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$559,000
Est. payment /mo
5 Beds
2 Baths
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Approx. Sqft 1100 - 1500
Subdivision 22 - East Of Sir John A. Blvd
MLS® Listing ID X13736054
Bedrooms 5
Property Sub-Type Freehold
Property Description
6.8% Net Cap Rate with Additional Income Upside. An exceptional turnkey investment opportunity with $43,200 in annual gross rental income and a 6.8% net cap rate, with further potential to increase revenue. The property is currently rented as a 4-bedroom student rental at $3,600 per month plus tenants pay utilities, with a lease in place until the end of April 2027 with the high possibility of these tenants renewing their leases. Located within walking distance of downtown Kingston and Queen's University, this property benefits from a highly desirable location and consistent demand for student housing. The property has been well maintained and consistently occupied, offering investors immediate income while providing clear upside potential. With the existing four-bedroom configuration generating a 6.8% net cap rate, the opportunity to add rental income through the currently unused bedroom, potential dining-room conversion, and parking space creates the potential for an even stronger return over time. There is meaningful opportunity to increase the property's income beyond the current $43,200 annual rent. The home includes a fifth, smaller bedroom on the second floor that is not currently being rented, along with the potential to convert the existing dining room into an additional bedroom. There is also one dedicated parking space that could potentially be monetized separately. These opportunities provide investors with several avenues to enhance future rental income with relatively modest improvements. Laundry is located in the lower level full height basement. (id:24570)
Location
Province ON
Rooms
Kitchen 1.0
Extra Room 1 Second level 3.14 m X 2.34 m Bedroom 2
Extra Room 2 Second level 2.67 m X 3.25 m Bedroom 3
Extra Room 3 Second level 2.8 m X 4.93 m Bedroom 4
Extra Room 4 Second level 3.14 m X 3.16 m Bedroom 5
Extra Room 5 Second level 2.25 m X 2.25 m Bathroom
Extra Room 6 Ground level 4.86 m X 3.14 m Living room
Interior
Heating Forced air
Cooling None
Exterior
Parking Features No
View Y/N No
Attached Garage No
Total Parking Spaces 1
Garage No
Private Pool No
Building
Story 2
Sewer Sanitary sewer
Others
Ownership Freehold
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Listed by SUTTON GROUP-MASTERS REALTY INC., BROKERAGE
Nearby Locations
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