An excellent opportunity to acquire a 10 unit townhouse complex positioned on the outskirts of Downtown Kingston, offering strong income, functional layouts & long term investment appeal. The property is comprised of 10 attached townhouse units with a mix of 2 & 3 bedroom layouts, each featuring its own private walk-out basement, with 6 units also offering decks off the living room. Six of the ten units have been renovated, creating a strong blend of updated interiors with continued upside potential across the remaining units. The property is designed for efficient ownership, with all units separately metered, tenants paying their own utilities, & each unit equipped with its own forced air gas furnace & hot water tank. Additional highlights include a massive parking lot & a 12 ft x 27 ft storage shed. Based on the current rent roll & expenses, the property offers an approximate current Cap Rate of 5.24%, with a projected Cap Rate of approximately 5.37% based on scheduled 2026 rent increases. With townhouse-style units, tenant-paid utilities, individual mechanical systems, strong parking & close proximity to Downtown Kingston & public transit, this is a compelling income-producing property with excellent operational fundamentals. (id:4069)
Address
49-67 ADELAIDE STREET
List Price
$3,199,900
Property Type
Multi-family
Type of Dwelling
Multi-Family
Transaction Type
Sale
Area
Ontario
Sub-Area
Kingston (east Of Sir John A Blvd)
Bathrooms
10
Floor Area
8,280 Sq. Ft.
Lot Size
132 x 165 FT Sq. Ft.
Lot Depth
165 ft
Frontage Length
132 ft
MLS® Number
X13467366
Listing Brokerage
ROYAL LEPAGE PROALLIANCE REALTY, BROKERAGE
Postal Code
K7K1Y3
Zoning
UR5
Features
Irregular lot size
Appliances
Dryer, Washer
Heat Source
Natural gas
Heat Type
Forced air
Cooling Features
None
Water Source
Municipal water
