This legal four-plex is located in a strong, desirable neighborhood extremely close to the newly constructed Francophone Health Centre, making it an ideal long-term investment with stable tenant demand. The property is fully income producing and offers a solid revenue stream with excellent upside. The building consists of four self-contained units with a strong rental mix. The current rental income totals $4,850 per month or $58,200 annually. The main unit at 181 Preston rents for $2,000 per month plus utilities. Unit A at 147 Middleton rents for $850 per month plus utilities. Unit C at 147 Middleton rents for $880 per month with the owner paying hydro. Unit D at 147 Middleton rents for $1,120 per month plus hydro. Operating costs are well managed. Water and sewer are approximately $4,824 annually, property taxes are $5,592 per year, Reliance hot water rental is $759.24 per year, insurance is $2,959.20 annually, and hydro for one unit is approximately $1,260 per year, for total operating expenses of $16,654.44 annually. This produces a net operating income of approximately $41,545.56 per year. Based on an asking price of $399,900, the property delivers an approximate 10.4% cap rate, making this an exceptionally strong cash-flowing investment. This is a rare opportunity to acquire a legal four-plex in a prime location with proven income, excellent tenant demand, and outstanding investment fundamentals. MPAC 324, Total Sq.Footage 2200, Hydro Tenants, Heat $1140 /12mths, Water-Sewer $4356 / year. (id:56069)
| MLS® Number | T12700192 |
| Property Type | Multi-family |
| Community Name | TS - SW |
| Parking Space Total | 6 |
| Bathroom Total | 5 |
| Bedrooms Above Ground | 6 |
| Bedrooms Total | 6 |
| Amenities | Fireplace(s) |
| Basement Development | Finished |
| Basement Type | N/a (finished) |
| Cooling Type | Central Air Conditioning |
| Exterior Finish | Stucco |
| Fireplace Present | Yes |
| Foundation Type | Concrete |
| Heating Fuel | Natural Gas |
| Heating Type | Forced Air |
| Stories Total | 2 |
| Size Interior | 2,000 - 2,500 Ft2 |
| Type | Fourplex |
| Utility Water | Municipal Water |
| No Garage |
| Acreage | No |
| Sewer | Sanitary Sewer |
| Size Depth | 80 Ft ,10 In |
| Size Frontage | 52 Ft ,10 In |
| Size Irregular | 52.9 X 80.9 Ft |
| Size Total Text | 52.9 X 80.9 Ft |
| Zoning Description | Na-r3 |
| Cable | Available |
| Electricity | Installed |
| Sewer | Installed |
https://www.realtor.ca/real-estate/29255596/181-preston-street-timmins-ts-sw-ts-sw
Contact us for more information
Marcus Richard
Salesperson
(705) 268-2129
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