This well-maintained, fully tenanted multiplex presents a strong opportunity for investors seeking a reliable income property with clear upside. Zoned R4 and located within walking distance of downtown Smiths Falls, the building includes six residential units: two 2-bedroom apartments, three 1-bedroom units, and one bachelor suite. All units save the bachelor are separately metered, with those tenants paying their own hydro. All units are heated by electric baseboard, and domestic hot water is supplied via a shared natural gas hot water tank. Two units have been recently renovated, and windows have been updated as needed over time. The property has been owned and maintained by a respected local general contractor for over 30 years, reflecting consistent care and stewardship. Key systems, including windows and the roof, have been updated as necessary over the years. With a current net operating income of $42,070, the property delivers a cap rate of 4.95% based on existing rents. However, with rents well below market value, there is significant room for growth. A pro forma using typical local rents projects a cap rate of 7% or more, even with allowances for management and maintenance. The property includes six on-site parking spots and is located directly adjacent to a public park, with a baseball diamond just across the street. Only a short walk to the Rideau River, restaurants, shopping, and other amenities, this property combines stable income with long-term potential in one of Eastern Ontario's most accessible mid-size markets. Further photos and projected income analysis available upon request.
For sale
C$849,900
151 Chambers St, Smiths Falls, ON K7A 2Z5
8beds
6baths
Multi Family
Built in ----
-- sqft lot
$-- Zestimate®
C$--/sqft
C$-- HOA
What's special
On-site parking spots
- 51 days
- on Zillow |
- 13 |
- 0 |
Zillow last checked: 7 hours ago
Listing updated: July 17, 2025 at 08:32am
Listed by:
COLDWELL BANKER FIRST OTTAWA REALTY
Source: TRREB,MLS®#: X12219098
Originating MLS®#: Ottawa Real Estate Board

Travel times
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 8
- Bathrooms: 6
Heating
- Baseboard, Electric
Cooling
- None
Features
- Other, Separate Hydro Meter, Separate Heating Controls
- Basement: Full,Exposed Rock
- Has fireplace: No
Interior area
- Living area range: 3500-5000 null
Property
Parking
- Total spaces: 6
- Parking features: Available, Private
Features
- Stories: 3
- Patio & porch: Porch
- Pool features: None
- Has view: Yes
- View description: Park/Greenbelt
Lot
- Size: 0.15 Square Feet
- Features: Park, School Bus Route
Details
- Parcel number: 052660004
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Brick
- Foundation: Stone
- Roof: Membrane,Asphalt Shingle,Metal
Utilities & green energy
- Sewer: Sewer
Community & HOA
Location
- Region: Smiths Falls
Financial & listing details
- Annual tax amount: C$3,411
- Date on market: 6/13/2025
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