151 Chambers Street Smiths Falls, Ontario K7A 2Z5

$849,900

This well-maintained, fully tenanted multiplex presents a strong opportunity for investors seeking a reliable income property with clear upside. Zoned R4 and located within walking distance of downtown Smiths Falls, the building includes six residential units: two 2-bedroom apartments, three 1-bedroom units, and one bachelor suite. All units save the bachelor are separately metered, with those tenants paying their own hydro. All units are heated by electric baseboard, and domestic hot water is supplied via a shared natural gas hot water tank. Two units have been recently renovated, and windows have been updated as needed over time. The property has been owned and maintained by a respected local general contractor for over 30 years, reflecting consistent care and stewardship. Key systems, including windows and the roof, have been updated as necessary over the years. With a current net operating income of $42,070, the property delivers a cap rate of 4.95% based on existing rents. However, with rents well below market value, there is significant room for growth. A pro forma using typical local rents projects a cap rate of 7% or more, even with allowances for management and maintenance. The property includes six on-site parking spots and is located directly adjacent to a public park, with a baseball diamond just across the street. Only a short walk to the Rideau River, restaurants, shopping, and other amenities, this property combines stable income with long-term potential in one of Eastern Ontario's most accessible mid-size markets. Further photos and projected income analysis available upon request. (id:43934)

Property Details

MLS® Number	X12219098
Property Type	Multi-family
Community Name	901 - Smiths Falls
Amenities Near By	Park
Community Features	School Bus
Equipment Type	Water Heater - Gas
Parking Space Total	6
Rental Equipment Type	Water Heater - Gas
Structure	Porch

Building

Bathroom Total	6
Bedrooms Above Ground	8
Bedrooms Total	8
Age	100+ Years
Amenities	Separate Electricity Meters, Separate Heating Controls
Basement Type	Full
Exterior Finish	Brick
Foundation Type	Stone
Heating Fuel	Electric
Heating Type	Baseboard Heaters
Stories Total	3
Size Interior	3,500 - 5,000 Ft2
Type	Other
Utility Water	Municipal Water

Parking

No Garage

Land

Acreage	No
Land Amenities	Park
Sewer	Sanitary Sewer
Size Depth	96 Ft
Size Frontage	37 Ft ,1 In
Size Irregular	37.1 X 96 Ft
Size Total Text	37.1 X 96 Ft|under 1/2 Acre
Zoning Description	R4

Utilities

Cable	Available
Electricity	Installed
Sewer	Installed

https://www.realtor.ca/real-estate/28465180/151-chambers-street-smiths-falls-901-smiths-falls