6599 FOURTH LINE ROAD , North Gower

$480,000 / MLS® #:1087743

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8.49% CAP RATE when self-managed and maintained... PRICE JUST REDUCED! This 6 unit RESIDENTIAL BUILDING on the MAIN STREET in North Gower - is 25 min from the heart of Ottawa, 15 min from Barrhaven. VERY RARE and VERY PROFITABLE. On well and Septic, so NO water/sewer bills! Septic tank is 20yrs old, pumped every 2 years (last pump 2017). Main roof is tin, small porch roof shingles will be replaced by June 2018. Currently only 2 of the 5 parking spaces are being used. Parking on both sides of the building. Lot is 65 ft wide x 97 ft deep. All units are LARGE 1-bedrm units, w/ flooring and random updates. All TENANTS on lease since 2017 and pay $650-675/month + heat and hydro. One unit is vacant for purpose of viewing and will rent for $675. Laundry is $1800/yr++. Gross income is $50,100/yr incl laundry and fully leased. Expenses - Hydro for common areas and laundry $1379 + Property taxes $4518 + Insurance $3475 = $9372/yr. Total Net Operating Income - $40,428/yr. (id:10452)

Property Details

Property Type Multi-family
Square Feet
Maintenance N/A
Days On Our Website 112
Lot Dimensions * ft X * ft
Pool N/A
Area North Gower
Air Conditioning N/A
Heating Electric - Baseboard heaters
Exterior Siding
Sewers Septic System
Water Drilled Well


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