Kincardine 45 unit apartment building on 1.474 Ac site in the downtown core. The building has 25-2 bedroom apartments and 20-1 bedroom apartments & 5 commercial units on main floor on west side of building. There is ample parking for tenants, guests & businesses with 75 parking spaces on the 2 sides of the building. Built & owned by the same family since 1980, the interior & exterior have been maintained in excellent condition. All mechanical systems have been updated & modernized. Natural gas boiler & holding tank (rental) installed in 2021 to replace electric hot water tank. 400 sqft utility/meter room also doubles as a workshop. The windows & sliding doors to balconies have all been replaced. Roof replaced in summer of 2024. Building has been re-keyed in 2021 & the fire alarms updated. All kitchens & bathrooms have been renovated in the last few years. Individual hydro meters on all apartments. Building is fully occupied by mature, long-term tenants & has had a zero % vacancy for an extended period with a waiting list. Residents enjoy the on-site, con-operated laundry with 3 washers & 4 dryers in a 400 sqft facility with access ramp. A 736 sqft furnished residents lounge is well used for recreation & gatherings. The rents are below current market prices, suggesting a good opportunity for increasing the cap rate. New incoming tenants are paying a 40-50% increase over current rates. Owner has preliminary plans for adding 3 units to the north end of building which were never approved or completed. Site could potentially accommodate up to 9 additional apartments. Arrangements to inspect apartments can be made following acceptance of an Agreement of Purchase and Sale. (id:47237)
MLS® Number | 40609845 |
Property Type | Multi-family |
AmenitiesNearBy | Hospital, Marina, Shopping |
Features | Paved Driveway, Laundry- Coin Operated |
ParkingSpaceTotal | 75 |
Structure | Shed |
BasementType | None |
ConstructedDate | 1980 |
ConstructionMaterial | Concrete Block, Concrete Walls |
CoolingType | None |
ExteriorFinish | Brick Veneer, Concrete, Vinyl Siding |
FireProtection | Alarm System |
FoundationType | Poured Concrete |
HeatingType | Baseboard Heaters |
StoriesTotal | 3 |
SizeInterior | 45360 Sqft |
UtilityWater | Municipal Water |
AccessType | Road Access |
Acreage | No |
LandAmenities | Hospital, Marina, Shopping |
Sewer | Municipal Sewage System |
SizeDepth | 331 Ft |
SizeFrontage | 185 Ft |
SizeTotalText | 1/2 - 1.99 Acres |
ZoningDescription | C1 |
https://www.realtor.ca/real-estate/27076299/325-lambton-street-kincardine
Russ Coultrup
Salesperson
Connor Coultrup
Broker