Multi-Family Property Cheaper than Single Family Homes! 6 Unit Mixed-Use Commercial and Residential Multi-Family in Meadow Park, Sault Ste Marie: 1512 Wellington St E, Sault Ste Marie
✅ Wholesale Price: $ 280K (Or Best Offer)
✅ Estimated As-Is Value: ~$360K
✅ Estimated After Repair Value: ~$780+
✨Closing: May 24, 2021
Take advantage of this opportunity to purchase an with NO bidding wars in one of the strongest cash flowing real estate markets in Canada and one of the largest cities in Northern Ontario. This is a rare chance to purchase a multi-family property in the Meadow Park neighbourhood of Sault Ste Marie. This neighbourhood is a developed retail and commercial area with tons of restaurants, grocery stores, retail stores, and ample access to public transportation. At your door steps are tons of restaurants, retail stores, churches, and many more establishments.
This property consists of 4 legal residential units (all 1 bedroom and 1 bathroom) and 2 main-floor commercial units. Multi-family properties rarely sell in this area of Sault Ste Marie and typically have overwhelming demand. Currently all units are rented below market value from long-term tenants; however, once all units are turned over, potential rents are $6,600/month total, allowing for large upside as current rents are $2150/month. There is further potential to increase revenue by installing coin laundry.
There are no direct comparables around the area as most properties that sell are single family house residential. Below are some single family homes that sold within 250 meters of the subject property over the last 6 months.
Due to the property being a mixed use multi, we used income approach to determine the value of the property (see financials).
🏷76 Mccrea St- $331,000 (Sold Sep 2021)
🏷334 Lake St- $321,000 (Sold Dec 2021)
🏷52 Retta St- $340,000 (Sold Sep 2021)
✨For full information, videos, and photos check out the link below: