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    For Sale - 98 North Street, Lanark Highlands, Ontario

    Est payment $2,396/mo
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    Time on Jump  17 day

    AI Summary *

    • Income-producing 4-plex generating $56,400 in gross annual rental income.
    • Features four rental units with diverse pricing to attract various tenants.
    • Desirable property features include steel roof, hardwood floors, and ample storage.
    • Excellent location near amenities and 45 minutes from downtown Ottawa.
    • Low operating expenses with tenants covering their own hydro and heating costs.




    Excellent opportunity to own a solid income-producing 4-plex in lanark, generating $56,400 in gross annual rental income. The property consists of four rental units. The 1st-floor 2-bedroom apartment rents for $1,350 per month, while the 2nd-floor 1-bedroom apartment rents for $1,200 per month. There are also two 2-bedroom apartments occupying the 1st and 2nd floors, renting for $650 and $1,500 per month respectively. That gives the property a total rental income of approximately $4700 per month, or $56,400 annually. The annual operating expenses are very reasonable. Property taxes are $4,019. 07 per year, insurance is $3,520, hydro is $600, and propane is $1,400, total annual expenses to approximate $9,539. 07. There are also several desirable features that make this property attractive from both an investment maintenance standpoint. The building has a steel roof, copper wiring with breaker panels, hardwood floors, a newer water pressure tank, and a full basement that provides plenty of storage space. The property uses a propane hot-water tank, and all tenants pay their own hydro and heating costs, helping to keep the owner's operating expenses down. Lanark is approximately 45 minutes from downtown ottawa, 10 miles north of perth, and about 20 minutes west of carleton place. The community offers the everyday amenities tenants need, including a grocery store, gas station, library, town hall, pizzeria, chip stands, and more. Lanark is also attracting increasing attention from ottawa buyers looking for more affordable real estate and income-producing properties outside the city. For investors looking for cash flow, affordability, and long-term potential, this is a property worth taking a serious look at - before lanark values move even higher.
    Listing IDX13773884
    Address98 North Street
    CityLanark Highlands, Ontario
    Price$499,000
    Bed / Bath6 / 4 Full
    Style2-Storey, Fourplex
    ConstructionAluminum Siding
    TypeMulti-Family
    StatusFor Sale

    Subtype FourplexIndoor Features Separate Hydro Meter, Propane TankAmenities Public Transit, School, Library, Rec./Commun.CentreOwnership FreeholdBasement Unfinished, OtherFoundation BlockHeating / Cooling BaseboardHeating Fuel ElectricSewer Septic

    Parking 4.00
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    Listing Brokerage: RE/MAX HALLMARK REALTY GROUP

    * Data is provided courtesy of PROPTX. The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial purpose or any other purpose. The information is deemed reliable but is not guaranteed accurate by PROPTX.

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    98 North Street
    Lanark Highlands , Ontario
    6 4 $499,000
    Get more info