707-713 First Street E

Welcome to this remarkable Multi-Family Home for sale in Cornwall , located at 707-713 First Street E, Cornwall. This solid brick fourplex is nestled in a burgeoning area of Cornwall, making it an excellent investment opportunity for those seeking positive cash flow. With its prime location, you will find yourself in close proximity to shops, schools, a college, and recreational centres, ensuring convenience for both tenants and owners alike.

This Multi-Family Home for sale in Cornwall boasts a total of 13 rooms, including four well-appointed kitchens, making it ideal for accommodating multiple families or groups. The property features five bedrooms and four bathrooms, providing ample space for comfortable living. While the units are unfurnished, they offer a blank canvas for new owners to personalise according to their tastes. Each unit is heated with gas space heaters, ensuring warmth during the colder months, although there is no central air conditioning system in place.

The building is a two-storey multiplex, constructed from durable brick, which not only adds to its aesthetic appeal but also ensures longevity. The age of the property ranges between 51 to 99 years, and while it has been well-maintained, there are opportunities for further renovations to enhance its value. Recent improvements include updates to most windows and bathrooms, which contribute to the overall functionality and comfort of the living spaces.

At 707-713 First Street E, Cornwall, you will find that the layout of the units is quite versatile. Some units retain their original two-bedroom configuration, while others have been thoughtfully converted into more spacious one-bedroom apartments. This flexibility allows for a variety of rental options, catering to different tenant needs and preferences. The rental income is quite promising, with current rents at $875 inclusive for two units, $998.75 inclusive for another, and $900 plus utilities for the final unit, bringing the total annual income to an impressive $43,785.

In terms of expenses, the property has been managed efficiently, with the 2023 expenses totalling £16,604. This includes property tax at £2,645, water and sewer costs at £2,296, hydro expenses at £3,383, gas at £4,979, and insurance at £3,301. It's worth noting that expenses for hydro and gas are expected to decrease in 2025, as one new tenant has begun paying their own utilities, further enhancing the profitability of this Multi-Family Home for sale in Cornwall.

Parking is a breeze with a detached garage that accommodates two vehicles, along with additional driveway space available for two more. This feature is particularly appealing in a bustling area, where parking can often be a challenge. The lot measures 40 x 107 feet, providing ample outdoor space for tenants to enjoy.

While this property does not include a pool or fireplace, it does offer internet access, ensuring that residents can stay connected and enjoy modern conveniences. The absence of a family room and central vacuum system may be noted, but the overall layout and amenities more than compensate for these features.

In summary, this Multi-Family Home for sale in Cornwall at 707-713 First Street E, Cornwall, represents a fantastic investment opportunity in a thriving community. With solid tenants in place, a promising rental income, and the potential for further enhancements, this property is not to be missed. The adjacent building is also available for sale by the same owner, providing a unique chance to acquire a larger piece of prime real estate in this desirable location. Don't hesitate to explore this opportunity further!

Community 717 in Cornwall is a charming and picturesque area nestled within the city of Cornwall, Ontario. This vibrant neighbourhood is characterised by its friendly atmosphere and a mix of residential and recreational spaces. With tree-lined streets and well-maintained parks, it offers a serene environment for families and individuals alike. The community is conveniently located near essential amenities, including shops, schools, and healthcare facilities, making daily life both comfortable and accessible. Additionally, its proximity to the scenic St. Lawrence River provides opportunities for outdoor activities, enhancing the appeal of this delightful locale for prospective residents seeking a welcoming place to call home.

Schools in the Neighbourhood

This property is conveniently located near several educational institutions, making it an ideal choice for families. Within a short distance, you'll find Central Public School, an elementary school offering grades JK to 6, just 0.9 km away, rated 6 by the Upper Canada District School Board. Another elementary option is Bishop Macdonell Catholic School, located 0.8 km from the property, catering to the same grade levels but with a Catholic curriculum, though it has a lower rating of 1.9. For secondary education, Cornwall Collegiate and Vocational School is 1.2 km away, providing grades 7 to 12 with a rating of 2.7, while St. Matthew Catholic Secondary School, 1.4 km from the property, offers a Catholic education for the same grades but has a rating of 0. All schools provide instruction in French, ensuring a consistent language of study. This diverse range of educational options within close proximity makes this property an attractive option for families prioritizing access to quality education.