189 Balsam Street S

Nestled in the heart of Timmins, at 189 Balsam Street S, this remarkable property presents an exceptional investment opportunity. This Multi-Family Home for sale in Timmins is a three-unit, legal non-conforming building that promises strong income potential, making it an ideal choice for both investors and owner-occupiers seeking to alleviate living costs.

The building, styled as a 1 1/2 storey multiplex, boasts a robust stucco exterior, ensuring durability and low maintenance. With a total of nine rooms, this property includes three kitchens, catering to the needs of its multiple tenants. The layout features seven bedrooms spread across the three units, providing ample space for residents. The current rental arrangements include a spacious four-bedroom apartment, which is currently rented for an impressive $1,800 per month on an all-inclusive basis. Additionally, there is a one-bedroom unit that brings in $1,180 per month, and a two-bedroom unit generating a rental income of $1,000, also all-inclusive. This diverse rental income stream is a significant advantage for anyone considering this Multi-Family Home for sale in Timmins.

Located in the TS - SE community of Timmins, this property benefits from a convenient central location. The area is well-connected, making it easy for tenants to access local amenities and services. The building itself is situated on a lot measuring 30 x 72 feet, providing enough space for on-site parking, with the capacity to accommodate up to four vehicles. Although there is no garage or driveway, the ample parking space is a notable feature for residents.

The property is serviced by municipal water and sewer systems, ensuring reliable utility access for all units. Heating is provided through a forced air system, although it is worth noting that there is no air conditioning or central vacuum system in place. Additionally, the property does not feature a pool or a fireplace, but it does offer internet connectivity, which is an essential amenity for modern living.

At 189 Balsam Street S, Timmins, the potential for steady rental income is evident. With the current tenants in place, this Multi-Family Home for sale in Timmins offers a solid return on investment right from the start. The operational costs are reasonable, with hydro expenses averaging around £230 per month, gas costs at approximately £128 per month, and water charges amounting to £2,949 annually. These figures highlight the financial viability of the property, making it an attractive proposition for potential buyers.

Moreover, the lack of additional land or extra features means that maintenance and management of the property are straightforward, allowing for a more hands-off investment approach. The unfurnished nature of the units gives new owners the flexibility to personalise the spaces according to their vision or to appeal to future tenants.

In summary, this Multi-Family Home for sale in Timmins, located at 189 Balsam Street S, presents a compelling opportunity for those looking to invest in the Timmins real estate market. With its strategic location, diverse rental income, and manageable operational costs, this property stands out as a prime investment. Whether you are an experienced investor or a first-time buyer, this property is worth considering. Don't miss the chance to explore this Multi-Family Home for sale in Timmins and take the first step towards securing a valuable asset in the thriving community of Timmins.

TS - SE, located in the vibrant city of Timmins, Ontario, is a charming and welcoming neighbourhood that offers a unique blend of natural beauty and urban convenience. Nestled amidst lush green spaces and scenic landscapes, this area is characterised by its friendly atmosphere and a strong sense of local pride. Residents enjoy easy access to essential amenities, including shops, schools, and recreational facilities, while also being just a stone's throw away from the stunning wilderness that Northern Ontario is known for. With its rich cultural heritage and a variety of community events, TS - SE is an inviting place for those seeking a balanced lifestyle in a picturesque setting.

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 2.4 km away, offering grades from Junior Kindergarten to Grade 6, and R. Ross Beattie Senior Public School, located 1.5 km away, catering to students in grades 7 and 8. For older students, Timmins High and Vocational School is situated 2.0 km from the property, providing education for grades 9 to 12. Additionally, Timmins Centennial Public School, which offers French-language instruction for grades JK to 8, is only 1.0 km away. All schools are part of the District School Board Ontario North East, ensuring a consistent quality of education. While the schools currently have a rating of 0, their proximity and variety of programs can provide valuable educational opportunities for your children. This diverse range of schools within a close radius enhances the appeal of the property, making it a great option for families seeking accessibility to quality education.

Key Statistics of the Neighbourhood

The demographic profile of the area surrounding the property reveals a small population of 622 residents, with an average household size of 1.7 individuals. The community has a median age of 42.8 years and an average household income of $48,000, indicating a modest economic environment. A significant portion of the population, 30.8%, falls under the low-income category, and a notable 69.64% of residents are single. Families with children represent 28.57% of households, while renters dominate the housing landscape at 80.28%. The average property price in the area is $175,000, making it relatively affordable. Educational attainment is represented by 38.46% of residents holding a college or university degree. Additionally, immigrants constitute 4.39% of the population, contributing to the area's diversity. However, a considerable 41.35% of the population is not actively participating in the labor force. The prevalence of condos is low, at 7.04%, suggesting a primarily rental market. Overall, the area reflects a mix of economic challenges and educational opportunities, appealing primarily to single individuals and families seeking affordable housing.