31 Adelaide STREET North,Chatham - $399,000 - Directions

Attention investors. This fully renovated legal non-conforming triplex offers a rare opportunity to set your own rents and maximize returns from day one with vacant possession available. Located in a desirable Northside Chatham neighbourhood within walking distance to downtown amenities, Tecumseh Park, and the Cultural Centre, this property is well-positioned to attract strong tenant demand. The property features three self-contained units, each with private entrances, updated kitchens and bathrooms, new flooring, lighting, and appliances throughout. With approximately $80,000 in recent upgrades, including electrical panels, plumbing updates, exterior improvements, and a new waterline, this is a low-maintenance asset with significant capital improvements already completed. Two units are currently vacant and market rent is estimated at approximately $1,500 per month per unit, all inclusive. The third unit is owner-occupied and will be vacant on closing, allowing the buyer full flexibility to establish market rents across all three units. Operating expenses are estimated at approximately $9,045 per year (to be verified by the Buyer), providing a strong opportunity to stabilize the asset and optimize cash flow. Additional features include shared laundry, ample on-site parking, and a refreshed exterior with new siding, fencing, and outdoor space. Buyer to complete their own due diligence with respect to zoning, permitted uses, and compliance with municipal by-laws. The Seller makes no representations or warranties as to the current or future use of the property. (id:4555)