229 Elgin Street W

Nestled in the heart of Arnprior, at 229 Elgin Street W, this remarkable property presents a fantastic opportunity for investors seeking a Multi-Family Home for sale in Arnprior . This legal five-plex boasts a prime location just a stone's throw away from Main Street, where you’ll find an array of shops and restaurants, as well as nearby parks, a beach, a hospital, and schools. The vibrant community of Arnprior, located in the Renfrew area, offers a perfect blend of convenience and charm, making this property an attractive prospect for those looking to invest in the local market.

The building itself is a well-constructed two-storey multiplex, featuring a combination of brick veneer and vinyl siding that not only enhances its aesthetic appeal but also ensures durability. Spanning a generous lot of 71 feet by 101 feet, the property includes eight designated parking spaces, which is a significant advantage in a bustling downtown area. This Multi-Family Home for sale in Arnprior is thoughtfully designed with a total of 20 rooms, comprising eight bedrooms and five bathrooms, making it an ideal accommodation for multiple tenants.

Inside, the property is fully tenanted, with three two-bedroom units and two one-bedroom units, each equipped with its own hydro meter. This setup not only provides convenience for tenants but also simplifies utility management for the landlord. The units are turn-key, allowing for immediate rental income without the need for extensive renovations. Although the building does not feature a family room or central vacuum system, it does offer ample living space and functionality for its residents.

While the property does not come with air conditioning or a fireplace, it is heated by a forced air system, ensuring warmth and comfort during the colder months. The unfinished basement provides additional potential for storage or future development, offering savvy investors the chance to add value to the property. The absence of a pool and garage may seem like drawbacks, but the ample parking space and proximity to local amenities more than compensate for these features.

Recent upgrades to the building include a new roof and the installation of a fire sprinkler system, enhancing safety and reducing future maintenance concerns. With the current gross operating income (GOI) at an impressive £71,000 and a cap rate of 7.5%, this Multi-Family Home for sale in Arnprior presents a compelling investment opportunity. Notably, many of the units are currently underperforming, with some rentals being 50% below market value, offering a significant opportunity for value-add investors to increase equity and cash flow.

In summary, 229 Elgin Street W, Arnprior, is not just a property; it is a golden opportunity for those looking to invest in a Multi-Family Home for sale in Arnprior. With its strategic location, well-appointed units, and the potential for increased rental income, this five-plex is poised to deliver substantial returns. Whether you are an experienced investor or new to the property market, this building offers the perfect blend of location, functionality, and potential for growth. Don't miss out on this chance to secure a valuable asset in the thriving community of Arnprior.

Community 550, located in the charming town of Arnprior, offers a picturesque blend of natural beauty and small-town charm. Nestled along the Ottawa River, this area boasts stunning landscapes, including lush greenery and serene waterfront views, making it an ideal setting for outdoor enthusiasts. Residents can enjoy a variety of recreational activities, from hiking and cycling to fishing and boating. The community is well-connected, with convenient access to local amenities, shops, and schools, all while maintaining a peaceful atmosphere that fosters a strong sense of belonging. With its friendly neighbourhood vibe and vibrant local culture, Community 550 is a delightful place to call home for those seeking a tranquil yet engaging lifestyle.

Schools in the Neighbourhood

This property is conveniently located near several educational institutions, making it an ideal choice for families. Within just 0.5 km, you will find Walter Zadow Public School, which offers both English and French language programs for elementary students from Junior Kindergarten to Grade 8, with a school rating of 6.1. Additionally, Arnprior District High School is located a mere 0.6 km away, providing secondary education for grades 9 to 12, and boasts a higher school rating of 7. Both schools are part of the Renfrew County District School Board, ensuring a consistent quality of education. The proximity to these schools not only enhances the appeal of the property for families with children but also contributes to a vibrant community atmosphere. With a range of educational options available, parents can choose the best fit for their children's learning needs. Overall, this location offers a supportive educational environment that is easily accessible, making it a great investment for those prioritizing education in their home search.

Key Statistics of the Neighbourhood

The demographic profile of the area surrounding the property reveals a small community with a population of 464 residents. The average household consists of 2.2 individuals, with a median age of 51.4 years, indicating a mature demographic. The average household income stands at $95,000, with 12% of the population classified as low-income. The housing market reflects an average property price of $450,000, and a significant portion of the population, 46.34%, is single. Families with children make up 37.5% of households, while 35.9% of residents are renters, suggesting a diverse housing landscape. Notably, there are no condominiums in the area. The community is relatively well-educated, with 55.13% of residents holding a college or university degree. However, a considerable 42.31% of the population is not in the labor force, which may impact local economic activity. Additionally, immigrants constitute 4.4% of the population, contributing to the area's cultural diversity. Overall, this demographic snapshot highlights a stable, educated community with a mix of families and single individuals, set against a backdrop of moderate housing prices.