Property Details

325 LAMBTON Street, Kincardine, Ontario, N2Z0E3

325 LAMBTON Street, Kincardine, Ontario, N2Z0E3 (ID 40609902)
Representative
Pat Kritz

Coldwell Banker Peter Benninger Realty - Kitchener
Cell: 519-901-2061
Tel: 519-742-5800

$8,900,000 - For sale

ID#:40609902

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 scheduled to be 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, coin-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 5 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:2471)

Location Description2 entrances at 325 Lambton St. 100 feet east of Queen St. - Kincardine's main downtown commercial street

Property Details
  • Property Address:325 LAMBTON Street, Kincardine, Ontario, N2Z0E3
  • Property Type:Office
  • Title:Freehold
  • Lot Size:1/2 - 1.99 acres
  • Acreage:1/2 - 1.99 acres
  • Sewage Type:Municipal sewage system
  • Water Type:Municipal water
  • Access:Road access
  • Parking Space Total:75
Structure Details for 325 LAMBTON Street, Kincardine, Ontario, N2Z0E3
  • Building Age:1980
  • Floor Space:45360 sqft
  • Storeys:3
  • Basement Type:None
  • Foundation Type:Poured Concrete
  • Exterior Type:Brick Veneer, Concrete, Vinyl siding
Amenities for 325 LAMBTON Street, Kincardine, Ontario, N2Z0E3 Elevator, Passenger elevator
  • Amenities Nearby:Airport, Hospital, Schools
Representative
Pat Kritz
REALTOR®
Coldwell Banker Peter Benninger Realty - Kitchener
Cell: 519-901-2061
Tel: 519-742-5800
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Listing Office: RE/MAX LAND EXCHANGE LTD Brokerage (Kincardine)

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325 LAMBTON Street, Kincardine, Ontario, N2Z0E3

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