71 Second Street E

Welcome to this fantastic opportunity: a Multi-Family Home for sale in Kirkland Lake ! Nestled at 71 Second Street E, Kirkland Lake, this impressive multiplex is a solid investment for anyone looking to expand their property portfolio or enter the market with a high-performing asset. This two-storey building, constructed between 51 to 99 years ago, boasts a charming exterior with a combination of stucco and vinyl siding, giving it a classic yet modern appeal.

The property features a total of 13 rooms, including four well-appointed kitchens, making it ideal for multiple families or tenants. With five bedrooms and four bathrooms, this Multi-Family Home for sale in Kirkland Lake is fully occupied, providing immediate cash flow. Currently, the building generates a remarkable rental income of £3,800 per month, with stable long-term tenants paying £1,200, £1,100, £1,000, and £500 monthly. This consistent income stream, coupled with approximately £1,100 in monthly operating expenses, results in an impressive 11.25% CAP rate at a competitive price of £288,000.

Located in the KL & Area community within the Timiskaming region, this property is not only a lucrative investment but also a strategic one. The potential for value addition is significant, with opportunities for gradual rent optimisation over time, allowing an investor to enhance returns further. The property has been MPAC assessed at £334,000, which means you’re starting with built-in equity from day one.

At 71 Second Street E, Kirkland Lake, the upper units are equipped with space heaters, while the main floor features a forced air heating system. Although there is no central vacuum system or air conditioning, the property is designed to keep overall expenses efficient and predictable. Metered water averages £170 per month, while heating and hydro costs average £250 each, ensuring that the running costs remain manageable.

This Multi-Family Home for sale in Kirkland Lake is truly a turnkey investment. With no additional land or garage space included, it offers a straightforward investment opportunity without the complexities of extra maintenance. The property does not come with a pool or fireplace, but it does provide internet access, which is a significant advantage for tenants in today’s digital age.

The lot measures 25 X 120 feet, providing ample space for the building and any necessary outdoor maintenance. While there is no driveway or dedicated parking space, the location is convenient and easily accessible, making it an attractive option for potential tenants.

In summary, if you’re looking for a Multi-Family Home for sale in Kirkland Lake that checks all the boxes for a smart, strategic investment, look no further than 71 Second Street E, Kirkland Lake. With its strong cash flow, potential for growth, and solid occupancy, this property is a rare find in today’s market. Whether you’re expanding your investment portfolio or stepping into property investment for the first time, this fourplex offers an incredible opportunity to secure a high-yielding asset at an affordable price point. Don’t miss out on this chance to make a wise investment in the thriving community of Kirkland Lake!

KL & Area, situated in the charming town of Kirkland Lake, offers a unique blend of natural beauty and small-town charm. Nestled in the heart of Northern Ontario, this region is characterised by its picturesque landscapes, including lush forests and serene lakes, making it an ideal setting for outdoor enthusiasts. The area boasts a rich history rooted in mining, which has shaped its development and culture. Residents enjoy a close-knit atmosphere while benefiting from local amenities, recreational activities, and a strong sense of community spirit. With its welcoming environment and stunning surroundings, KL & Area presents an inviting opportunity for those seeking a tranquil yet vibrant place to call home.

Schools in the Neighbourhood

This property is conveniently located near several educational institutions, making it an ideal choice for families. The closest school is Central Public School, situated just 0.3 km away, offering French-language instruction for grades JK to 6. Following closely is Kirkland Lake District Composite School, located 0.6 km from the property, which serves students in grades 7 to 12 and provides a solid public education under the District School Board Ontario North East. Additionally, Federal Public School is only 1.0 km away, catering to younger students from JK to 6 in English. All these schools are part of the same district board, ensuring a consistent educational framework and community involvement. While the school ratings are currently not specified, the proximity of these institutions offers parents a range of options for their children's education, fostering a supportive environment for academic growth. With such accessible schooling options, this property not only meets the needs of families but also enhances the overall appeal of the neighborhood.

Key Statistics of the Neighbourhood

The area surrounding the property has a population of 454 residents, with an average household size of 2. The demographic profile indicates a mature community, with an average age of 42.9 years. The average household income stands at $80,000, although 16% of the population is classified as low-income. The average property price in the area is $146,000, making it relatively affordable. Approximately 50% of the population is single, while 36% of households include children, highlighting a mix of family structures. The community has a modest immigrant presence at 4.4%, and around 30.95% of residents are renters, indicating a diverse housing landscape. Notably, there are no condominiums in the area, suggesting a preference for other types of housing. Educational attainment is relatively high, with 43.59% of residents holding a college or university degree. However, it is important to note that a significant portion of the population, 42.31%, is not actively participating in the labor force. Overall, this demographic snapshot reveals a stable, educated community with a blend of families and singles, set in an affordable housing market.