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$ 1,500,000
Est. payment /mo
New
214 Second ST Cornwall, ON K6J 1G7
15 Beds
8 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multiplex
Listing Status Active
Purchase Type For Sale
Approx. Sqft 5000 +
Subdivision 717 - Cornwall
MLS Listing ID X13447636
Style 3-Storey
Bedrooms 15
Annual Tax Amount $14,863
Tax Year 2025
Property Sub-Type Multiplex
Property Description
Welcome to The Strathcona, a landmark multi-residential investment opportunity with substantial upside located in the vibrant downtown core of Cornwall. This impressive 8-unit, all-brick apartment building blends historic charm with dependable income and ample upside potential, making it an attractive addition to any investment portfolio. The property features a desirable unit mix of seven spacious 2-bedroom apartments and one 1-bedroom unit, catering to a broad tenant base. Six of the apartments offer private balconies, providing valuable outdoor living space that helps attract and retain quality tenants. Residents enjoy an exceptional location within walking distance of downtown amenities, including shopping, restaurants, public transit, parks, and Cornwall's scenic waterfront. Each unit is equipped with a refrigerator and stove, while a private rear parking area provides added convenience for tenants-an increasingly sought-after feature in the downtown market. Constructed with durable brick exterior walls and heated by a hot water boiler system with in-unit radiators, the property offers reliable performance and classic character. The boiler system was replaced in September 2015, contributing to the building's ongoing maintenance profile. With its strong curb appeal, excellent central location, established rental demand, and upside potential on rental income, The Strathcona presents a rare opportunity to acquire a solid apartment building in one of Eastern Ontario's most desirable markets. Current Income/Expenses: Gross income of $137,862.84, Expenses of $37,661.03, Net Operating Income of $100,201.81 (Current Cap Rate of 6.7%). Potential Income/Expenses (at market rents): Gross Income of $176,400, Expenses of $37,661.03, Net Operating Income of $138,738.97 (Potential Cap Rate of 9.25%). Assumption based on $1800/unit rent for 2 Bedroom, $1450/unit rent for 1 Bedroom. Please provide 48h notice for all showing requests.
Location
Province ON
County Stormont, Dundas And Glengarry
Area Stormont, Dundas And Glengarry
Rooms
Family Room No
Basement Apartment, Finished, Full
Kitchen 8
Separate Den/Office 3
Interior
Interior Features Other
Cooling None
Fireplace No
Heat Source Gas
Exterior
Pool None
Roof Type Asphalt Rolled
Lot Frontage 63.5
Lot Depth 263.97
Total Parking Spaces 12
Building
Foundation Concrete
Others
ParcelsYN No
Listed by RE/MAX AFFILIATES MARQUIS LTD.