151 CHAMBERS STREET new Save Request In-Person Tour Request Virtual Tour
Smiths Falls,ON K7A2Z5
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,500 sqft
Price per Sqft $242
Subdivision 901 - Smiths Falls
MLS Listing ID X12219098
Bedrooms 8
Source Ottawa Real Estate Board
Property Description
This well-maintained, fully tenanted multiplex presents a strong opportunity for investors seeking a reliable income property with clear upside. Zoned R4 and located within walking distance of downtown Smiths Falls, the building includes six residential units: two 2-bedroom apartments, three 1-bedroom units, and one bachelor suite. All units save the bachelor are separately metered, with those tenants paying their own hydro. All units are heated by electric baseboard, and domestic hot water is supplied via a shared natural gas hot water tank. Two units have been recently renovated, and windows have been updated as needed over time. The property has been owned and maintained by a respected local general contractor for over 30 years, reflecting consistent care and stewardship. Key systems, including windows and the roof, have been updated as necessary over the years. With a current net operating income of $42,070, the property delivers a cap rate of 4.95% based on existing rents. However, with rents well below market value, there is significant room for growth. A pro forma using typical local rents projects a cap rate of 7% or more, even with allowances for management and maintenance. The property includes six on-site parking spots and is located directly adjacent to a public park, with a baseball diamond just across the street. Only a short walk to the Rideau River, restaurants, shopping, and other amenities, this property combines stable income with long-term potential in one of Eastern Ontario's most accessible mid-size markets. Further photos and projected income analysis available upon request. (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Baseboard heaters
Exterior
Parking Features No
Community Features School Bus
View Y/N No
Total Parking Spaces 6
Private Pool No
Building
Story 3
Sewer Sanitary sewer