181 Preston Street

Nestled in the heart of Timmins, at 181 Preston Street, this remarkable legal four-plex is an outstanding opportunity for anyone looking to invest in a Multi-Family Home for sale in Timmins . Located in a vibrant and desirable neighbourhood, this property is conveniently situated right next to the newly constructed Francophone Health Centre, ensuring a steady demand for tenants. With its impressive features and solid income potential, this Multi-Family Home for sale in Timmins is not to be missed.

The building itself is a two-storey multiplex, boasting a stylish stucco exterior that adds to its curb appeal. With a total of six bedrooms spread across four self-contained units, this property is designed to accommodate a variety of tenants. Each unit is well-appointed, featuring its own kitchen—there are four kitchens in total—ensuring that residents enjoy the convenience of home cooking. While there is no den or additional rooms, the layout maximises the living space, making it an attractive option for families or individuals alike.

At 181 Preston Street, Timmins, you will find a total of five bathrooms, which is a significant advantage for a Multi-Family Home for sale in Timmins. This feature reduces the morning rush for tenants and enhances the overall living experience. The property also benefits from central air conditioning, providing comfort during the warmer months, and a finished basement that adds extra usable space. While there is no family room or central vacuum system, the existing amenities are more than sufficient to meet the needs of the residents.

This four-plex is fully income-producing, with a current rental income of approximately $4,850 per month, which translates to an impressive annual revenue of $58,200. The main unit at 181 Preston Street is rented for $2,000 per month plus utilities, while Unit A at 147 Middleton brings in $850 per month plus utilities. Unit C at 147 Middleton rents for $880 per month, with the owner covering hydro, and Unit D at 147 Middleton is rented for $1,120 per month plus hydro. This diverse rental mix ensures a stable revenue stream, making this Multi-Family Home for sale in Timmins a sound investment.

Operating costs for the property are well managed, with annual expenses including water and sewer at approximately £4,824, property taxes at £5,592, and insurance at £2,959.20. The cost of hydro for one unit is around £1,260 per year, leading to total operating expenses of £16,654.44 annually. This efficient management results in a net operating income of approximately £41,545.56 per year, providing a robust return on investment.

With an asking price of £399,900, this property offers an attractive cap rate of approximately 10.4%, making it an exceptional cash-flowing investment. The lot measures 53 X 81 feet, and while there is no garage or additional land, the property provides ample parking space for up to six vehicles, which is a significant advantage in this area.

In summary, 181 Preston Street, Timmins, presents a rare opportunity to acquire a legal four-plex in a prime location with proven income and excellent tenant demand. This Multi-Family Home for sale in Timmins is a fantastic investment for those looking to expand their portfolio or enter the property market. With its solid revenue stream and outstanding investment fundamentals, this property is sure to attract keen interest. Don’t miss out on the chance to make this exceptional Multi-Family Home for sale in Timmins your own!

The TS - SW area of Timmins is a charming and vibrant neighbourhood that offers a unique blend of natural beauty and urban convenience. Nestled amidst the stunning landscapes of Northern Ontario, this community is characterised by its lush green spaces, well-maintained parks, and proximity to the scenic Mattagami River. Residents enjoy a peaceful, family-friendly atmosphere, with a range of amenities including local shops, schools, and recreational facilities within easy reach. The strong sense of community spirit is evident in the numerous local events and activities that bring neighbours together, making TS - SW an inviting place to call home for those seeking a balance of tranquillity and accessibility.

Schools in the Neighbourhood

This property is conveniently located near several educational institutions, making it an ideal choice for families. Within a short distance, you will find W. Earle Miller Public School, just 2.3 km away, offering grades JK to 6 under the District School Board Ontario North East. For older children, R. Ross Beattie Senior Public School is only 1.1 km away, catering to grades 7 and 8. Timmins High and Vocational School, located 1.7 km from the property, provides education for grades 9 to 12, ensuring a smooth transition for students as they progress through their academic journey. Additionally, Timmins Centennial Public School, situated just 0.8 km away, offers French-language instruction for grades JK to 8. All these schools are public and provide English or French language options, catering to diverse educational needs. While the schools currently have a rating of 0, their proximity and variety of programs make them accessible and practical choices for families looking to settle in the area. Overall, this property is well-positioned to provide excellent educational opportunities for children of all ages.

Key Statistics of the Neighbourhood

The area surrounding the property has a small population of 495 residents, with an average household size of 2.1. The demographic profile indicates a relatively young community, with an average age of 37.1 years. Economic indicators show an average household income of $78,500, although 16.4% of the population falls under the low-income category. The housing market reflects an average property price of $200,000, with a significant portion of residents (44.44%) renting their homes. The community is characterized by a majority of single individuals, comprising 52.5% of the population, while households with children make up 38.46%. Educational attainment is notable, with 31.65% of residents holding a college or university degree. However, a significant 37.97% of the population is not in the labor force, which may impact local economic dynamics. Additionally, the area has a low immigrant presence at 2.91%, and there are currently no condominiums available. Overall, this demographic snapshot highlights a diverse community with a mix of families and singles, alongside a blend of economic challenges and educational opportunities.