154 Division Street

Property Description

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 is always leased w/ high demand. Leased for $2490/month + utilities, starting May 1st 2023. 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. $46,140 with cap rate of 5.77%. 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.

All showings to be scheduled using ShowingTime
Commercial unit is operating Cannabis dispensary. Min 24 hrs advanced notice required & showings to occur during Business Hrs. No minors permitted into Commercial unit.