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$1,495,000
Norwich
407 Main Street East, Norwich (Springford), Ontario, N0J1X0
This multi-family property in Norwich is for sale. It has been on the market 30 days, fresher than the Norwich average of 92 days.
A charming and original piece of Springford with strong investment appeal.This 5-unit multi-residential property is situated on a large lot backing onto the creek, offering a rare combination of stable rental income, tenant desirability, and long-term value.All units have been well maintained, with Units 4 and 5 recently updated, featuring improved kitchens, bathrooms, flooring, and additional upgrades. The building is serviced by five independent gas forced-air furnaces, providing unit-by-unit efficiency and helping keep operating costs predictable. Most wiring and plumbing have been updated, adding peace of mind for long-term ownership.The property is protected by a Duraloc steel roof (approximately 20 years old), contributing to its low-maintenance profile. Outdoor space further enhances tenant appeal, with Units 2, 3, and 5 enjoying private decks or balconies overlooking the expansive rear yard, while Units 1 and 4 benefit from a generous front porch.Set on a deep lot with creek views, this property offers excellent tenant demand today, with potential long-term upside tied to land value and future enhancement in a growing rural community. A compelling opportunity for investors seeking a solid buy-and-hold asset with durability, income stability, and room to grow. Rent roll and financial information available to qualified buyers. (id:66096)
Features and services as supplied by the listing brokerage.
Extended: 30 days on market, against an average age of 92 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.
This 9-bed multi-family in Norwich (Springford) has been listed for 30 days, which is 62 days fresher than the city average of 92. Act while there is still low competition.
Approximate location — exact address confirmed upon showing
This home lists at $1,495,000, about 15.4× the local median household income of $97,000.
Carrying it typically needs a household income of about $292,026 (20% down, 25-yr amortization, stress-tested) — roughly 201% above the area median.
Source: Statistics Canada, 2021 Census (FSA N0J)
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Loading rates, 30-yr amortization
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