This well-maintained 6-plex presents an outstanding investment opportunity in the heart of Gananoque. Built in 1956 and situated on a large R2-zoned lot, the property offers excellent long-term value with a private parking lot at the rear for tenant convenience. Currently, five of the six units are occupied, providing immediate and stable rental income, while the sixth unit is vacant and available for July 1 occupancy, offering potential for increased cash flow through market rent. Ideally located close to schools, grocery stores, and other local amenities, the property remains highly attractive to tenants seeking convenience and accessibility. The building has demonstrated exceptional rental stability, maintaining an average vacancy rate of just 3.5% over the past five years, reflecting strong tenant demand in the area. Generating a strong Net Operating Income of more than $85,000, this property is a turnkey addition to any investment portfolio. Major capital improvements have already been completed, including new windows in 2016, a roof replacement in 2021, and a new furnace in 2024, helping to minimize future maintenance costs. With strong financial performance, proven occupancy, quality upgrades, ample parking, and a desirable location, this is a rare opportunity to acquire a solid multifamily asset in one of Eastern Ontario's most sought-after communities. (id:4069)
Address
395 PINE STREET E
List Price
$1,225,000
Property Type
Multi-family
Type of Dwelling
Other
Transaction Type
Sale
Area
Ontario
Sub-Area
Gananoque
Bedrooms
14
Bathrooms
6
Floor Area
3500 - 5000 Sq. Ft.
Lot Size
101.3 x 133.2 FT Sq. Ft.
Lot Depth
133 ft ,2 in
Frontage Length
101 ft ,3 in
MLS® Number
X13509382
Listing Brokerage
CENTURY 21 SYNERGY REALTY INC
Basement Area
N/A
Postal Code
K7G1E2
Zoning
Residential - R2
Parking Places (Total)
6
Appliances
Water Heater, Dryer, Oven, Stove, Washer, Refrigerator
Heat Source
Natural gas
Heat Type
Radiant heat
Cooling Features
None
Foundation Details
Concrete
Number Of Floors In Building
3
Water Source
Municipal water
Sewer
Sanitary sewer
