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325 LAMBTON Street, KINCARDINE
2024-06-24
Quick Summary
- Location
- 325 LAMBTON Street, KINCARDINE, Ontario N2Z0E3
- Price
- $8,600,000
- Status:
- For Sale
- Property Type:
- Office
- Area:
- 45360ft2
- Year of Construction:
- 1980
MLS®#40609902
Property 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, 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:32467)
Property Features
Ammenities Near By
- Ammenities Near By: Airport, Hospital, Schools
Building
- Basement Type: None
- Exterior Finish: Brick Veneer, Concrete, Vinyl siding
- Fireplace: No
- Interior Size: 45360 sqft
- Stories: 3
- Utility Water: Municipal water
Features
- Feature: Elevator, Passenger elevator
Land
- Land Size: 1/2 - 1.99 acres
- Sewer: Municipal sewage system
Ownership
- Type: Freehold
Zoning
- Description: C1-General Commercial
Information entered by RE/MAX LAND EXCHANGE LTD Brokerage (Kincardine)
Listing information last updated on: 2024-09-26 16:36:17
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How much could you save in commission selling with One Percent Realty?
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$500,000
Your One Percent Realty Commission savings†
$500,000
†
Savings calculated using One Percent Realty's posted commission rates compared to another agent charging
5% + HST . Not all agents charge the same.
One Percent Realty's top FAQs
We charge a total of $7,950 for residential properties under $400,000. For residential properties $400,000-$900,000 we charge $9,950. For residential properties over $900,000 we charge 1% of the sale price plus $950. Plus Applicable taxes, of course. We also offer the flexibility to offer more commission to the buyer's agent, if you want to. It is as simple as that! For commercial properties, farms, or development properties please contact a One Percent agent directly or fill out the market evaluation form on the bottom right of our website pages and a One Percent agent will get back to you to discuss the particulars.
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