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$ 1,500,000
Est. payment /mo
Price Dropped by $50K
184 Borland ST E Orillia, ON L3V 2C3
5,474 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 5,474 sqft
Price per Sqft $274
Subdivision Orillia
MLS Listing ID S13034698
Annual Tax Amount $10,628
Tax Year 2026
Property Sub-Type Investment
Property Description
This property performs and turns heads. 184 Borland St E presents a rare opportunity to acquire a renovated, well-maintained multi-residential asset in one of Orillia's most established neighbourhoods. Located in the prestigious and highly valued East Ward on a large in-town lot, this is a clean, stabilized investment with a proven track record of performance.The property consists of 6 legal residential units plus flex space delivering solid 6+ income streams with strong in-place tenancy and a historically low vacancy rate. Over the past three years, vacancy has been minimal, with near full occupancy outside of brief renovation periods.Based on 2026 projections from actuals, the property generates a Net Operating Income of $96,266.92 and is offered at $1,550,000, representing a 6.21% cap rate. Operating expenses of $30,946.36 reflect a combination of actual and projected costs, resulting in an efficient and well-controlled expense profile.Ownership has completed extensive capital improvements including renovated units, updated hallways, plumbing upgrades, lighting improvements, and the replacement of both owned hot water tanks in 2025. The asset has been actively improved with a focus on long-term performance and tenant retention.Recent leasing activity confirms strong rental demand, with a one-bedroom unit leased at $1,700 and a three-bedroom at $2,000. Current rents align with market levels while still offering room for gradual growth.Additional income from laundry and parking further supports overall returns, and the property benefits from a balanced tenant mix of long-term and newer occupants.Strong numbers, low vacancy rate, and a fully improved asset in a growing Simcoe County market make this a compelling turnkey investment with immediate cash flow and continued upside.
Location
Province ON
County Simcoe
Area Simcoe
Zoning R2
Interior
Cooling Partial
Exterior
Parking Features None
Community Features Greenbelt/Conservation, Public Transit
Utilities Available Yes
Building
Lot Description Lot
Lited by CENTURY 21 B.J. ROTH REALTY LTD.