Triplex Opportunity Located in Smith Falls, ON!! Available

  • $360,000
  • 5 beds
  • 3 baths
  • 1500-1999 sqft

This excellent rental opportunity awaits you just outside the city of Smiths Falls!! All units of this triplex property are well-maintained, and only require cosmetic updating. The property has already undergone a number of recent updates, which include: a new septic tank, new well pump, and a new roof (all completed in 2018). The bottom unit is currently under renovations in order to legalize the third unit, making this a fully-occupied, legal triplex at the time of purchase. The income generated by this property is worth noting, and uncommonly good: it generates a total, annual rental income of $40,000, with annual expenses costing around $10,000 — making for an approximate cash flow of $30,000 a year!! If you love a buy-and-hold strategy, this kind of deal doesn’t come around very often. You will not want to miss this!!

We are selling our assignable purchase contract.
Closing is February 28th, 2021
**As per our APS, the Buyer agrees to assume the current tenants.**
PROPERTY FEATURES

  • 2-storeys
  • 5 bedrooms
    • 2 bedrooms are located in Unit 1
    • 2 bedrooms are located in Unit 2
    • 1 bedroom is located in Unit 3
  • 3 bathrooms
    • 1 full bathroom is located in Unit 1
    • 1 full bathroom is located in Unit 2
    • 1 full bathroom is located in Unit 3
  • Built in 1945
  • Above grade: 1500-1999 sq ft (as per MPAC) 
  • Basement: 700-1099 sq ft (as per MPAC)
  • All appliances in the property belong to the Seller and will be included
  • 2 separate laundry areas:
    • 1 laundry area is sent up in one of the upstairs units (we are unsure which unit this is exactly, Buyer to verify)
    • 1 laundry area is set up in the basement area (not in the third unit), and is meant to be shared by the second unit upstairs as well as the third unit
  • 200 AMP breaker panel
  • Propane furnace is 3-years-old (as per Seller)
  • HWT is owned (as per Seller)
  • Central AC
  • Windows are older, though some have been replaced throughout (exact age is unknown, as per Seller)
  • Roof was replaced with tin 3-years-ago (as per Seller)
  • Deck on the property will require some maintenance (as per Seller)
  • Dug well has a depth of ~30 ft (as per Seller)
    • Pump was replaced ~3-years-ago, and the well has never had any water issues, and a strong water supply (as per Seller)
  • Septic was replaced 3-years-ago to ensure that it was up to code for a triplex (as per Seller)
  • 2-car, detached garage
    • This garage contains a separate, 60 AMP panel (as per Seller)
  • Parking for at least 5-6 vehicles
  • Lot size: 93 ft x 286.11 ft (as per MPAC)
  • Site area: 0.47 A (as per MPAC)
  • Zoning: not listed (as per MPAC)
    • The Seller has been working with the city to acquire the proper zoning for this property, in order to have this be considered a legal triplex. (Buyer to verify)

UNIT BREAKDOWN
Unit 1:

  • Currently rented on a month-to-month basis for $1350
    • Includes: hydro, heat, cable, and phone (as per Seller)
  • 2 bedrooms
  • 1 full bathroom
  • Laundry access
  • Tenants help around the property with maintenance (shovelling snow & mowing the lawn, as per Seller)

Unit 2:

  • Currently rented on a month-to-month basis for $1350
    • Includes: hydro, heat, cable, and phone (as per Seller)
  • 2 bedrooms
  • 1 full bathroom
  • Laundry access
  • Tenants help around the property with maintenance (shovelling snow & mowing the lawn, as per Seller)

Unit 3:

  • Currently rented on a month-to-month basis for $650
    • Includes hydro, heat, cable, and phone (paperwork was never signed with this tenant, as per Seller)
      • Currently, this unit is under construction. There is 1 tenant that lives in the bedroom, and he is helping the Seller fix up the property, as he was a former carpenter. The tenant has received a break on his rent, in exchange for his help (as per Seller)
  • 1 bedroom
  • 1 full bathroom
  • Laundry access
  • Tenants help around the property with maintenance (shovelling snow & mowing the lawn, as per Seller)

INCOME BREAKDOWN
(Buyer to verify all information, as these are merely estimates provided by the Seller)

  • Rental income: $40,200
  • Taxes: $1698/year
  • Heat & hydro: $7000/year
  • Cable & phone: $210/month
    • Long distance phone calls are not included, and tenants will pay additional if they do make any calls (as per Seller)
  • Propane tanks: $300/year

PROPERTY NEEDS

  • Cosmetic updating

 

Please click HERE for more pictures and information.

Price:
$360,000
Address:
ON-15 & Progress Rd
Rideau Lakes, ON
Square Feet:
1500-1999
Lot Size:
93 ft x 286.11 ft
Bedrooms:
5
Bathrooms:
3
Terms:
Assignment of Contract
Property Type:
Triplex
Year Built:
1945

Call (647) 400-2093 for more details

Property Location