611 Lancaster Street W Kitchener, ON N2K 1M5
UPDATED:
11/05/2024 03:51 PM
Key Details
Property Type Multi-Family
Sub Type Multi-5 Unit
Listing Status Active
Purchase Type For Sale
Square Footage 1,819 sqft
Price per Sqft $467
MLS Listing ID 40579509
Bedrooms 7
Abv Grd Liv Area 3,491
Originating Board Waterloo Region
Year Built 1949
Annual Tax Amount $4,900
Property Description
Make an offer on this well-priced 5-plex, currently generating $61,000 annually with a solid 5% cap rate, presents a rare opportunity for investors looking for more than just a standard duplex or triplex. Located in a highly sought-after area of Kitchener, this property offers both stable income and the potential for substantial equity growth through strategic upgrades, rental increases, and possibly adding another storey. With convenient access to Hwy 7, Bridgeport Rd, and University Ave, this property ensures easy commutes for tenants, reducing vacancy concerns and enhancing long-term rental demand. The unit mix, featuring two 2-bedroom units and three 1-bedroom units, caters to a variety of tenant profiles, increasing flexibility and occupancy potential. For savvy investors, this property presents an attractive blend of current cash flow and future appreciation, making it a competitive investment with more upside than other multi-unit properties that are currently available. Schedule a tour today and explore the possibilities of turning this 5-plex into a high-performing asset in your portfolio.
Location
Province ON
County Waterloo
Area 1 - Waterloo East
Zoning C4
Direction Bridge Street to Lancaster Street West
Rooms
Basement Full, Finished
Kitchen 0
Interior
Interior Features Separate Hydro Meters
Heating Forced Air, Natural Gas
Cooling None
Fireplace No
Appliance Refrigerator, Stove
Laundry None
Exterior
Garage Gravel, Other
Waterfront No
Roof Type Flat
Lot Frontage 50.06
Lot Depth 139.64
Parking Type Gravel, Other
Garage No
Building
Lot Description Rectangular, Highway Access, Public Transit, Schools
Faces Bridge Street to Lancaster Street West
Story 2
Foundation Poured Concrete
Sewer Sewer (Municipal)
Water Municipal
Structure Type Metal/Steel Siding
New Construction No
Schools
Elementary Schools St. Teresa, Bridgeport P.S & Margaret Avenue P.S
High Schools St. David C.S.S & Bluevale C.I
Others
Senior Community No
Tax ID 223430310
Ownership Freehold/None
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