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$ 990,000
Est. payment /mo
Active
79 QUEEN STREET Clarington (bowmanville), ON L1C1M5
6 Beds
4 Baths
2,500 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Square Footage 2,500 sqft
Price per Sqft $396
Subdivision Bowmanville
MLS® Listing ID E12418974
Bedrooms 6
Property Sub-Type Freehold
Source Central Lakes Association of REALTORS®
Property Description
Investment Opportunity with 6.3% Cap Rate. This 4-unit property is situated on a 13,433 sq. ft. corner lot. The oversized 0.308-acre lot provides parking for up to 12 vehicles, along with a detached garage that offers additional income potential. The property features 4 self-contained rental units, each with private entrances and outdoor spaces, including a rooftop terrace. The units consist of a 79A Coach House (Large 1 Bedroom Unit @ $1,850/month), Upper Unit ( Vacant 2 Bedroom Unit @ $2,200/month), Basement Apartment (Bachelor Unit @ $1,450/month), and Side Unit (Large 1 Bedroom Unit $1,500/month), generating a total rental income of $7,000 per month ($84,000 annually). This property achieves a strong 5.8% cap rate, making it an excellent cash-flowing investment. Investors will also appreciate the opportunity to further increase net operating income by raising rents and transitioning leases to exclude utilities and hydro. Recent updates include all new electrical wiring (2013), a new roof membrane on 79A and the rooftop terrace (2015), hardwood, fresh paint, and a cleared and maintained parking lot. Included in the sale are 4 fridges, 4 stoves, 1 dishwasher, 2 washers and 2 dryers, 4 window A/C units, and 3 sheds. Located in the heart of historic downtown Bowmanville, just blocks from the hospital that will be undergoing an expansion to double its size, this property provides both immediate rental income and long-term growth potential. Clarington itself is a rapidly growing municipality, with major infrastructure projects such as new highways and GO Train stations expected to support further residential, commercial, and industrial expansion. Significant increases in building permit values highlight strong investment and development activity, especially in residential construction. Updated economic development strategies ensure the town is well-positioned to capitalize on future growth. (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Radiant heat
Cooling Window air conditioner
Exterior
Parking Features Yes
Fence Fenced yard
View Y/N No
Total Parking Spaces 13
Private Pool No
Building
Story 2
Sewer Sanitary sewer
Others
Ownership Freehold
Listed by RIGHT AT HOME REALTY