34 MARKET STREET N, Smiths Falls, Ontario, K7A2E6

Property Description

Offered at $599,999, this turn-key mixed-use triplex enjoys a prime downtown location in the vibrant heart of Smiths Falls (Walk Score 90), just one property from the corner and perfectly positioned for strong returns once fully leased. The property features a high-visibility 1,350 sq ft ground-floor retail space with contemporary finishes, large street-front display windows and excellent signage opportunities, projected to lease at $15 psf net ($1,675/month) on a true triple-net basis plus $8,614 in annual recoverable operating costs returned to the landlord, with hydro, gas and water separately metered or submetered to the tenant. The second floor offers two bright and spacious 2-bedroom, 1-bath apartments, each with its own private street-level entrance, brand-new flooring, contemporary LED lighting, fresh neutral paint, updated 3-piece bathrooms and brand-new in-suite washer and dryer; one unit includes brand-new kitchen appliances (oven, dishwasher and refrigerator), while the second offers clean, like-new appliances in excellent condition. Currently, the retail space and one residential unit are vacant and ready for tenancy, with the vacant apartment expected to command $1,830/month plus hydro and submetered water. There is no parking on site, but abundant free street parking is available directly out front. Pro-forma gross revenue (after a conservative 5% vacancy allowance) is projected at $65,952 annually, generating a Year-1 net operating income of $49,252 once stabilized and delivering a solid entry cap rate of 8.21% at the $599,999 list price. Located mere steps from cafés, restaurants, shops, the Rideau Canal and all downtown amenities, this low-maintenance, high-demand asset offers meaningful upside and long-term appreciation in one of Eastern Ontario's most charming and rapidly revitalizing towns. (id:64974)

Quick Facts

• Property Type: Retail
• Bedrooms: None
• Bathrooms: 1
• Living Area: 1,350 sq ft (125.4 m²)
• Frontage: 43 ft (13.2 m)

Costs

• Annual Taxes: $6,133.41

Listing Provided by: ROYAL LEPAGE INTEGRITY REALTY
Board: Ottawa Real Estate Board
Data provided via CREA DDF®.