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$ 1,175,000
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120-122 SYDNEY ST Cornwall, ON K6H 3H2
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Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Subdivision 717 - Cornwall
MLS Listing ID X12823830
Annual Tax Amount $7,316
Tax Year 2025
Property Sub-Type Investment
Property Description
BEAUTIFULLY RENOVATED UNIQUE HISTORIC BRICK BUILDING IN DOWNTOWN LOCATION! Check out this very unique historic building which has been converted to an easy to maintain 5 Plex residential apartment building (5,272 sq.ft. as per MPAC). All renovations were completed with City of Cornwall building permits, inspections and finals approvals. This fully renovated/fully occupied property has an approximate /estimated annual net cash flow of $80,000 (before debt service, depreciation, vacancy & bad debt, management and maintenance). The capitalization rate for this investment property is calculated to be + 7% at the listing price, based on the income and expenses provided by the seller in the listing data. However if an investor builds in additional building expenses based on typical criteria for appraisal valuation or by mortgage lenders the Capitalization rate would be reduced to approximately 6% based on these additional expenses are built into the revised net can flow calculation for this income property (still a fair investor return for this quality of income property). Each apartment is finished with hardwood flooring & beautifully updated contemporary kitchens with granite counters & stainless steel dishwasher + bathrooms. The units are spacious, with 4 two-bedroom and 1 one-bedroom with den. All suites feature a 4-piece bath, in-suite laundry, and extras like central self-controlled AC, individual decks, private paved parking, and stainless steel appliances (included). Each unit has its own services with separate meters + the tenants pay their own utilities. Seller requires SPIS signed & submitted with all offer(s) and 2 full business days irrevocable to review any/all offer(s).
Location
State ON
County Stormont, Dundas And Glengarry
Area Stormont, Dundas And Glengarry
Zoning Central Business District
Interior
Cooling Yes
Inclusions 5 fridges, 5 stoves, 5 dishwashers, 5 washers, 5 dryers
Exterior
Community Features Public Transit
Utilities Available Yes
Lot Frontage 67.87
Lot Depth 108.97
Building
Building Age 100+
Others
Security Features No
ParcelsYN No
Listed by CAMERON REAL ESTATE BROKERAGE
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