- For Sale
- 1 years ago
- 27 views
325 Lambton Street, Kincardine, ON, N2Z 0E3
$8,600,000
Description
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:25314)
Facts and Features
Type
Multi-family
year built
1980
lot size
No Data
Bedrooms
0
bathrooms
0
Garage
75
Status
Active
Property Overview
- Property ID
- 56142
- Category
- Residential
- Unit Number
- No Data
- View
- No Data
- Lot Size Dimensions
- No Data
- Lot Features
- Paved driveway, Laundry- Coin operated
- Common Interest
- Freehold
Building and Architecture
- Building Type
- No Data
- Architecture Style
- No Data
- Stories
- 3
- Roof
- No Data
- Foundation Details
- Poured Concrete
- Exterior Features
- Concrete, Vinyl siding, Brick Veneer
- Construction Materials
- Concrete block, Concrete Walls
Interior Features
- Living Area
- 45360 sqft
- Above Ground Finished Area
- 30240 sqft
- Below Ground Finished Area
- No Data
- Basement
- None
- Flooring
- No Data
- Fireplace
- No
- Fireplaces Total
- No Data
- Fireplace Features
- No Data
Parking
- Parking Type
- No Data
- Parking Spaces
- 75
- Additional Parking Type
- No Data
- Additional Parking Spaces
- No Data
- Parking Fee
- No Data
- Parking Fee Frequency
- No Data
Amenities
- Alarm system
Property Features
- Heating
- Baseboard heaters
- Cooling
- None
- Electric
- No Data
- Sewer
- Municipal sewage system
- Water Source
- Municipal water
- Utilities
- No Data
- Community
- No Data
- Security
- Alarm system
Other Information
- Association Name
- No Data
- Association Fee
- No Data
- Association Fee Frequency
- No Data
- Association Fee Includes
- No Data
- Tax Annual Amount
- $34,444.66
- Existing Lease Type
- No Data
- Zoning
- No Data
- Zoning Description
- C1
