For Sale: 98 North Street, Lanark, ON - REW
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$499,000
6 bd • 4 ba • 2500 - 2999 sf • Multifamily
98 North Street
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$499,000
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98 North StreetLanark, ON, K0G 1K0

  • 6 Bed
  • 4 Bath
  • 2500 - 2999 Sqft
  • Multifamily

About this home

Excellent opportunity to own a solid income-producing 4-plex in Lanark, generating $56,400 in gross annual rental income. The property consists of four rental units. The 1st-floor 2-bedroom apartment rents for $1,350 per month, while the 2nd-floor 1-bedroom apartment rents for $1,200 per month. There are also two 2-bedroom apartments occupying the 1st and 2nd floors, renting for $650 and $1,500 per month respectively. That gives the property a total rental income of approximately $4700 per month, or $56,400 annually. The annual operating expenses are very reasonable. Property taxes are $4,019.07 per year, insurance is $3,520, hydro is $600, and propane is $1,400, total annual expenses to approximate $9,539.07. There are also several desirable features that make this property attractive from both an investment maintenance standpoint. The building has a steel roof, copper wiring with breaker panels, hardwood floors, a newer water pressure tank, and a full basement that provides plenty of storage space. The property uses a propane hot-water tank, and all tenants pay their own hydro and heating costs, helping to keep the owner's operating expenses down. Lanark is approximately 45 minutes from downtown Ottawa, 10 miles north of Perth, and about 20 minutes west of Carleton Place. The community offers the everyday amenities tenants need, including a grocery store, gas station, library, town hall, pizzeria, chip stands, and more. Lanark is also attracting increasing attention from Ottawa buyers looking for more affordable real estate and income-producing properties outside the city. For investors looking for cash flow, affordability, and long-term potential, this is a property worth taking a serious look at - before Lanark values move even higher. (id:63626)
Listed by: Brad Closs, Broker, RE/MAX HALLMARK REALTY GROUP

Home facts and features

Price details
List Price
$499,000
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Gross Taxes for 2026
$4,019
Home facts
Bedrooms
6
Full Bathrooms
4
Parking Spaces
4
Parking Details
No Garage
Property Type
Multifamily
Lot Size
105 ft x 60 ft (6300 ft²)
Depth
60 feet
Frontage
105.0 feet
Exterior Finish
Aluminum siding
Heating Type
Baseboard heaters, Electric
Basement Details
Unfinished, Other, See Remarks, ,
Features
Separate Electricity Meters, Smoke Detectors
Appliances
Refrigerator, Stove, Water Heater
Agent details
Primary Agent
Primary Broker
RE/MAX HALLMARK REALTY GROUP
Secondary Agent
Secondary Broker
RE/MAX HALLMARK REALTY GROUP
Tertiary Agent
Keith Bray
Tertiary Broker
RE/MAX HALLMARK REALTY GROUP
Listing details
Days on REW
1 Day
MLS® Number
X13773884
Source
Canadian Real Estate Association
Board
Ottawa Real Estate Board
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Property Insights

Sacred Heart of Jesus School
  • Catholic
  • JK - 8
Maple Grove Public School
  • Public
  • JK - 6
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Call Agent
Broker
Brad Closs
Phone:
(613) 200-1000
Office:
613-236-5959
Salesperson
Alexandre Wickham
Phone:
(613) 794-8230
Office:
613-236-5959
Salesperson
Keith Bray
Phone:
(613) 369-6036
Office:
613-236-5959
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