Main Floor Unit
  • Built in 1954
  • Above grade: 1942 sq ft (as per MPAC)
    • Main floor unit area: 971 sq ft (as per MPAC)
    • Second floor unit area: 971 sq ft (as per MPAC)
  • Crawl space is accessed from outside (see HERE)
  • Separate entrances:
    • Front door opens to the main entrance way
      • This main entrance way is common area, and contains 3 doors; the first door opens to a set of stairs which lead up to the Second Floor Unit, another leads down a few steps to the furnace room/laundry area, and the other leads directly into the Main Floor Unit
    • Door on the second floor landing leads out to a balcony space, located above the garage
    • Side entrance opens into a winterized sunroom, located on the main floor which also leads into the Main Floor Unit
  • All appliances will be included, except for the oven in the Second Floor Unit
  • Laundry area is located in the furnace room, which has shared access between both units
  • 2 separate 100 AMP breaker panels (1 for each unit, as per Seller)
  • Gas furnace was installed in 2004 (as per Seller)
  • HWT is rented (as per Seller)
  • No central AC
  • Roof will need to be replaced (as per Seller)
  • Exterior is vinyl and stucco siding
  • Property features:
    • Fully fenced in backyard, with gate access
    • 2-tiered deck
  • On municipal services
  • 1-car, attached garage features a manual door (339 sq ft, as per MPAC)
  • Private concrete driveway is double-wide, and fits at least 4 cars
  • Lot size: 100 ft x 122 ft (as per MPAC)
  • Zoning: R1 (as per MPAC)
    • As per the Fort Erie Zoning Bylaw, accessory apartments are a permitted use in the R1 zone (see HERE) — Buyer to verify

UNIT BREAKDOWN
Main Floor Unit:

  • Currently occupied by the Seller and will be vacant upon closing
  • Accessed from either the front door or the side entrance
  • 2 bedrooms
  • 1 full bathroom
  • Kitchen area
  • Shared laundry
  • All appliances in this unit will be included
  • Separate hydro meter

Second Floor Unit:

  • Buyer to assume this tenant
  • Currently tenanted for $850/month on a month-to-month lease (Seller currently pays all utilities)
  • Accessed from the front door
  • 2 bedrooms
  • 1 full bathroom
  • Kitchen area
  • Shared laundry
  • All appliances in this unit will be included, except for the stove (as it belongs to the tenants)
  • Separate hydro meter

PROPERTY NEEDS

  • Full renovation

 

Please click HERE for more pictures and information.

Price:
$399,000
Address:
Dominion Rd & Buffalo Rd
Fort Erie, ON
Square Feet:
1942
Lot Size:
100 ft x 122 ft
Bedrooms:
4
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Duplex
Year Built:
1954
Basement:
Crawl Space

Call (647) 400-2093 for more details

Property Location