325 LAMBTON Street, Kincardine, Ontario
$8,600,000
- 45,360 Square Feet
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 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, con-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 3 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:56241)
- Listing ID: 40609845
- Property Type: Multi-family
- Year Built: 1980
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Listing provided by RE/MAX LAND EXCHANGE LTD Brokerage (Kincardine)
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This REALTOR.ca listing content is owned and licensed by REALTOR® members of the Canadian Real Estate Association. This property for sale is located at 325 LAMBTON Street in Kincardine Ontario. It was last modified on June 24th, 2024. Contact Donna Crane to schedule a viewing or to discover other Kincardine real estate for sale.