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$1,600,000
Est. payment /mo
3,170 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,170 sqft
Price per Sqft $504
Subdivision East Of Sir John A. Blvd
MLS® Listing ID X11898996
Originating Board Kingston & Area Real Estate Association
Property Description
Welcome to 79-81 Queen Street, a historic gem in the heart of downtown Kingston. Built in 1840, this stately limestone building combines timeless charm with modern amenities, making it a standout investment opportunity. The property features limestone construction with exposed brick interiors that exude character and tenants love. Located in Kingston's vibrant downtown core, it has so many amenities within easy walking distance including the waterfront, Queens University, Kingston General Hospital, and an incredible number of shops, restaurants, and cultural attractions. This turnkey investment offers four residential units, all separately metered to ensure low operating costs. Each unit includes appliances, with two featuring dishwashers and one equipped with laundry as well. The property has a history of being fully rented with no vacancies, highlighting its strong rental demand. Additionally, 10 coveted parking spots generate an extra $1,000 per month. There is also room for expansion on the large lot, offering opportunities to add to this property. With easy cosmetic renovations, the units themselves have significant potential for increased revenue, adding even more value to this already attractive investment. Current rents include Unit 79-1 $1,400/month (Oct 2024 - Sep 2025), Unit 79-2 $1,800/month (May 2024 - Apr 2025), Unit 81-1 $1,691/month (month-to-month), and Unit 81-2 $1,800/month (Jul 2024 - Jun 2025). Combined with the parking income, the property currently has a gross annual income of $92,292 and a net operating income of $67,561. With its unbeatable location, solid income stream, and historic charm, 79-81 Queen Street offers a rare opportunity to own a piece of Kingston's heritage while enjoying a lucrative, low-maintenance investment. (id:24570)
Location
Province ON
Interior
Heating Baseboard heaters
Exterior
Parking Features No
View Y/N No
Private Pool No
Building
Sewer Sanitary sewer
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Listed by RE/MAX FINEST REALTY INC., BROKERAGE
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Kevin Scharfenberg
Personal Real Estate Corporation | License ID: 180491
Personal Real Estate Corporation License ID: 180491