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390 Mississaga Street, Orillia, ON L3V 3C5

$645,000

390 Mississauga St W, Orillia - Oversized R2 Lot with Severance & Value-Add Upside. An opportunity built for investors, builders, and value-add buyers. This 3-bedroom, 2-bathroom bungalow sits on a rare 90 x 114.75 ft lot - over 10,000 square feet, close to double the size of many neighbouring parcels - in an established, high-demand Orillia neighbourhood serviced by municipal water and sewer. The numbers tell the story. Recent comparable sales in the immediate area range to the high $700s, with 3-bedroom homes trading around $600,000 and typically selling within a month. The property currently carries low holding costs, with annual taxes near $3,300 - attractive for a buy, improve, and reposition strategy.The real upside is the land. With wide frontage and significant depth, the lot holds potential for a two-lot severance into two serviced R2 building lots, subject to City of Orillia approval - a path that could unlock aggregate land value well above a single as-is sale. Alternatively, hold and rent, or execute a cosmetic renovation to capture the spread between as-is pricing and updated comparables. Multiple exit strategies, one address: Value-add flip - refresh finishes, resell to the owner-occupier market or live in Sever & build - pursue consent for a second building lot (pending municipal approval) Buy & hold - solid bones, low carrying costs, strong rental demand near downtown and Lake Couchiching Built in 1964 with a functional single-level layout, full basement, and 2-car carport, this is a genuine land-and-location play in a market with proven, steady demand. Priced as-is to reflect its upside. Bring your strategy - book your private viewing today.