3004 Pitt Street

Welcome to 3004 Pitt Street, Cornwall – a remarkable Multi-Family Home for sale in Cornwall that presents an exceptional investment opportunity in the heart of the North End. This solid brick multiplex, boasting a bungalow-raised style, is strategically situated within the desirable community of 717 - Cornwall, making it an ideal choice for both seasoned investors and those embarking on their first investment journey.

This property features an impressive total of eight bedrooms spread across four spacious units, each comprising two bedrooms. Each unit is equipped with a convenient three-piece bathroom and the highly sought-after advantage of in-unit laundry facilities, which significantly enhance tenant retention. With a total of 28 rooms, this Multi-Family Home for sale in Cornwall is designed to accommodate a variety of living arrangements, ensuring it meets the needs of a diverse tenant demographic.

Located at 3004 Pitt Street, Cornwall, this property is in close proximity to schools, public transit, and everyday amenities, making it a highly attractive location for potential tenants. Currently, three of the four units are occupied by quality tenants, providing immediate cash flow, while the fourth unit is vacant. This vacancy offers flexibility for owner-occupancy or the opportunity to secure a new tenant at the current market rent, thereby maximising your returns on investment.

The property is equipped with four kitchens, allowing for ease of meal preparation and catering to the needs of each unit. However, it is worth noting that there is no additional kitchen, which maintains the simplicity and functionality of the layout. The absence of a family room and den may seem like a limitation, but the spaciousness of the units compensates for this, providing ample living space for tenants.

In terms of amenities, this Multi-Family Home for sale in Cornwall is fitted with window air conditioning units, ensuring comfort during the warmer months. The property also features a fireplace, adding a touch of warmth and charm to the living spaces. Internet connectivity is available, catering to the modern tenant's needs, while the heating system is based on baseboard heating, providing efficient warmth during the colder months.

The property is serviced by municipal water and sewer systems, ensuring reliability and convenience for all residents. Additionally, the basement is designed as an apartment, which could serve as a potential source of additional income or as living space for an owner-occupant.

The lot measures an impressive 100 x 104 feet, providing ample outdoor space, although it is important to note that there is no pool or garage on the premises. Parking is available for up to six vehicles, which is a significant advantage in this bustling area. The absence of a central vacuum system and driveway may be seen as drawbacks; however, the overall value of this Multi-Family Home for sale in Cornwall far outweighs these minor inconveniences.

With a current gross income of £55,020, factoring in the vacant unit, the projected gross income rises to an impressive £76,620, with a net operating income of £59,981. This showcases the strong rental fundamentals and the potential for optimisation through strategic rental management.

In conclusion, 3004 Pitt Street, Cornwall, is not just a property; it is a well-balanced investment opportunity in a proven rental location. With its solid construction, attractive features, and strategic location, this Multi-Family Home for sale in Cornwall is a compelling choice for any investor looking to expand their portfolio with a stable, income-producing asset. A minimum of 48 hours' notice is required for all showings, and all offers must include a 48-hour irrevocable clause. Don’t miss out on this fantastic opportunity!

Community 717, located in the charming city of Cornwall, offers a unique blend of urban convenience and natural beauty. Nestled along the banks of the St. Lawrence River, this area is characterised by its picturesque landscapes, including lush parks and scenic waterfronts. Residents enjoy a vibrant atmosphere, with easy access to local amenities, shops, and dining options. The community is well-connected, making it easy to explore the wider region while still providing a sense of tranquillity and space. With a welcoming spirit and a strong sense of local pride, Community 717 is an ideal place for those seeking a balanced lifestyle in a picturesque setting.

Schools in the Neighbourhood

This property is ideally located near several educational institutions, making it a great choice for families. Eamer's Corners Public School, just 0.2 km away, offers a strong elementary program (JK to 6) under the Upper Canada District School Board, with an impressive rating of 4.7. For secondary education, Cornwall Collegiate and Vocational School is situated 4.8 km from the property, providing education for grades 7 to 12, although it has a lower rating of 3.6. Additionally, Sacred Heart Catholic School, located 2.8 km away, offers a Catholic elementary education (JK to 6) and has a rating of 3.4. For secondary Catholic education, St. Joseph Catholic Secondary School is also 2.8 km from the property, catering to grades 7 to 12 and boasting a commendable rating of 5.6. All schools offer French as the language of study, ensuring a consistent linguistic environment. With a mix of public and Catholic schools nearby, this property is well-positioned for families seeking quality education options for their children.

Key Statistics of the Neighbourhood

The area surrounding the property has a population of 289 residents, with an average household size of 2.4 individuals. The demographic profile indicates a mature community, with an average age of 45.4 years. Economic indicators reveal a healthy average household income of $98,000, with only 4.5% of the population classified as low-income. The average property price in the area is $312,000, reflecting a stable real estate market. Socially, the community is diverse, with 22.81% of residents being immigrants. Single individuals make up 44% of the population, while households with children represent 35.29%. Renters account for 26.09% of the housing market, although there are no condominiums present in the area. Educational attainment is notable, with 47.92% of residents holding a college or university degree. However, a significant portion of the population, 43.75%, is not in the labor force, which may reflect a variety of factors, including retirement or other personal circumstances. Overall, this community presents a blend of stability, diversity, and educational achievement, making it an appealing area for potential homeowners or investors.