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184 BORLAND STREET E, Orillia — listed at $1,500,000. Earn buyer cashback at closing. No catches, just more money in your pocket.
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. (id:60164)
| Room | Level | Dimensions |
|---|---|---|
| Bedroom | Main level | — |
| Bedroom | Main level | — |
| Bedroom | Main level | — |
| Bedroom | Second level | — |
| Bedroom | Second level | — |
| Bedroom | Lower level | — |
| Bedroom | Lower level | — |
Is there air conditioning?+
No central cooling is listed. Budget for portable or window units, or get a quote for adding central air — typically $5,000–$10,000 installed.
How is the space laid out across floors?+
This is a 2-storey multi-family. The 9 bedrooms and 7 bathrooms are typically split with living areas on the main floor and bedrooms above — confirm the exact layout during a showing.
What makes this a luxury property?+
At $1,500,000, standout features include 7 bathrooms. In this price range, expect higher-end finishes — verify during a showing.
How is the home heated? Is it efficient?+
Heating is baseboard heaters, forced air, natural gas. Gas heating is generally the most cost-efficient option in Ontario winters.
What's the parking situation?+
This property includes 10 spaces — No Garage.
Does it have a basement, and is it finished?+
Yes — Finished, Walk out, N/A. A finished basement adds meaningful living space beyond the listed square footage.
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