Rare find in Uptown Waterloo. This purposely built rental property comprises 5-unit townhome-style suites with terraces located in the heart of the city. Potential to expand size to 20-35 unit building on site. Can build up to 6-storeys. A large renovation was completed in 2020/21 including electrical and plumbing. Total floor area is 5,784 SF. Flat roof approx. 10-years old & sloped roof shingles replaced in 2017. This is a rare opportunity! City Planning report Available to expand size of the building. Site is designated Medium Density which permits a maximum height of 20 meters on Schedule B1. Enjoy the positive cashflow until you want to develop or hold and sell to a developer. This property is a central key property to the assembly with the two adjacent properties. |
Extras: If property was redeveloped with all studio and one-bedroom units this would allow for up to 36 units. If the redevelopment proposal included some two-bedroom units the number of permitted units would increase. |
Price | $2,195,000 |
Taxes: | $10625.00 |
Tax Type: | Annual |
Occupancy by: | Tenant |
Address: | 216 King St South , Waterloo, N2J 1R3, Ontario |
Postal Code: | N2J 1R3 |
Province/State: | Ontario |
Legal Description: | LT 50 PL 385, SAVE & EXCEPT PT 5 ON WR83 |
Lot Size: | 66.00 x 124.08 (Feet) |
Directions/Cross Streets: | King St. S. & John St. E. |
Category: | Apartment |
Use: | Apts-2 To 5 Units |
Building Percentage: | Y |
Total Area: | 5784.00 |
Total Area Code: | Sq Ft |
Area Influences: | Major Highway Public Transit |
Approximatly Age: | 51-99 |
Business/Building Name: | Maisonette Suites |
Taxes Expense: | $10625 |
Insurance Expense: | $5040 |
Management Expense: | 6769 |
Heat Expenses: | $7358 |
Hydro Expense: | $1275 |
Water Expense: | $2495 |
Other Expenses: | $4318 |
Gross Income/Sales: | $135382 |
Operating Expenses: | $44650 |
Vacancy Allowance: | 0 |
Net Income Before Debt: | $90732 |
Year Expenses: | 2023 |
Expenses Actual/Estimated: | $Act |
Sprinklers: | N |
Heat Type: | Gas Hot Water |
Central Air Conditioning: | N |
Sewers: | San+Storm |
Water: | Municipal |
Although the information displayed is believed to be accurate, no warranties or representations are made of any kind. |
CHESTNUT PARK REAL ESTATE LIMITED |
|
Book Showing | Email a Friend |
Type: | Com - Investment |
Area: | Waterloo |
Municipality: | Waterloo |
Lot Size: | 66.00 x 124.08(Feet) |
Approximate Age: | 51-99 |
Tax: | $10,625 |
Maintenance Fee: | $6,769 |