248 Main Street Cambridge, Ontario N1R 1X3

$699,000

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:42776)

Property Details

MLS® Number	X12741702
Property Type	Multi-family
Amenities Near By	Public Transit, Place Of Worship
Parking Space Total	5

Building

Bathroom Total	3
Bedrooms Above Ground	4
Bedrooms Total	4
Age	100+ Years
Basement Development	Finished
Basement Features	Separate Entrance
Basement Type	N/a, N/a (finished)
Cooling Type	None
Exterior Finish	Brick Facing, Vinyl Siding
Foundation Type	Poured Concrete
Heating Fuel	Electric, Natural Gas
Heating Type	Forced Air, Not Known
Stories Total	3
Size Interior	1,500 - 2,000 Ft2
Type	Triplex
Utility Water	Municipal Water

Parking

No Garage

Land

Acreage	No
Land Amenities	Public Transit, Place Of Worship
Sewer	Sanitary Sewer
Size Frontage	25.54 M
Size Irregular	25.5 M ; 25.54 X 17.59 X 21.9 X 24.76 M
Size Total Text	25.5 M ; 25.54 X 17.59 X 21.9 X 24.76 M
Zoning Description	R4 Residential Low Density

https://www.realtor.ca/real-estate/29305258/248-main-street-cambridge