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Smiths Falls,ON K7A 2Z5
Key Details
Property Type Multi-Family
Sub Type Multiplex
Listing Status Active
Purchase Type For Sale
Approx. Sqft 3500-5000
Subdivision 901 - Smiths Falls
MLS Listing ID X12219098
Style 3-Storey
Bedrooms 8
Building Age 100+
Annual Tax Amount $3,411
Tax Year 2024
Property Sub-Type Multiplex
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.
Location
Province ON
County Lanark
Community 901 - Smiths Falls
Area Lanark
Rooms
Family Room Yes
Basement Full,Exposed Rock
Kitchen 6
Interior
Interior Features Other,Separate Hydro Meter,Separate Heating Controls
Cooling None
Fireplace No
Heat Source Electric
Exterior
Exterior Feature Porch
Parking Features Available,Private
Pool None
View Park/Greenbelt
Roof Type Membrane,Asphalt Shingle,Metal
Lot Frontage 37.05
Lot Depth 96.0
Total Parking Spaces 6
Building
Unit Features Park,School Bus Route
Foundation Stone
Others
ParcelsYN No