$1,190,000
7.41 BTC
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Map
331 Erie Street, Central Elgin
$1,190,000
PRICE
5
BEDROOMS
3
BATHROOMS
X12167677
MLSID

331 Erie Street, Central Elgin

A 5% Cap Rate is achievable here! Welcome to your terrific income property in the heart of the Village with steps to the Main Beach! All amenities within walking distance of cafes, groceries, art galleries, live music venues, live theatre events, parks, schools, world class restaurants, and Port Stanley is open year-round! Grandfathered-in as a Triplex, fully tenanted with 3 great tenants on year-round leases. This very low-maintenance steel clad building & detached double car garage sits on a double lot with a large grassy backyard. Fully renovated in 2022 with all new metal on roof and siding, all new appliances, ungraded insulation, all new vinyl windows & doors, original hardwood flooring combined with new tile flooring. Unit 1 is approx 1200sf on 2 levels with 3 bright bedrooms & 1 modern bathroom with skylight on the upper floor, features a kitchen combined with laundry, and dining room, then opens up to a large living room with lots of natural light, front windows on both levels have water views. Unit 2 boasts approx 675sf with an open concept living room /eat-in kitchen area, with 1 bdrm, 3 pc bath & laundry upstairs. Unit 3 is larger than it looks, with almost 720sf on one floor with a den & living room at one end and a bedroom at the other end, with an open concept eat-in kitchen with island flowing into the dining room in the middle with enough space for a small lounge area to watch tv. A gorgeous 4 pc bath with new fixtures, tiles, and a pocket door. Enter this unit from the driveway /backyard into the sunroom. Parking available for all units with large double wide driveway for 6 vehicles, the double detached garage can be used as a garage but atm 2 interior 100sf sections are rented by 2 tenants as their storage for an extra $100/ month each. Contact LA for more info and book your showing as soon as possible! LA is to be onsite for all showings. Survey is available in the photos.
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Summary

Address
331 Erie Street
Community
MLSID
X12167677
Property Type
Triplex
Property Category
Bedrooms
5
Bathrooms
3
Kitchens
3
Zoning
R1
Taxes (Annual)
$4,828.14
Tax Year
2024
Published
May 22, 2025
Days on Market
77 Days
Possession Type
Flexible
Possession Details
Immediate As Fully Tenanted, Or - 60 Day Notice - Call La For Info
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Inclusions

3 Refrigerators, 3 stoves (incl 1 gas stove & 2 electric stoves), 3 washers, 3 dryers, 1 dishwasher, 1 rangehood, 2 microwaves ( incl one built-in microwave)

Exclusions

Tenants' possessions

Details

Property Features
Arts Centre, Beach, Golf, Lake Access, School Bus Route, Marina
Security Features
Carbon Monoxide Detectors, Smoke Detector
Bathroom 1
4-Piece Second Level
Bathroom 2
3-Piece Second Level
Bathroom 3
4-Piece Main Level
Parking Spaces
6
Parking Total
8
Architectural Style
1 1/2 Storey
Roof
Metal
Construction Materials
Metal/Steel Siding
Lot Size
0
Lot Width
66 Feet
Lot Depth
132 Feet
Water
Municipal
Heat Source
Gas
Heat Type
Forced Air
New Construction
No
Occupant Type
Tenant
Private Entrance
No
Sauna
No
Seasonal Property
No
Hot Tub / Spa
No
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