Property Details
181 PRESTON STREET, Timmins (ts - Sw), Ontario, P4N3N4
$399,900 - For sale
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:2471)
Location DescriptionCross Streets: Middleton. ** Directions: Corner of Preston and Middleton.
- Property Address:181 PRESTON STREET, Timmins (ts - Sw), Ontario, P4N3N4
- Property Type:Multi-family
- Community Name:TS - SW
- Lot Size:52.9 x 80.9 FT
- Sewage Type:Sanitary sewer
- Water Type:Municipal water
- Driveway:No Garage
- Parking Space Total:6
- Structure Style:Fourplex
- Bedrooms:6
- Bathrooms:5
- Floor Space:2000 - 2500 sqft
- Heating Type:Natural gas, Forced air
- Storeys:2
- Basement Type:N/A (Finished)
- Foundation Type:Concrete
- Cooling Type:Central air conditioning
- Exterior Type:Stucco
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- Map 181 PRESTON STREET, Timmins (ts - Sw), Ontario, P4N3N4
- Neighbourhood Information
181 PRESTON STREET, Timmins (ts - Sw), Ontario, P4N3N4
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