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Listed 3 months ago

1031 Lake Drive N

Historic Lakeshore Communities, Georgina

$1,229,000

Detached|2-Storey
3 | 4 | 8
About this home

Welcome to lakeside living by beautiful Lake Simcoe! Situated directly across the street from the lake on an impressive 50 x 271 ft lot, this unique property offers over 3,300 sq. ft. of total living space and is currently fully rented, with both the upper residence and basement suite tenanted, making it an excellent opportunity for investors or future end users.The spacious upper residence features large windows with views toward the lake and expansive backyard, vaulted ceilings in the open-concept living and kitchen area, custom finishes throughout, and an impressive primary bedroom retreat complete with reading and TV areas and a custom 4-piece spa-inspired ensuite. The upper-level deck provides a peaceful setting to enjoy the surrounding lake views.The fully finished 1-bedroom basement suite features an upgraded ensuite bathroom, walk-in closet, separate laundry and private side entrance, providing a functional and self-contained additional living space.The oversized backyard offers a patio, deck, expansive lawn and fire pit, while Lake Simcoe is easily accessible via a permanent dock approximately 500 metres from the property for swimming, fishing and water sports.Conveniently located close to marinas, shops, schools, hiking trails, beaches and major transportation routes. A rare opportunity to own a fully tenanted property near Lake Simcoe, offering immediate rental income and excellent future flexibility.

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agent
Jonathan Lee
(647) 983-0770
TypeDetached
Style2-Storey
Approx. Age6-15
Size2000-2500 sq. ft.
Property Tax$7,420
Lot Size50 ft x 271 ft
mls© NumberN13240790
Listed ByNEW ERA REAL ESTATE

Listing History

  • No recent sale history for this listing.
  • No recent lease history for this listing.

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Could you afford this home?

What the bank counts

This home's actual carrying costs, payment stress-tested at 6%

Mortgage, tested at 6%
$6,291
Property tax
$618
Heat allowance
$150
Housing costs
$7,059 / mo

Lenders cap these at 39% of gross income — that sets the number.

Down payment20% · $245,800
25-yr amortization

Income needed

$217,000

gross annual household income

Payment at 4%
$5,172 / mo
Cash down
$245,800

Assumes no other monthly debts · 25-yr amortization

Full affordability check

Investment Analysis

Estimated rent, cap rate and monthly cash flow for this property

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