$1,150,000
Available - For Sale
Listing ID: X13652100
42 Bridge Street , Mississippi Mills, K0A 1A0, Lanark
| Taken back to the studs in 2016 by the current owner, this eight-unit stone apartment building combines historic character with substantially updated building systems. Improvements include electrical, windows, kitchens, bathrooms, flooring, and a hydronic heating system with individual fan coil units serving each apartment. The unit mix includes three one-bedroom and five two-bedroom apartments. Each unit is separately metered and equipped with its own stove, fridge, washer, and dryer. For investors, the opportunity is in the income. The property has a strong history of occupancy with established tenants, while current rents remain below prevailing market levels. This creates meaningful embedded upside as units naturally turn over and rents are repositioned toward market rates. Rather than relying on major renovations or redevelopment, a new owner can progressively grow revenue while continuing to benefit from the existing income stream. Located in the heart of Almonte, this property is approximately 30 minutes from Ottawa and surrounded by the community's historic downtown, Mississippi River waterfront, shops, restaurants, galleries, and year-round attractions. Almonte's continued growth and proximity to Ottawa support ongoing demand from both residents and visitors. Additional value includes six assigned parking spaces with potential to create a seventh, plus substantial storage space in the unfinished lower level. A stabilized eight-unit investment with limited immediate capital requirements, established occupancy, and a clear path to increasing gross income through natural tenant turnover. The building works today, with considerable opportunity to improve performance over time. |
| Price | $1,150,000 |
| Taxes: | $14609.29 |
| Tax Type: | Annual |
| Occupancy: | Tenant |
| Address: | 42 Bridge Street , Mississippi Mills, K0A 1A0, Lanark |
| Postal Code: | K0A 1A0 |
| Province/State: | Lanark |
| Legal Description: | PT LT A CORNER MILL & BRIDGE STS PL 6262 |
| Directions/Cross Streets: | Bridge Street & Reserve Street |
| Washroom Type | No. of Pieces | Level |
| Washroom Type 1 | 0 | |
| Washroom Type 2 | 0 | |
| Washroom Type 3 | 0 | |
| Washroom Type 4 | 0 | |
| Washroom Type 5 | 0 |
| Category: | Apartment |
| Building Percentage: | F |
| Total Area: | 6395.00 |
| Total Area Code: | Square Feet |
| Business/Building Name: | The Georgia Peach |
| Expenses Actual/Estimated: | $Est |
| Washrooms: | 0 |
| Outside Storage: | F |
| Heat Type: | Radiant |
| Central Air Conditioning: | No |
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At a Glance:
| Type: | Com - Investment |
| Area: | Lanark |
| Municipality: | Mississippi Mills |
| Neighbourhood: | 911 - Almonte |
| Tax: | $14,609.29 |
| Fireplace: | N |
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