LOADING

6599 Fourth Line Road North Gower, Ontario K0A 2T0

Baseboard Heaters

$499,000

6 unit RESIDENTIAL BUILDING on the MAIN STREET in North Gower - 25 min from the heart of Ottawa, 15 min from Barrhaven. VERY RARE and VERY PROFITABLE. On well and Septic, so NO water/sewer bills! Septic tank is 20yrs old, pumped every 2 years (last pump 2017). Some small updates needed: Metal roof to be painted, small porch roof to be replaced. Currently only 2 of the 5 parking spaces are being used. Parking on both sides of the building. Lot is 65 ft wide x 97 ft deep. All units are LARGE 1-bedrm units, which have flooring and some random updates. All are NEW TENANTS on lease in 2017 and pay $675/month + heat and hydro. One unit is vacant for purpose of viewing and will rent for $675. Laundry is $1800/yr++. Gross income is $50,400/yr incl laundry and fully leased. Expenses - Hydro for common areas and laundry $1379 + Property taxes $4413 + Insurance $3475 = $9267/yr. Total Net Operating Income - $41,333/yr... if self managed and fully rented - 8.28% CAP RATE. (id:15865)

Property Details

MLS® Number 1087743
Parking Space Total 5
Property Type Multi-family

Building

Constructed Date 1920
Exterior Finish Siding
Fire Protection None
Fireplace Present No
Foundation Type Stone
Heating Fuel Electric
Heating Type Baseboard Heaters
Stories Total 2
Utility Water Drilled Well

Land

Acreage No
Sewer Septic System
Size Irregular * Ft X * Ft
Size Total Text * Ft X * Ft
Zoning Description Vm7

http://www.icx.ca/PropertyDetails.aspx?PropertyId=18956265

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