502 & 504 9th Street W

Introducing a remarkable opportunity in the heart of Owen Sound, this Multi-Family Home for sale in Owen Sound , located at 502 & 504 9th Street W, Owen Sound, is a true gem. This well-maintained multiplex boasts an ideal combination of location, condition, and income potential, making it a sound investment for discerning buyers. With a cap rate of 7.66%, this property promises a hassle-free investment experience, generating a steady income without the usual complications associated with rental properties.

Situated at the top of the hill on the northwest corner of 5th Avenue W and 9th Street W, this Multi-Family Home for sale in Owen Sound features two separate units, each with its own entrance, ensuring privacy for tenants. The property comprises a total of 15 rooms, including six spacious bedrooms and a den, along with two well-appointed bathrooms. The main floor unit is particularly impressive, offering five bedrooms and one bathroom, complemented by a private fenced yard that provides an ideal outdoor space for relaxation. The upper unit features two bedrooms and one bathroom, complete with a delightful rooftop deck that offers stunning views of the surrounding area.

Both units are equipped with their own kitchens, allowing for independent living. The absence of an additional kitchen ensures that the layout remains straightforward and efficient. Tenants will appreciate the convenience of separate laundry facilities and individually metered utilities, which means they are responsible for their own utility costs, leaving you with minimal expenses beyond taxes and insurance. The property currently generates an impressive income of $3,800 per month, making it an attractive option for investors seeking a reliable revenue stream.

The property is equipped with modern amenities, including a window air conditioning unit and a family room, providing comfort and convenience for tenants. The heating system is a forced air type, ensuring warmth during the colder months. The full, unfinished basement offers potential for future development, while the municipal water and sewer services provide peace of mind regarding essential utilities.

As for the exterior, the stone construction not only adds to the aesthetic appeal of this Multi-Family Home for sale in Owen Sound but also signifies durability and low maintenance. The lot measures an ample 86 by 62 feet, providing enough space for the private double driveway that accommodates up to five vehicles. It is worth noting that there is no garage space available, but the driveway offers sufficient parking for tenants and guests alike.

This property has undergone significant upgrades, ensuring that all major capital expenditures have been addressed. Recent improvements include a high-efficiency furnace installed in 2021, a new roof completed in 2020, and updated soffit, fascia, and eaves with gutter guards scheduled for 2025. Additionally, the attic insulation will be upgraded in 2025, along with the installation of an owned hot water tank, all exterior doors, and new vinyl flooring throughout the building. Furthermore, every window in the property has been replaced with energy-efficient vinyl windows, enhancing both comfort and energy savings for tenants.

In summary, this Multi-Family Home for sale in Owen Sound at 502 & 504 9th Street W, Owen Sound, is a prime investment opportunity that requires no immediate work or additional capital. With solid stone construction, fully modernised systems, and zero deferred maintenance, this property allows you to take over and start generating income from day one. Whether you are an experienced investor or a newcomer to the property market, this is the kind of investment that makes property ownership feel straightforward and rewarding. Don’t miss out on this exceptional opportunity to secure a lucrative asset in a thriving community.

Owen Sound, nestled at the junction of the Sydenham River and the shores of Georgian Bay, boasts a picturesque blend of natural beauty and vibrant local culture. This charming city is surrounded by stunning landscapes, including the rugged cliffs of the Niagara Escarpment and the serene waters of the bay, making it a haven for outdoor enthusiasts. With its rich maritime history, Owen Sound offers a variety of recreational activities, from sailing and fishing to hiking and cycling along scenic trails. The city also features a lively arts scene, with galleries, theatres, and festivals that celebrate local talent. As a prospective resident, you’ll find a welcoming atmosphere, a strong sense of community spirit, and access to essential amenities, all while being enveloped in the breathtaking beauty of Ontario’s landscape.

Schools in the Neighbourhood

This property is conveniently located near several educational institutions, making it an ideal choice for families. The closest option is Hillcrest Elementary School, just 0.2 km away, offering English instruction for grades JK to 8 under the Bluewater District School Board. For families seeking French-language education, East Ridge Community School is located 2.8 km away, also providing JK to 8 grades. Owen Sound District Secondary School, situated 0.5 km from the property, caters to students in grades 9 to 12 and offers a French curriculum. Additionally, St. Basil's Catholic Elementary School is a mere 0.8 km away, serving grades JK to 3 with English instruction, while St. Mary’s High School, located 1.8 km from the property, provides Catholic education for grades 9 to 12 in English. All schools are part of reputable boards, ensuring a solid educational foundation for children. The variety of schools nearby allows parents to choose between public and Catholic education, as well as different language programs, providing flexibility to meet the needs of their children. Overall, this property is well-situated for families prioritizing education.

Key Statistics of the Neighbourhood

The area surrounding the property has a population of 512 residents, with an average household size of 2.2. The demographic profile indicates a mature community, with an average age of 44.9 years. Economic conditions are relatively strong, as evidenced by an average household income of $95,000, although 11.6% of the population falls within the low-income bracket. The real estate market reflects a median property price of $400,000, appealing to a mix of buyers. Notably, nearly half of the residents (48.86%) are single, while 37.04% of households include children, highlighting a diverse family structure. The community also has a significant immigrant presence, accounting for 15.53% of the population. Renters make up 31.82% of households, indicating a balanced mix of ownership and rental properties, although there are no condominiums in the area. Educational attainment is high, with 43.9% of residents holding a college or university degree. However, a considerable portion of the population, 40.24%, is not in the labor force, which may influence local economic dynamics. Overall, this community presents a blend of stability and diversity, making it an attractive location for potential homeowners and investors alike.