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$850,000
Est. payment /mo
7 Beds
3 Baths
1,500 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Approx. Sqft 1500 - 2000
Square Footage 1,500 sqft
Price per Sqft $566
Subdivision St. Patrick'S Ward
MLS® Listing ID X13727156
Bedrooms 7
Property Description
Welcome to 10 Ontario Street! This property holds immense current and future value! Let's start with its current value. This is a legal 2-unit, 7-bedroom duplex offering $6195 per month in rental income, or $74,340 annually. The main floor and basement are one unit with 5 bedrooms, and the second level is a separate, self-contained 2-bedroom unit completely detached from the lower unit and accessed via the rear deck and staircase. The lower and upper units rent for $3995 and $2200 per month, respectively. With owner's expenses last year at approximately $16,379 (gas $1802, hydro/water $4134, internet $959, insurance $2873, taxes $6611), leaving $57,961 after owner expenses, there is ample room left to cover mortgage expense and management costs. But that's not all! This property also has a city-approved, conditional severance in place and is at the stage where a new buyer could take over, fulfill the conditions of severance, and have two fully separated lots, allowing for a sale of the second lot to recapture some capital, or to retain the lot and build another multiplex. With stabilized revenue in place, this investment can carry itself while a new owner completes the lot severance and sale or plans their new build. Either way, this is an exceptional opportunity for the savvy investor. Get in touch with your realtor and book your private showing today! (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Radiant heat
Cooling None
Exterior
Parking Features Yes
View Y/N No
Attached Garage No
Total Parking Spaces 3
Garage Yes
Private Pool No
Building
Story 2
Sewer Sanitary sewer
Others
Virtual Tour https://media.visualadvantage.ca/10-Ontario-St/idx
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Listed by Bosley Real Estate Ltd.
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