Excellent triplex investment opportunity in the heart of East Galt. This solid brick property offers strong income potential in a high-demand rental area close to downtown, transit, parks, shopping, and schools. The property requires updates and improvements to maximize rental potential, and the pricing reflects its current condition, presenting a compelling value-add opportunity for investors looking to enhance performance and build long-term equity. The building is being sold AS IS, WHERE IS. The basement unit is partially finished, not currently rented, and will need to be completed prior to occupancy. There has been water penetration in the basement area that will require remediation, allowing buyers to address the issue and incorporate completion of the space into their renovation plans. Two of the three units are currently tenanted; vacant possession of the tenanted units will be provided on closing. The prominent corner location near Main Street and Lincoln Avenue enhances long-term value and future redevelopment potential. The land containing the detached garage is subject to a severance and is being offered separately on MLS as a land sale. A severance application is currently in progress to create two distinct parcels. This listing relates only to the triplex building and does not include the portion of land proposed to be severed, which is being offered separately at its own list price. All severance details are subject to municipal approval. Please refer to the drawing in supplements for separate lot measurements. This is a rare opportunity to acquire a standalone multi-unit asset with clear upside through renovation, stabilization, or future redevelopment, while distinctly separating two independent real estate offerings. (id:4069)
Address
248 MAIN Street
List Price
$699,000
Property Type
Single Family
Type of Dwelling
Single Family
Style of Home
2 Level
Transaction Type
Sale
Area
Ontario
Sub-Area
Cambridge
Bedrooms
2
Bathrooms
3
Floor Area
2,146 Sq. Ft.
Year Built
1918
MLS® Number
40801221
Listing Brokerage
HomeLife Power Realty Inc.
Basement Area
Full (Finished)
Postal Code
N1R1X3
Zoning
R4 Low Density Residential
Site Influences
Park, Place of Worship, Public Transit, Schools, Shopping
