63 Argyle St

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Sold! Over Ask!

$2,500,000

This property provides the best of both worlds! A turn key, fully tenanted luxury triplex for stable income, and the opportunity to add value by building a 1,200 square foot 2 storey laneway house, the perfect investment property for the seasoned or first time real estate investor. 

It has been completely renovated from top to bottom with no expense spared ($900k in renovations). Everything in the house is brand new including: kitchens, bathrooms, electrical, plumbing, windows, sound proofing…even the beams are brand new. The basement has been underpinned and strengthened to allow for the addition of a 3rd floor. 

Currently generating $10,000/month in rental income with 3 self contained units: 

Main Floor – 3 Bed 2 Bath, ensuite laundry – $4,100 + utilities
Upper Floor – 3 Bed 2 Bath, ensuite laundry – $3,900 + utilities
Lower Floor – 1 Bed 1 Bath, ensuite laundry – $2,000 + utilities

The laneway housing potential for this property allows the construction of a swanky two storey, 2 beds and 2.5 bath.

Current

$10,000

monthly income

$109,000

NOI

4.36%

Cap Rate

$28,000

cash flow

Potential

$14,300

monthly income

$161,443

NOI

5.57%

Cap Rate

$80,400

cash flow

Potential Year 1 Return:

$816,168 -> 72.91%

*Cashflow + Principal Payments + Surplus Value from Laneway Build + 2% Appreciation

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