325 Lambton Street Kincardine, Ontario N2Z 0E3
$8,600,000
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 scheduled to be 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, coin-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 5 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. (id:42776)
Business
| Name | 5 Commercial rentals |
Property Details
| MLS® Number | 40609902 |
| Property Type | Office |
| Amenities Near By | Airport, Hospital, Schools |
| Communication Type | High Speed Internet |
| Features | Elevator, Passenger Elevator |
| Parking Space Total | 75 |
Building
| Basement Type | None |
| Constructed Date | 1980 |
| Construction Material | Concrete Block, Concrete Walls |
| Exterior Finish | Brick Veneer, Concrete, Vinyl Siding |
| Foundation Type | Poured Concrete |
| Stories Total | 3 |
| Size Exterior | 45360.0000 |
| Size Interior | 45360 Sqft |
| Utility Water | Municipal Water |
Land
| Access Type | Road Access |
| Acreage | No |
| Land Amenities | Airport, Hospital, Schools |
| 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
| Electricity | Available |
| Telephone | Available |
https://www.realtor.ca/real-estate/27076298/325-lambton-street-kincardine
Box 521, 768 Queen Street
Kincardine, Ontario N2Z 2Y9
(519) 396-8444
(519) 396-9070
www.remaxlandexchange.ca/
Box 521, 768 Queen Street
Kincardine, Ontario N2Z 2Y9
(519) 396-8444
(519) 396-9070
www.remaxlandexchange.ca/
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September 20 2024 01:46:07
REALTORS® Association of Grey Bruce Owen Sound
RE/MAX Land Exchange Ltd Brokerage (Kincardine)