$499,000
Lanark Highlands
98 North Street, Lanark Highlands, Ontario, K0G1K0
This multi-family property in Lanark Highlands is for sale offering roughly 2,750 sq ft of space. It has been on the market 54 days, fresher than the Lanark Highlands average of 106 days.
Excellent opportunity to own a solid income-producing 4-plex in Lanark, generating $56,400 in gross annual rental income. The property consists of four rental units. The 1st-floor 2-bedroom apartment rents for $1,350 per month, while the 2nd-floor 1-bedroom apartment rents for $1,200 per month. There are also two 2-bedroom apartments occupying the 1st and 2nd floors, renting for $650 and $1,500 per month respectively. That gives the property a total rental income of approximately $4700 per month, or $56,400 annually. The annual operating expenses are very reasonable. Property taxes are $4,019.07 per year, insurance is $3,520, hydro is $600, and propane is $1,400, total annual expenses to approximate $9,539.07. There are also several desirable features that make this property attractive from both an investment maintenance standpoint. The building has a steel roof, copper wiring with breaker panels, hardwood floors, a newer water pressure tank, and a full basement that provides plenty of storage space. The property uses a propane hot-water tank, and all tenants pay their own hydro and heating costs, helping to keep the owner's operating expenses down. Lanark is approximately 45 minutes from downtown Ottawa, 10 miles north of Perth, and about 20 minutes west of Carleton Place. The community offers the everyday amenities tenants need, including a grocery store, gas station, library, town hall, pizzeria, chip stands, and more. Lanark is also attracting increasing attention from Ottawa buyers looking for more affordable real estate and income-producing properties outside the city. For investors looking for cash flow, affordability, and long-term potential, this is a property worth taking a serious look at - before Lanark values move even higher. (id:66096)
Features and services as supplied by the listing brokerage.
Long Listed: 54 days on market, against an average age of 106 days across the listings currently for sale in this city
Homes here sell slower than most markets
Sold homes in this market spent an average of 60 days on the market over the past year, against a median of 48 days across the markets we publish.
Homes here sell below asking price
Homes in this market sold for an average of 94.4 percent of their asking price over the past year, below the 96.4 percent median across the markets we publish.
This 6-bed multi-family in Lanark Highlands has been listed for 54 days, which is 52 days fresher than the city average of 106. Act while there is still low competition.
Approximate location — exact address confirmed upon showing
This home lists at $499,000, about 5.3× the local median household income of $94,000.
Carrying it typically needs a household income of about $97,472 (20% down, 25-yr amortization, stress-tested) — roughly 4% above the area median.
Source: Statistics Canada, 2021 Census (FSA K0G)
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Loading rates, 30-yr amortization
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