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$1,098,000
Est. payment /mo
9 Beds
4 Baths
5,000 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,000 sqft
Price per Sqft $219
Subdivision 807 - Edwardsburgh/Cardinal Twp
MLS® Listing ID X12172295
Bedrooms 9
Source Cornwall & District Real Estate Board
Property Description
All 4 Units have been completely updated!Welcome to a truly one-of-a-kind investment opportunity steeped in character and rich local history. Originally built in 1871 as Spencervilles very first schoolhouse, this remarkable stone building has been thoughtfully transformed into a fully renovated four-unit income property, offering modern comfort while preserving its timeless charm.Set in the heart of picturesque Spencerville, Ontario, this 4-plex features three stylish 2-bedroom, 1-bathroom apartments and one spacious 3-bedroom, 1-bathroom unit, each boasting open-concept layouts, sleek vinyl flooring, and stainless steel appliances. With 2-foot thick solid stone walls and soaring ceilings, every apartment offers a unique blend of warmth, character, and durability.Currently tenanted by long-term residents in three of the four units, the fourth unit operates as a successful Airbnb, generating an average of $2,800-$3000/month since February 2025. The property provides a strong rental income stream with current rents of $1,950 for the 3-bedroom unit and $1,850 for each 2-bedroom apartmentwith rent increases scheduled for 2025. Net Operating Income (NOI): $90,300. Projected 2025 NOI: $92,000. Low annual expenses: Taxes ($4,000), Insurance ($2,650), Heating ($1,500)This is an ideal property for investors seeking stable cash flow, minimal maintenance, and future upside all wrapped in the charm of a landmark building. Whether you continue the successful Airbnb model or convert to long-term tenancy, the potential here is as solid as the stone walls themselves. There is a possibility of developing 2 more units at the rear of the building. (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Radiant heat
Exterior
Parking Features Yes
View Y/N No
Total Parking Spaces 6
Private Pool No
Building
Story 2
Sewer Sanitary sewer
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Listed by RE/MAX AFFILIATES MARQUIS LTD.