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Sioux Lookout,ON P8T 1B3
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 3,849 sqft
Price per Sqft $207
MLS Listing ID X10426701
Annual Tax Amount $9,296
Tax Year 2024
Property Description
Discover a fantastic investment in a high-demand rental market! This fully occupied 6-unit property is centrally located downtown, ensuring constant tenant interest. The property includes four 1-bedroom units and two 2-bedroom units, with a strong net operating income exceeding $70,000 annually. Each unit is separately metered, with tenants paying their own hydro while the landlord covers garbage & water/sewer cost, keeping costs manageable. Extensive renovations and updates in 2018 and 2019 make this property especially appealing and low-maintenance. Renovations include stripping down to studs, doubling the footprint of the building, a new roof, siding, spray-foam insulation, HVAC, electrical, windows, flooring, bathrooms, doors, drywall/paint, and updated appliances throughout. Each unit also received a new hot water tank in 2018, reducing operational upkeep and enhancing tenant satisfaction. While on-site laundry is not yet available, the plumbing for a shared laundry area is already in place, allowing a straightforward future upgrade to add further convenience for tenants. Tenants enjoy a designated parking lot at the rear of the building, while additional street parking is available out front for guests. The central downtown location puts this property within close reach of shops, dining, public transit, and other local amenities, making it especially attractive to renters seeking easy accessibility. The combination of one-bedroom and two-bedroom layouts appeals to a range of tenants, ensuring high occupancy rates and a steady revenue stream. With its prime location, recent updates, and strong financial performance, this property is an excellent choice for investors seeking a turnkey income-generating asset. The consistent rental demand, modernized features, and individual tenant utility meters make this property both efficient and profitable, ready to provide reliable returns for years to come.
Location
Province ON
County Kenora
Area Kenora
Zoning Res 2
Interior
Cooling No
Inclusions 6 fridges, 6 stoves, 6 microwaves, extra flooring.
Exterior
Utilities Available Available