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325 Lambton Street Kincardine, Ontario N2Z 2Y1

Central Air Conditioning, Window Air Conditioner Baseboard Heaters

$8,950,000

Kincardine - 45 unit apartment building on 1.474 Acre site in the downtown core. The building has 25 - 2 bedroom apartments and 20 - 1 bedroom apartments along with 5 commercial units on the main floor on the west side of the building. There is ample parking for tenants, guests and businesses with 75 parking spaces on the 2 sides of the building. Built and owned by the same family since 1980, the interior and exterior have been maintained in excellent condition. All mechanical systems have been updated and modernized. Natural gas boiler and holding tank installed (rental) in 2021 to replace electric hot water tank. Elevator has been inspected and updated in 2019. Windows and sliding doors to balconies have all been replaced. Roof scheduled for replacement in spring of 2023. Building has been re-keyed in 2021 and fire alarms updated. All kitchens and bathrooms have been renovated in the last few years. Individual hydro meters on all the apartments. The building is fully occupied by mature, long term tenants and has had a zero% vacancy for an extended period with a waiting list. Residents enjoy the on-site coin operated laundry and residents lounge. Rents are below current market prices, suggesting a good opportunity for increasing the cap rate from the current 4.25% suggested in a 2021 AACI appraisal. New incoming tenants are paying a 20% increase over current rates. Detailed information sheets are available. Arrangements to inspect apartments can be made following acceptance of an Agreement of Purchase and Sale. (id:43392)

Property Details

MLS® Number 40339596
Property Type Office
Amenities Near By Airport, Beach, Hospital, Park, Place Of Worship, Schools, Shopping
Communication Type High Speed Internet
Community Features Community Centre
Equipment Type Water Heater
Features Park/reserve, Elevator, Beach, Passenger Elevator, Laundry- Coin Operated
Parking Space Total 75
Rental Equipment Type Water Heater

Building

Amenities Party Room
Appliances Water Meter
Basement Type None
Constructed Date 1980
Construction Material Concrete Block, Concrete Walls
Construction Style Attachment Detached
Cooling Type Central Air Conditioning, Window Air Conditioner
Exterior Finish Brick Veneer, Concrete, Vinyl Siding
Fire Protection Smoke Detectors
Foundation Type Poured Concrete
Heating Fuel Electric
Heating Type Baseboard Heaters
Stories Total 3
Size Exterior 45360.0000
Utility Water Municipal Water

Parking

Visitor Parking

Land

Access Type Road Access
Acreage No
Land Amenities Airport, Beach, Hospital, Park, Place Of Worship, Schools, Shopping
Sewer Municipal Sewage System
Size Depth 331 Ft
Size Frontage 185 Ft
Size Total Text 1/2 - 1.99 Acres
Zoning Description C1-general Commercial

Utilities

Cable Available
Electricity Available
Telephone Available

https://www.realtor.ca/real-estate/24996318/325-lambton-street-kincardine

Russ Coultrup
Salesperson

(519) 386-1367
www.remaxlandexchange.ca

RE/MAX Land Exchange Ltd Brokerage (Kincardine)
Box 521, 768 Queen Street
Kincardine, Ontario N2Z 2Y9

(519) 396-8444
(519) 396-9070
www.remaxlandexchange.ca

Connor Coultrup
Broker

(519) 386-5745

RE/MAX Land Exchange Ltd Brokerage (Kincardine)
Box 521, 768 Queen Street
Kincardine, Ontario N2Z 2Y9

(519) 396-8444
(519) 396-9070
www.remaxlandexchange.ca