Very Large Home With Outstanding Income Potential In High Demand Area.
Best CAP Rates In GTA.
We ran the #’s and came up with an 8-15% cap rate on this property (depending on what you do with it).
Can’t get that anywhere else in the GTA for around $600K.
This can be a Multi-Family Investment Property Or Live In With Tenants.
3 Complete Self-Contained Units.
Solid Structure, And Many Features Recently Updated.
Roof 2007, Furnace 2004, Cac 2004.
Lots Of Parking, Huge Backyard With Lots Of Potential.
Oversized Cantina, Cedar Closet, Electronic Air Cleaner, Central Humidifier, All Elf’s, Window Coverings, and More!!!
Exclusions: Fridge/Stove In Basement, & Fridge/Stove On 2nd Floor,
Washer/Dryer, Drapes On Main Floor Master & Living Room.
This property offers huge income potential.
The seller is going to list in the next few days at a price to entice multiple offers.
Why Is It A Great Deal?
1) There is another single family home in the same area which is for sale at $30K more than the asking price for this property.
2) If this property was being sold as a tenanted triplex with income to investors,
it would be listed at a significantly higher price, based on income.
However; right now this is not tenanted as an income property.
- There is a family living there with 9 people.
- They’ve divided into 3 different living quarters,
- There are already 3 separate entrances.
- Rents in the area are approx. $1,600-$1,750/unit so $4,650-$5,200/month.
The top floor and main floor are 3 bedrooms, 1 bath, and kitchen and living/dining (on EACH floor)
The basement has a washroom, kitchen, and huge living area that can be converted into a 2 bedroom.
So if you rent to university students by the room at $800 (or more) /room gross income could be $6,400 (or more)/mo.
3) This property is located in a prime rental area (Keele & 401) with little rental competition.
More demand and less supply = larger choice for choosing your tenants and better rent prices!
- It is prime because it is on a TTC bus line, AND they are building the subway within walking distance from this property.
- The subway will go to York University which increases demand and drives up the future value of the property significantly.
- They are also building a hospital nearby which not only drives up property value (for the same reasons) but hospital employees (nurses) also make stellar stress-free tenants!
4) Where else can you buy a triplex in the GTA for $600K, that offers huge cash-flow profit AS IS,
and huge short-term potential to increase capital value?
5) Closing date is flexible, so you can make a deal today, and not have to close for a few months!
6) Roof, Furnace, etc are all replaced within the past few years.
Lot size: 50′ X 161′
7) There is potential to put in coin laundry for added income.
Falstaff Ave., at Keele (google map) (yahoo map)
SUMMARY:
It is on a great residential street in the Keele & 401 area.
It is walking distance from the Keele St. bus for tenants.
It is not far from York U (if you rent to students).
And they are building a new hospital close by, so if you want to rent to hospital staff it is also great.
They are building the keele st. subway extension there as well!
Huge future resale value to builder/developers currently rebuilding in the area.
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