This is an extremely rare opportunity to purchase a legal duplex/multi-family property in Staffordville, with a bonus of being vacant upon possession. Single family homes within 1-3 minutes walking distance trade at 400k+ if it needs renovations or 500k+ for turnkey single family homes. Only a single duplex has sold in this area over the past 2 years and the duplex required renovations and was under market rent, but still sold for 550k. Newly renovating this property should easily achieve an ARV of over 560k+. Moreover, this property is in close proximity to Alymer, St. Thomas, and is within 1 hour drive to London.
A huge opportunity knocks with this significantly discounted duplex located in the quiet and cozy neighbourhood of Straffordville. This community is filled with local businesses, a close by public school, community center, libraries, etc. within walking distance and even a small airport (Straffordville Airport) which is a 5 minute drive away. Within a 15 minute drive is the township Alymer which has most major amenities of larger cities including plazas, local stores, large retail stores etc. Moreover, St. Thomas is within a 30 minute drive and the City of London is only an hour drive away. If you’re looking for a multi-family property within close proximity to larger city centers, and is within a 2 hour drive from Toronto, then 9230 Plank Road is the perfect property for you.
Property Features:
- Detached Legal Duplex
- Lot Size: 70ft x IRREG lot
- Vacant possession
- Unit 1: 2 bed + 1 bath unit
- Unit 2: 2 bed + 1 bath unit
- Vinyl exterior siding
- Year built 1915
- Older roof – plan to replace shingles
- Fuse box copper wiring, 150amp
- 2 hydro meters
- Electric baseboard heating
- Plumbing: PVC and some Galvanized Piping
- Foundation- poured concrete
- Electrical updated copper throughout
- Renovations in progress – drywall has began
- 2x electric water heaters approx.. 5 yr & 13 yr
- Water private service – drilled well (per seller)
- Sewage municipal (per seller)
Comparable Sales:
There is only one legal multi-family property that has sold over the past 2 years. The rest of the comparables are single family homes within 500 meters of the subject property.
9415 Short St – $550,000 (Closing Date Oct 2021)
55623 Main St – $501,000 (Closing Date Aug 2021)
56326 Heritage Line – $459,000 (Closing Date May 2021)
9333 Plank Rd – $430,000 (Closing Date Apr 2021)
Other Sold Single Family Homes Nearby in 2021
- 55864 Second St – $470,000
- 9398 Plank Rd – $465,000
- 9509 Plank Rd – $520,000
- 55834 Fourth St – $465,000
- 9551 Plank Rd – $600,000
- 56384 Heritage Rd – $408,000