Rarely available Commercial-Residential Property centrally located near Downtown Kingston’s busiest intersection, walking distance to Queen’s University (500 meters), Kingston’s Entertainment Hub (100 m) & Grocery Anchor. COMMERCIAL: Ground floor 500 sq.ft leased to excellent Tenant @ $48 psf triple net until Feb 2024 w/ two additional 60 Month renewal options. The premises includes 1 full Bath, 2 parking spaces & is separately metered for all utilities (heating, cooling, domestic & hot water) paid by tenant. Heat is via gas furnace, hot water via gas water heater & cooling via central air.
RESIDENTIAL: The large 3-Bedroom unit spanning upper levels has been kept vacant for future Buyer to select their own tenants. Always leased w/ high demand, current Market rent is $2400/month + Utilities. This unit offers 3 spacious bedrooms, 1 Full Bathroom, open-concept Kitchen & Living Area, and in-suite laundry. All utility services including hydro, heat, domestic & hot water are separately metered & paid by the Tenant. Heating is via baseboard electric heaters.
INVESTMENT: The opportunity presents an NOI of approx. $45,400 /yr following lease-up of the residential unit at @ $2400/month + Utilities based on residential in as-is condition. The overall investment presents a cap rate of 5.66%, factoring in 6% RM, 6% Management & Expense recapture from commercial tenancy. Utility costs are zero. The subject is strategically located within a growing residential & commercial intensification area.
A rare opportunity, the subject is 1 of only 10 properties located along the high-traffic block of Division street between Princess & Brock. Within an approx. 1 Km radius of the subject, +/- 1700 Units have been completed or approved & +/-1250 Units proposed or pending approval. The Offering’s location, mixed-asset profile, in-place rents, rental upside & high-traffic location presents an excellent investment opportunity with long-term growth stability.
Commercial unit is an operating Cannabis dispensary. Minimum 24 hrs advanced notice required & showings to occur during Business hours. No minors permitted into Commercial Unit.
3-Bed Residential is vacant and can be viewed without 24 hr advanced notice.