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$ 795,000
Est. payment /mo
New
22 DOLLARD STREET Russell, ON K0A1W0
6 Beds
2 Baths
1,100 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 1,100 sqft
Price per Sqft $722
Subdivision 602 - Embrun
MLS® Listing ID X12146215
Style Raised bungalow
Bedrooms 6
Source Ottawa Real Estate Board
Property Description
Discover this impeccably designed legal duplex in Embrun offering exceptional value and strong rental income. The upper-level flagship unit is a beautifully renovated 3-bedroom home. Thoughtfully updated with care and attention to detail, this unit stands out as one of the premier rentals in Embrun. The newly constructed lower-level apartment is equally impressive -- a bright and modern 3-bedroom unit. Together, both units are rented (no vacancy) to generate a robust monthly income of $4,200, translating to over $50,000 annually. Heat/Hydro is separately metered so as the new property owner, you pay only water. The extra-large 1/3rd acre property lends well to future development -- extensions, outbuildings, carriage homes, and more! This is an excellent land parcel to take advantage of the More Homes Built Faster Act, 2022 (also known as Bill 23) as part of Ontarios goal of building 1.5-million new homes in under 10 years. Annual Income $50,415. Annual Expenses: Water $1,550, Insurance $1,673, Tax $3,570 = Total $6,793. Net Income $43,622. Cash flow before finance $3,635 per month. On reasonable financing terms the monthly cashflow is $800+ per month. This investment opportunity is hard to beat. If long-term growth is 4-5% per year, this duplex could be worth $1.43-1.65 million in 15 years, and $2.58-3.44 million in 30 years when paid in full. Cashflow in the interim should greatly exceed $500,000. This equates to a potential return of $3-4 million from todays $159-238k downpayment. Consider adding 22 Dollard Street in Embrun as a flagship property and long-term staple to your portfolio. Note: Financials discussed in the video are outdated; please refer the the updated numbers listed here. Photos taken prior to current tenancies. (id:24570)
Location
Province ON
Rooms
Kitchen 1.0
Extra Room 1 Basement 3.34 m X 2.64 m Kitchen
Extra Room 2 Basement 3.56 m X 2.95 m Dining room
Extra Room 3 Basement 3.56 m X 2.99 m Living room
Extra Room 4 Basement 4.27 m X 3.69 m Bedroom
Interior
Heating Radiant heat
Cooling Wall unit
Exterior
Parking Features Yes
View Y/N No
Total Parking Spaces 6
Private Pool No
Building
Story 1
Sewer Sanitary sewer
Architectural Style Raised bungalow
Others
Virtual Tour https://www.youtube.com/watch?v=eWy3zxVZV5k
Listed by KELLER WILLIAMS INTEGRITY REALTY