Cross Streets: Neeve/Ontario. ** Directions: Wellington to Neeve St, turn south, turn left Ontario St. 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:27476)
