325 Lambton Street , Kincardine, ON N2Z0E3
Kincardine, ON N2Z0E3
Description
Kincardine 45 unit apartment building on 1.474 Ac site in the downtown core. The building has 25-2 bedroom apartments and 20-1 bedroom apartments & 5 commercial units on main floor on west side of building. There is ample parking for tenants, guests & businesses with 75 parking spaces on the 2 sides of the building. Built & owned by the same family since 1980, the interior & exterior have been maintained in excellent condition. All mechanical systems have been updated & modernized. Natural gas boiler & holding tank (rental) installed in 2021 to replace electric hot water tank. 400 sqft utility/meter room also doubles as a workshop. The windows & sliding doors to balconies have all been replaced. Roof scheduled to be replaced in summer of 2024. Building has been re-keyed in 2021 & the fire alarms updated. All kitchens & bathrooms have been renovated in the last few years. Individual hydro meters on all apartments. Building is fully occupied by mature, long-term tenants & has had a zero % vacancy for an extended period with a waiting list. Residents enjoy the on-site, coin-operated laundry with 3 washers & 4 dryers in a 400 sqft facility with access ramp. A 736 sqft furnished residents lounge is well used for recreation & gatherings. The rents are below current market prices, suggesting a good opportunity for increasing the cap rate. New incoming tenants are paying a 40-50% increase over current rates. Owner has preliminary plans for adding 5 units to the north end of building which were never approved or completed. Site could potentially accommodate up to 9 additional apartments. Arrangements to inspect apartments can be made following acceptance of an Agreement of Purchase and Sale. (id:13843)
Details
| MLS# | 40609902 |
|---|---|
| Listing Type | For Sale |
| Status | Active |
| Year | 1980 |
| Days On Site | 83 |
| Listing Provided By | RE/MAX LAND EXCHANGE LTD Brokerage (Kincardine) | RUSS COULTRUP |
Features
| SQ Feet | 45,360 |
|---|---|
| Story(s) | 3 |
| Zoning | C1-General Commercial |
Request a showing
Request a showing
Contact
Learn More About This Property
| Province | ON |
|---|---|
| City | Kincardine |
| Postal Code | N2Z0E3 |
| Community Name | Kincardine |
| Listing VS Median (in Kincardine) | |
Price: $8,900,000 low | high Med: $709,900 SqFt: 45,360 low | high Med: 2,036 $ / SqFt: $196 low | high Med: $349 On Site: 83 low | high Med: 302.000000 | |