ON > Kincardine
Kincardine, ON N2Z 0E3,325 LAMBTON ST
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Kseniya Pichardo Martinez

Kseniya Pichardo Martinez

+1(226) 336-3810
$ 8,600,000
Est. payment | /mo

45,360 SqFt

Save
$ 8,600,000
Est. payment | /mo
Save

45,360 SqFt

Key Details

Property Type Commercial

Sub Type Investment

Listing Status Active

Purchase Type For Sale

Square Footage 45,360 sqft

Price per Sqft $189

MLS Listing ID X10848135

Annual Tax Amount $34,444

Tax Year 2024

Lot Size 0.500 Acres

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, 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.

Location

Province ON

County Bruce

Zoning C1

Rooms

Basement None

Kitchen 0

Interior

Interior Features Separate Heating Controls

Cooling None

Inclusions Smoke Detector

Laundry Common Area, Coin Operated

Exterior

Exterior Feature Controlled Entry, Lighting, Year Round Living, Private Entrance

Garage Other

Garage Spaces 75.0

Pool None

Utilities Available Unknown

Roof Type Asphalt Shingle

Total Parking Spaces 75

Building

Foundation Poured Concrete

New Construction false

Others

Senior Community No

Security Features Alarm System

Listed by RE/MAX LAND EXCHANGE LTD Brokerage (Kincardine)
agent-avatar

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(226) 336-3810

kseniya@kseniyapichardo.com

ON, Canada

GET MORE INFORMATION

Name
Phone*
Message

By registering you agree to our Terms of Service & Privacy Policy. Consent is not a condition of buying a property, goods, or services.

Go tour this home

325 LAMBTON ST