45360 sqft
$8,600,000
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:45443)
Business
Name
|
5 Commercial rentals |
Property Details
MLS® Number
|
40609902 |
Property Type
|
Office |
AmenitiesNearBy
|
Airport, Hospital, Schools |
CommunicationType
|
High Speed Internet |
Features
|
Elevator, Passenger Elevator |
ParkingSpaceTotal
|
75 |
Building
BasementType
|
None |
ConstructedDate
|
1980 |
ConstructionMaterial
|
Concrete Block, Concrete Walls |
ExteriorFinish
|
Brick Veneer, Concrete, Vinyl Siding |
FoundationType
|
Poured Concrete |
StoriesTotal
|
3 |
SizeExterior
|
45360.0000 |
SizeInterior
|
45360 Sqft |
UtilityWater
|
Municipal Water |
Land
AccessType
|
Road Access |
Acreage
|
No |
LandAmenities
|
Airport, Hospital, Schools |
Sewer
|
Municipal Sewage System |
SizeDepth
|
331 Ft |
SizeFrontage
|
185 Ft |
SizeTotalText
|
1/2 - 1.99 Acres |
ZoningDescription
|
C1-general Commercial |
Utilities
Electricity
|
Available |
Telephone
|
Available |
https://www.realtor.ca/real-estate/27076298/325-lambton-street-kincardine