12 - 14 Queen Street, Smiths Falls, ON

Description

Thomas Edison likely had this lucrative investment property in mind when he reportedly said "opportunity is missed by most people because it is dressed in overalls and looks like work". This fourplex nestled a stone's throw from the Rideau River diagonally across a municipally owned parcel of riverfront land in the growing town of Smiths Falls exemplifies a BRRRR target, and goes one better: it makes money out of the gate. Make positive cash flow now - and for as long as you like - from low rents, with enormous upside if you're willing to get your hands dirty. This is not a palace now, with numerous small maintenance projects to be found. With some repairs and renovations on tenant turnover, this property can readily shine and return multiples on that further investment. Offering 4,069 square feet of above grade living space, currently comprising two 2-bedroom units, one 3-bedroom unit with a family room, and one 1-bedroom. Structurally sound on a block foundation with full basement under 12 Queen and crawl space under 14 Queen. A double garage houses utilities, plenty of storage and could accommodate one vehicle. There are six outdoor parking spaces, all accessible at the rear of the property from Elmsley Street South. Key infrastructure includes two gas furnaces provide efficient heating, two rented hot water tanks, upgraded electrical with four meters (ESA on file), and two water meters. Compliance and fire safety letters on file. You'll be hard pressed to find a better starting point for income & equity growth in the area than this property at $106,250 per unit or $105 per square foot of above grade living space.