3 Forsyth Street

Introducing a remarkable investment opportunity: a Multi-Family Home for sale in Marmora and Lake, located at 3 Forsyth Street, Marmora and Lake. This property presents an exceptional chance for redevelopment, boasting four residential units and one commercial unit, which can be converted into a fifth residential unit. The building is situated in the charming community of Marmora Ward, within the city of Marmora and Lake, in the Hastings area, making it an attractive prospect for those seeking to capitalise on the growing demand for housing.

The property at 3 Forsyth Street, Marmora and Lake, has undergone significant renovations, with the building being fully gutted and currently in broom-swept condition. This means that the groundwork has been laid for the next owner to complete the transformation. The new steel roof and the installation of new electrical panels for all five units are notable features that enhance the property's value and appeal. This Multi-Family Home for sale in Marmora and Lake is not just a building; it is a canvas for your vision, ready to be developed into a thriving residential complex.

In terms of layout, the building is designed as a two-storey multiplex, offering a total of 13 rooms, which include four bedrooms. While there is no den or family room, the spacious design allows for creative utilisation of the available space. The absence of a kitchen or additional kitchen facilities presents an opportunity for the new owner to install modern amenities tailored to the needs of future tenants. Furthermore, the property does not feature a central vacuum system, a fireplace, or air conditioning, but these aspects can be addressed during the redevelopment process.

The lot measures an impressive 74 by 132 feet, providing ample outdoor space that can be utilised for various purposes, whether it be for landscaping, recreational areas, or additional parking. Speaking of parking, there is space for one vehicle, which is a significant advantage in a community like Marmora and Lake, where convenience is key. Although there is no garage or driveway, the potential for expansion and enhancement remains.

This Multi-Family Home for sale in Marmora and Lake is particularly appealing for investors looking to take advantage of CMHC MLI Select financing, which can provide robust support for those wishing to convert the existing commercial unit into a residential space. The seller’s plans are available, offering insights into the potential layout and design of the finished project. With the right vision and execution, this property could yield strong long-term cash flow once completed, making it an ideal investment opportunity.

The community of Marmora Ward, within Marmora and Lake, is known for its welcoming atmosphere and vibrant local culture. The property at 3 Forsyth Street, Marmora and Lake, is strategically located to benefit from the amenities and services that the area has to offer. Although the property currently lacks certain features such as a pool, central heating, or furnished rooms, these elements can be incorporated into the redevelopment plans, allowing for a tailored approach that meets market demands.

In summary, this Multi-Family Home for sale in Marmora and Lake at 3 Forsyth Street, Marmora and Lake, represents a prime investment opportunity. With its four residential units and one commercial unit, alongside the extensive renovations already completed, it is poised for transformation into a lucrative property. The combination of strategic location, redevelopment potential, and community appeal makes this an opportunity not to be missed. Whether you are an experienced investor or a first-time buyer looking to make your mark in the property market, this Multi-Family Home for sale in Marmora and Lake is ready for you to take it across the finish line.

Marmora Ward, nestled within the charming municipality of Marmora and Lake, offers a picturesque blend of rural tranquillity and vibrant local life. Surrounded by lush landscapes and serene waterways, this quaint area is characterised by its welcoming atmosphere and strong sense of place. Residents enjoy easy access to outdoor activities such as hiking, fishing, and boating, all set against the backdrop of stunning natural beauty. The ward boasts a close-knit feel, with local shops, community events, and recreational facilities that foster connections among neighbours. For those seeking a peaceful yet engaging lifestyle, Marmora Ward presents an idyllic setting to call home.

Schools in the Neighbourhood

This property is conveniently located near two educational institutions, making it an ideal choice for families with children. The closest option is Sacred Heart Catholic School, situated just 0.5 km away. This elementary school, under the Algonquin and Lakeshore Catholic District School Board, offers grades K to 8 and boasts an impressive school rating of 4.8, reflecting its strong academic performance and community reputation. For those seeking a public school option, Marmora Public School is located 1.0 km from the property. Operated by the Hastings and Prince Edward District School Board, this school serves grades JK to 8 but has a lower school rating of 1.8. Both schools provide education in English, ensuring a consistent language of study for students. With these options nearby, families will appreciate the accessibility to quality education, which is a significant factor when considering a new home. The proximity to these schools not only enhances the neighborhood's appeal but also supports a family-friendly environment conducive to learning and growth.

Key Statistics of the Neighbourhood

The area surrounding the property has a population of 699 residents, with an average household size of 2.1 individuals. The demographic profile indicates a mature community, with an average age of 45.9 years. The average household income stands at $62,400, although a significant portion, 26.4%, is classified as low-income. The average property price in the area is $324,000, appealing to a diverse range of buyers. Notably, nearly half of the population (49.12%) is single, while 28.21% of households include children, suggesting a mix of family structures. The community is also home to 12.26% immigrants, contributing to its cultural diversity. Renters make up 41.18% of the housing market, although there are no condominiums available. Educational attainment is relatively high, with 39.06% of residents holding a college or university degree. However, a significant 60.94% of the population is not in the labor force, indicating potential challenges in employment opportunities. Overall, this area presents a unique blend of demographics that may appeal to various prospective homeowners and investors.