Well-located 12-unit apartment building in Kingston's highly sought-after Inner Harbour District. The property generates a current NOI of $106,803 and is approximately 21% under-rented across the building, offering immediate and measurable upside through rent optimization. The building is in good overall condition, with several capital improvements already completed. Rents are inclusive, with landlord-paid utilities, creating potential for future expense optimization. On-site parking enhances tenant appeal and long-term stability. This asset qualifies for CMHC MLI-Select-style financing, making it an attractive opportunity for investors seeking leverage, income growth, and a strong downtown location with limited multi-residential supply. Full financials, rent roll, and supporting documentation are available in the data room. Serious buyers are encouraged to review the materials to fully understand the income upside and financing potential. (id:4069)
Address
48 STEPHEN STREET
List Price
$2,375,000
Property Type
Multi-family
Type of Dwelling
Multi-Family
Transaction Type
Sale
Area
Ontario
Sub-Area
Kingston (east Of Sir John A Blvd)
Floor Area
10,000 Sq. Ft.
Lot Size
57.72 x 141.18 FT Sq. Ft.
MLS® Number
X12703412
Listing Brokerage
RE/MAX RISE EXECUTIVES, BROKERAGE
Postal Code
K7K2C3
Zoning
UR5
