331 Erie Street Central Elgin, Ontario N5L 1E3
$1,250,000
Boost your real estate portfolio with this low-maintenance, high-yield investment opportunity! This 2,798 sq. ft. fully renovated triplex comes with a detached 20x33 double car garage on a spacious lot, offering long-term value and strong rental income. Fully tenanted by last Sept 1st with three excellent long-term tenants on one-year leases at current market rents, ensuring immediate cash flow. Low taxes enhance profitability, while extensive 2022 renovations include modern kitchens and baths, upgraded finishes, and original hardwood flooring throughout, with new flooring added where needed. Each unit has separate hydro meters and upgraded insulation, and the metal-clad exterior ensures durability with minimal upkeep. Dont miss this turnkey, worry-free investment! Unit #1: A spacious 3-bedroom, 1 full 4-piece bath home spanning approximately 1,200 sq. ft. over two levelsideal for families or professionals seeking ample living space.Unit #2: A cozy yet functional 1-bedroom, 1 full 3-piece bath unit covering approximately 675 sq. ft. across two levelsperfect for singles or couples.Unit #3: A bright and airy 1-bedroom + den, 1 full 4-piece bath unit with an open-concept layout on one floor, including a beautiful sunroomapproximately 700 sq. ft. of comfortable living. All units come equipped with in-suite laundry and full appliances. With immediate possession, the buyer will assume all current tenants, providing steady cash flow while offering the flexibility to convert units into high-revenue short-term rentals as they become available. This is a rare opportunity to maximize returns in a sought-after area. Legal Non-Conforming Triplex under R1 zoning. Seamless transition. Assume tenants and convert units as they vacate. 24-hour notice required for showings Serious inquiries only. Don't miss out on this versatile investment opportunity! See media tabs for more visual information. Book your showing asap! (id:51356)
Property Details
| MLS® Number | X9035576 |
| Property Type | Multi-family |
| Neigbourhood | Grimmonds Beach |
| Community Name | Port Stanley |
| Easement | Unknown, None |
| Equipment Type | Water Heater |
| Features | Flat Site, Dry, Carpet Free |
| Parking Space Total | 8 |
| Rental Equipment Type | Water Heater |
| Structure | Porch, Deck |
| View Type | View Of Water, Lake View |
Building
| Bathroom Total | 3 |
| Bedrooms Above Ground | 5 |
| Bedrooms Total | 5 |
| Appliances | Dishwasher, Dryer, Microwave, Range, Refrigerator, Stove, Washer |
| Basement Type | Crawl Space |
| Construction Status | Insulation Upgraded |
| Cooling Type | Central Air Conditioning |
| Exterior Finish | Steel |
| Fire Protection | Smoke Detectors |
| Foundation Type | Concrete |
| Heating Fuel | Natural Gas |
| Heating Type | Forced Air |
| Stories Total | 2 |
| Size Interior | 2,500 - 3,000 Ft2 |
| Type | Other |
| Utility Water | Municipal Water |
Parking
| Detached Garage |
Land
| Access Type | Year-round Access |
| Acreage | No |
| Sewer | Sanitary Sewer |
| Size Depth | 132 Ft |
| Size Frontage | 66 Ft |
| Size Irregular | 66 X 132 Ft |
| Size Total Text | 66 X 132 Ft|under 1/2 Acre |
| Zoning Description | R1 |
Rooms
| Level | Type | Length | Width | Dimensions |
|---|---|---|---|---|
| Second Level | Bathroom | 1.16 m | 2.97 m | 1.16 m x 2.97 m |
| Second Level | Primary Bedroom | 4.36 m | 3.93 m | 4.36 m x 3.93 m |
| Second Level | Bedroom | 3.83 m | 4.04 m | 3.83 m x 4.04 m |
| Second Level | Bedroom | 3.03 m | 2.72 m | 3.03 m x 2.72 m |
| Second Level | Bathroom | 2.68 m | 2.13 m | 2.68 m x 2.13 m |
| Second Level | Bedroom | 3.23 m | 3.87 m | 3.23 m x 3.87 m |
| Main Level | Kitchen | 2.35 m | 2.04 m | 2.35 m x 2.04 m |
| Main Level | Kitchen | 3.26 m | 5.53 m | 3.26 m x 5.53 m |
| Main Level | Dining Room | 2.41 m | 1.88 m | 2.41 m x 1.88 m |
| Main Level | Living Room | 4.55 m | 4.08 m | 4.55 m x 4.08 m |
| Main Level | Kitchen | 3.02 m | 2.44 m | 3.02 m x 2.44 m |
| Main Level | Living Room | 4.59 m | 5 m | 4.59 m x 5 m |
Utilities
| Cable | Available |
| Sewer | Installed |
https://www.realtor.ca/real-estate/27163641/331-erie-street-central-elgin-port-stanley-port-stanley
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February 03 2025 11:21:11
London and St. Thomas Association of REALTORS®
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