SOLD FIRM – 169 Lancaster St. West. Kitchener – 39 Rental Units

$9,950,000
Conditionally Sold

5347

Property ID

Description

BRAND NEW 18 Stacked Rental Units – in drywall stages. + Fully Rented and Renovated 20 unit building + 1 Units to be permitted in existing building. The existing 20 Unit building is fully rented and continues to have a strong tenant profile.
There are 7-3 Bed, 8-2 Bed, 5-1 Bed. 19/20 units have been fully renovated in 2015: Gas Fireplace for Heat, Stainless Appliances, New Kitchens, Ceramic Bathrooms with new Vanity and Soaker Tub and Laminate Flooring Throughout along with separated hydro, water and gas for each of the 19/20 units. Majority of these units are at market rent.
Currently under construction is 13,000 SF out of the total 30,000 Square feet Rentable. These 18 Stacked brand new Units will be ready to be rented in the next 3 weeks. The existing building facade, hardscaping, and all other site plan approved features will be completed along with occupancy permit prior to closing. Leasing on the newly built units can either be the responsibility of the purchaser or vendor.

Total Units Existing – 20
One Bedroom – 5 (~ 500 SF)
Two Bedroom – 8 (900 SF)
Three Bedroom – 7 (1,026 SF)

Under Construction
12 x 2 Bedroom Units
6 x 1 Bedrooms Units
Landscape, Existing building upgrades, + 1 Unit
Totalling 13,500 SF

PROPERTY HIGHLIGHTS

Existing 20 Units are fully rented with a strong rent roll with mostly at market rents. 18 Stacked Units are in the drywall stages and will be ready to be leased for the summer months. Property is being sold on a best bid process. Offers Due : August 12, 2021 by 4:00PM Vendor can be responsible for lease-up prior to closing with a professional management firm already implemented. Leasing will commence once at the beginning of August

CAPITAL IMPROVEMENTS

  • Fully renovated Building in 2015
  • All utilities fully sub-metered
  • New 50 year TPO roof in 2014
  • Common Area Updates to be expected – New Landscaping as per the Site Plan Agreement, New paved parking lot, new Concrete walkways. Basically the concept is to have 2 similar looking rental structures on the same parcel of land but offering a different style of rental living.

Address

Address: 169 Lancaster Kitchener
  • Country: Canada
  • Province / State: ONTARIO
  • City / Town: KITCHENER
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  • Property ID 5347
  • Price $9,950,000
  • Property Type Investment Property
  • Property status Conditionally Sold
  • Label Sale
  • Number Of Units 21 Units + 18 Units
  • Lot Size 0.84 Acres
  • Total Square Feet ~29,000 SF
  • Zoning R6

File Attachments

169_Lancaster_St._West._Kitchener_-_Brochure.pdf Download

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