407 Main Street E

Nestled in the heart of Springford, this remarkable Multi-Family Home for sale in Norwich presents an exceptional investment opportunity. Located at 407 Main Street E, Norwich, this property boasts a charming and original design, making it an attractive option for both seasoned investors and those looking to enter the rental market. With its strong investment appeal, this multiplex is a five-unit multi-residential property situated on a generous lot measuring 127 X 194 feet, which backs onto a picturesque creek.

The property features a total of nine bedrooms and five bathrooms, providing ample accommodation for tenants. Each of the five units has been meticulously maintained, with Units 4 and 5 recently updated to include improved kitchens and bathrooms, enhanced flooring, and additional upgrades that elevate the living experience. This attention to detail ensures that tenants are satisfied, contributing to the desirability of this Multi-Family Home for sale in Norwich.

At 407 Main Street E, Norwich, each unit is equipped with independent gas forced-air furnaces, ensuring unit-by-unit efficiency and helping to keep operating costs predictable. This feature is particularly appealing to investors, as it allows for individual control over heating, which can lead to higher tenant satisfaction and retention. Furthermore, most of the wiring and plumbing have been updated, providing peace of mind for long-term ownership and minimising the need for immediate repairs.

The building is adorned with a Duraloc steel roof, approximately 20 years old, which contributes to its low-maintenance profile, making it an ideal investment for those seeking a property that requires minimal upkeep. The outdoor space enhances the appeal of this Multi-Family Home for sale in Norwich, with Units 2, 3, and 5 enjoying private decks or balconies that overlook the expansive rear yard. Meanwhile, Units 1 and 4 benefit from a generous front porch, perfect for enjoying the tranquil surroundings of Springford.

The property is serviced by municipal water and a septic sewer system, ensuring reliable utilities for all tenants. Additionally, the absence of a pool and central vacuum system simplifies maintenance, allowing for a focus on the essentials of property management. With parking space available for six vehicles, tenants will find ample room for their vehicles, further enhancing the attractiveness of this Multi-Family Home for sale in Norwich.

The unfinished full basement offers potential for further development, whether for additional storage or future enhancements, allowing investors to add value over time. This flexibility is complemented by the property's location in a growing rural community, which presents excellent tenant demand today and significant long-term upside tied to land value.

Set against the backdrop of scenic creek views, this property at 407 Main Street E, Norwich, is not just a home; it is a compelling opportunity for investors seeking a solid buy-and-hold asset with durability, income stability, and room to grow. The combination of stable rental income and tenant desirability makes this Multi-Family Home for sale in Norwich a rare find in the current market.

For those interested in exploring this opportunity further, rent roll and financial information are available upon request to qualified buyers. Don’t miss your chance to invest in this well-maintained property that promises both immediate returns and long-term growth potential. The Multi-Family Home for sale in Norwich at 407 Main Street E, Norwich, is ready to welcome its new owners and continue its legacy as a desirable rental property in the vibrant community of Springford.

Springford is a charming residential area nestled within the vibrant city of Norwich, known for its picturesque surroundings and friendly atmosphere. This delightful neighbourhood boasts a mix of modern homes and traditional architecture, set against the backdrop of lush green spaces and well-maintained parks, perfect for leisurely strolls or family picnics. Residents enjoy convenient access to local amenities, including shops, schools, and public transport links, making it an ideal location for families and professionals alike. With its strong sense of community spirit and proximity to the cultural offerings of Norwich, Springford presents an inviting and comfortable place to call home.

Key Statistics of the Neighbourhood

The area surrounding the property has a population of 708 residents, with an average household size of 3.3 individuals. The community is relatively young, with an average age of 34.5 years. The average household income is notably high at $122,000, indicating a prosperous demographic, with only 5.2% of the population classified as low-income. The average property price in the area is $765,000, reflecting the desirability of the location. A significant portion of the population, 54.05%, consists of households with children, while 32.38% of residents are single. The area is home to a diverse population, with 11.94% of residents being immigrants. Renters make up a small fraction at 6.98%, and there are no condominiums available in the area. Education levels are impressive, with 42.86% of the population holding a college or university degree. However, a notable 29.52% of residents are not in the labor force, which may indicate a mix of students, retirees, or individuals engaged in other pursuits. Overall, this community presents a blend of family-oriented living, educational attainment, and economic stability.