Rogers & Trainor Commercial Realty Inc. (“RTCR”) is pleased to present 401 Princess Street, (“Princess Towers”) a 16-Storey Apartment Building in Kingston, Ontario.
RTCR has been retained by the Vendor to offer the Property on an “As Is, Where Is” basis, utilizing a Non-Priced Bid Process.
This outstanding investment opportunity features 200 Apartment Units & 5 Commercial Retail Units at grade Level, and is centrally located in the heart of the Downtown Nightlife and
Entertainment District in close proximity to Queen’s University, Hospitals and all high-demand amenities.
LOCATION – Superior Downtown location, walking distance to Queen’s University and proximate to all amenities and major sites including Hospitals, Grocery, City Hall, Lake Ontario, and numerous retail outlets.
UNIQUE OPPORTUNITY – Rare opportunity to acquire the largest Apartment Building in Downtown Kingston and achieve geographic diversification and immediate scale with 200 Residential Units in Kingston’s tightly held Multifamily marketplace. A once in a lifetime opportunity.
MULTIPLE REVENUE STREAMS – The Property benefits from numerous income-producing sources including Apartment Rentals, Commercial Tenancies, revenue from Communication Towers, Parking and Laundry. Opportunity to improve revenue through operational upside initiatives and creation of additional rental streams.
ASSET MIX AND TENANT MAKEUP – Excellent Residential suite mix consisting of 85 Bachelors, 51 x 1-Bed, 59 x 2-Bed, and 5x 3-Bed suites with a student tenant base in excess of 50%.Five (5) Commercial units on ground floor spanning +/- 11,484 sf fully leased to excellent tenants, including 2 National chains.
LOW VACANCY – Overall vacancy rate for purpose-built rental apartments in Kingston is 1.2%, ranking it the second-lowest among Central Metropolitan Areas (Year 2022). Greatest year-over-year vacancy rate declines have been seen amongst Bachelor and 1-Bedroom Units representing 68% of Princess Towers’ overall suite mix.
POPULATION GROWTH – Strong supply-demand fundamentals driven by rapid immigration and foreign student population growth, positively impact rent stability and growth.