Potential 6Plex Conversion with Amazing Upside! Soon to be Vacant Commercial Property in Underserved Orillia Market: 345 Atherley Rd, Orillia
✅ Wholesale Price: $650K (Or Best Offer)
✅ Estimated As-Is Value: ~$750K
✅ Estimated After Repair Value: ~$1.5M+
✨Closing: June 8th, 2022
Orillia has a population of 33K and is growing year over year. It attracts thousands of tourists per year due to the city’s large waterfront and multiple cultural attractions including Casino Rama. Only a 1 hour 30 minute drive from the GTA and 30 minute drive from Barrie. The subject property is walking distance to schools, parks, hospital, shops, restaurants etc., and less than a 5 min walk to a sandy public beach. It is a 10min drive to Casino Rama.
345 Atherley is currently operating as a carpet store. As per the APS, the current owner will be signing a lease with the purchaser to stay on for up to 6 months at $3000/mo + all utilities. This is actually great because it means all holding costs will be covered while you plan your project, seek permits, or try to sell to a developer. Further, the seller has put in writing that they will allow work to commence so long as it doesn’t disrupt the business. The existing structure is close to 4,000 sq ft and could be built out into a 6plex as an example. More ambitious investors might want to build even more given the large, near half-acre lot – check out the video!
✨Comparables:
🏷380 Bayview Pkwy – $1,335,000 (Sold Jan 2022)
🏷12 Colbourne St E – $3,225,000 (Sold March 2021)
🏷90 Front St S – $710,000 (Sold August 2021)
🏷41 Colbourne St W – $605,000 (Sold Jan 2022)
✨For full information, videos, and photos check out the link below:
https://mailchi.mp/ontariopropertydeals/345-atherley-rd-orillia