611 Lancaster Street W Kitchener, Ontario N2K 1M5
$899,900
Stable Income & Growth Potential in Kitchener. Make an offer on this well-priced 5-plex, currently generating $61,000 annually with a solid 5% cap rate, presents a rare opportunity for investors looking for more than just a standard duplex or triplex. Located in a highly sought-after area of Kitchener, this property offers both stable income and the potential for substantial equity growth through strategic upgrades, rental increases, and possibly adding another storey. With convenient access to Hwy 7, Bridgeport Rd, and University Ave, this property ensures easy commutes for tenants, reducing vacancy concerns and enhancing long-term rental demand. The unit mix, featuring two 2-bedroom units and three 1-bedroom units, caters to a variety of tenant profiles, increasing flexibility and occupancy potential. For savvy investors, this property presents an attractive blend of current cash flow and future appreciation, making it a competitive investment with more upside than other multi-unit properties that are currently available. Schedule a tour today and explore the possibilities of turning this 5-plex into a high-performing asset in your portfolio. (id:42029)
Property Details
| MLS® Number | 40579509 |
| Property Type | Multi-family |
| AmenitiesNearBy | Public Transit, Schools |
| Features | Crushed Stone Driveway |
| ParkingSpaceTotal | 5 |
Building
| BathroomTotal | 5 |
| BedroomsTotal | 7 |
| BasementDevelopment | Finished |
| BasementType | Full (finished) |
| ConstructedDate | 1949 |
| CoolingType | None |
| ExteriorFinish | Metal |
| FireProtection | Alarm System |
| FoundationType | Poured Concrete |
| HeatingFuel | Natural Gas |
| HeatingType | Forced Air |
| StoriesTotal | 2 |
| SizeInterior | 3491.63 Sqft |
| UtilityWater | Municipal Water |
Land
| AccessType | Highway Access |
| Acreage | No |
| LandAmenities | Public Transit, Schools |
| Sewer | Municipal Sewage System |
| SizeDepth | 140 Ft |
| SizeFrontage | 50 Ft |
| SizeTotalText | Under 1/2 Acre |
| ZoningDescription | C4 |
https://www.realtor.ca/real-estate/26909084/611-lancaster-street-w-kitchener
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Greg Dewar
Broker of Record
18 Tannery St E
Cambridge, Ontario N3C 2B9
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September 06 2024 06:00:29
Kitchener-Waterloo Association of REALTORS®
Dewar Realty Inc., Brokerage