325 Lambton Street Kincardine, Ontario N2Z 2Y1

$8,950,000

Kincardine - 45 unit apartment building on 1.474 Acre site in the downtown core. The building has 25 - 2 bedroom apartments and 20 - 1 bedroom apartments along with 5 commercial units on the main floor on the west side of the building. There is ample parking for tenants, guests and businesses with 75 parking spaces on the 2 sides of the building. Built and owned by the same family since 1980, the interior and exterior have been maintained in excellent condition. All mechanical systems have been updated and modernized. Natural gas boiler and holding tank installed (rental) in 2021 to replace electric hot water tank. Elevator has been inspected and updated in 2019. Windows and sliding doors to balconies have all been replaced. Roof scheduled for replacement in spring of 2023. Building has been re-keyed in 2021 and fire alarms updated. All kitchens and bathrooms have been renovated in the last few years. Individual hydro meters on all the apartments. The building is fully occupied by mature, long term tenants and has had a zero% vacancy for an extended period with a waiting list. Residents enjoy the on-site coin operated laundry and residents lounge. Rents are below current market prices, suggesting a good opportunity for increasing the cap rate from the current 4.25% suggested in a 2021 AACI appraisal. New incoming tenants are paying a 20% increase over current rates. Detailed information sheets are available. Arrangements to inspect apartments can be made following acceptance of an Agreement of Purchase and Sale. (id:49040)

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https://www.realtor.ca/real-estate/24996318/325-lambton-street-kincardine