Nine (9) Unit Purpose-Built Apartment Building for sale on Pine Street in high-demand predominantly single family residential neighbourhood. Solid concrete and steel construction with brick exterior and steel framed stairways. Suite mix includes 7 x 1 Bed and 2 x 2 Bed for a total of 9 Units and 11 Bedrooms. All units are self-contained, oversized, carpet-free with high ceilings, large windows and consist of a large living room, kitchen, dining area, 4-PC bath, and bedroom(s).
The well-elevated lower level consists of Units 1-3 (3x1Bed), laundry room & the utility room. Main level consist of Units 4-6 (2×1 Bed ; 1×2 Bed) & Upper Level consist of Units 7-9 (2×1 Bed ; 1×2 Bed) – all main and upper level units have concrete balconies. Property is heated via Gas boiler w/ individual zone valves. Each unit features individual 60A panels. Rents currently inclusive of utilities with opportunity to install suite-meters. Ample parking on site presents additional income opportunity.
Fire code compliant w/ new alarm system and strobes installed Year 2021. New roof covering installed 2010 w/ 15 yr warranty. Property is located in close proximity to a bus route & is walking distance to Queen’s University, Downtown Kingston, Grocery Stores, schools and public parks. Property represents a rare value-add investment due to current below-market rent structures and operational upside opportunities, offering very significant upside in projected yearly NOI.