79-81 Queen Street Kingston, Ontario K7K 1A5
$1,600,000
Welcome to 79-81 Queen Street, a historic gem in the heart of downtown Kingston. Built in 1840, this stately limestone building combines timeless charm with modern amenities, making it a standout investment opportunity. The property features limestone construction with exposed brick interiors that exude character. Located in Kingston's vibrant downtown core, its within walking distance of the waterfront, Queens University, and an array of shops, restaurants, and cultural attractions.This turnkey investment offers four residential units, all separately metered to ensure low operating costs. Each unit includes appliances, with two featuring dishwashers and one equipped with laundry. The property has a history of being fully rented with no vacancies, highlighting its strong rental demand. Additionally, 10 parking spots generate an extra $1,000 per month, adding to its income potential. There is also room for expansion, offering opportunities to further enhance rental income. With easy cosmetic renovations, the units have significant potential for increased revenue, adding even more value to this already attractive investment.Current rents include $1,400/month (Oct 2024 Sep 2025) for Unit 79-1, $1,800/month (May 2024 Apr 2025) for Unit 79-2, $1,691/month (month-to-month) for Unit 81-1, and $1,800/month (Jul 2024 Jun 2025) for Unit 81-2. Combined with parking income of $12,000 annually, the property boasts a gross annual income of $92,292 and a net operating income of $85,925, with property taxes being the only expense at $6,367 per year. At a purchase price of $1,600,000, the cap rate is an attractive 5.37%.With its unbeatable location, solid income stream, and historic charm, 79-81 Queen Street offers a rare opportunity to own a piece of Kingstons heritage while enjoying a lucrative, low-maintenance investment. (id:29295)
Business
| Business Type | Residential |
| Business Sub Type | Apartments |
Property Details
| MLS® Number | X11898996 |
| Property Type | Multi-family |
| Community Name | East of Sir John A. Blvd |
Building
| Appliances | Dishwasher, Dryer, Range, Refrigerator, Stove, Washer |
| Cooling Type | Fully Air Conditioned |
| Heating Type | Baseboard Heaters |
| Size Interior | 3,000 Ft2 |
| Type | Multi-family |
| Utility Water | Municipal Water |
Land
| Acreage | No |
| Sewer | Sanitary Sewer |
| Size Depth | 132 Ft |
| Size Frontage | 34 Ft |
| Size Irregular | 34 X 132 Ft |
| Size Total Text | 34 X 132 Ft |
| Zoning Description | Dt1 |
Jessica Hellard
Broker
www.jessicahellard.com/
www.facebook.com/jessicahellardrealestate/
105-1329 Gardiners Rd
Kingston, Ontario K7P 0L8
(613) 389-7777
remaxfinestrealty.com/
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademark DDF® is owned by The Canadian Real Estate Association (CREA) and identifies CREA's Data Distribution Facility (DDF®)
December 20 2024 09:50:03
Kingston & Area Real Estate Association
RE/MAX Finest Realty Inc., Brokerage