37 MAIN STREET E$985,000

#1292780

N/A bed

N/A bath

About the Property

HISTORIC HIGH QUALITY STONE MULTI-UNIT BUILDING THAT IS VERY COST EFFECTIVE TO MAINTAIN, 10 & 20 YR EXPENSE HISTORY AVAILABLE. SELLER HAS OWNED & OCCUPIED BUILDING FOR 40 YRS, ON A QUIET STREET, CLOSE TO ALL THE AMENITIES OF THE BUSINESS SECTION. THIS EXCEPTIONALLY WELL MAINTAINED BUILDING ATTRACTS QUALITY TENANTS BECAUSE OF THE UPSCALE ATMOSPHERE & EXCELLENT LOCATION. TWO, 2 BDRM 2 LEVEL APTS ON THE 2ND & 3RD LEVELS, 1st FLR OFFICE SPACE W/CENTRAL AIR WHICH IS ALSO SUITABLE FOR A BUSINESS THAT REQUIRES OFFICE & ADJACENT WORKSHOP & ADDITIONAL STORAGE. OFFICE COULD ALSO BE EASILY CONVERTED INTO A 2 BDRM APT OR TWO 1 BDRM APTS. 900 SQ FT VACANT WORKSHOP COULD ALSO BE CONVERTED INTO AN APT, 4 RENTAL STORAGE UNITS AT THE REAR OF THE BUILDING. FORCED AIR NATURAL GAS HEATING. EXISTING CASH FLOW W/WORKSHOP RENTED AT $1,000/MTH IS $4,112/MTH, PROVIDING A 5% CAP RATE. UPSIDE RENTAL INCOME POTENTIAL (APPROX $7,500) WHEN APTS CYCLE WILL PROVIDE A NEW CAP RATE OF APPROX 6%. C1 COMMERCIAL ZONING. (id:46641)

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Listing Agent

Brad Closs

Broker

(613) 200-1000

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Property Details

City: Smiths Falls

Neighbourhood: SMITHS FALLS

Build Year: 1850

Property

Property Type

Multi-family

Land Depth

120 ft

Features

Flat site

Building

Basement Development

Unfinished

Basement Type

Cellar (Unfinished)

Storeys

3

Building Style

Fourplex

Exterior Finish

Stone

Heating Type

Forced air

Cooling Type

Central air conditioning

Foundation Type

Stone

Parking Space Total

6

Measurements

Additional Info

Lease Type

Other, See Remarks

Listing Contract Date

2022-05-21

Zoning Description

C1 COMMERCIAL

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