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Listed by Jafar Konoodi • Royal LePage Wolle Realty
$ 649,000
Est. payment /mo
Active
280 Lester Street #116 Waterloo, ON N2L 3W5
558 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed,Building and Land
Listing Status Active
Purchase Type For Sale
Square Footage 558 sqft
Price per Sqft $1,163
MLS Listing ID 40759992
HOA Fees $549/mo
HOA Y/N Yes
Abv Grd Liv Area 558
Annual Tax Amount $6,003
Property Sub-Type Mixed,Building and Land
Source Cornerstone
Property Description
This unit is currently tenanted with a lease (5 years) in place until November 2028, and rent escalates annually from $4,350.50/month now to $5,791.25/month in the final year. Net annual income averages ~$40,293 over the next 3.5 years, resulting in a strong ~6.21% cap rate. There is a 5 year renewal option in the lease.
Given the location, secure cash flow, and minimal upkeep, this property would appeal greatly to passive investors.
Why Invest?
- Long-term, escalating lease in place
- Low operational burden
- Strong rental growth outlook
- Located in high-demand core
Perfect for hands-off investors seeking passive income and asset appreciation
Given the location, secure cash flow, and minimal upkeep, this property would appeal greatly to passive investors.
Why Invest?
- Long-term, escalating lease in place
- Low operational burden
- Strong rental growth outlook
- Located in high-demand core
Perfect for hands-off investors seeking passive income and asset appreciation
Location
Province ON
County Waterloo
Area 4 - Waterloo West
Zoning NMU-8
Direction University Ave to Lester
Rooms
Basement None
Kitchen 0
Interior
Fireplace No
Exterior
Garage No
Building
Lot Description Business Centre
Faces University Ave to Lester
Story 1
Sewer Sewer (Municipal)
Water Municipal
Structure Type Concrete
New Construction No
Others
Senior Community No
Tax ID 236260016
Ownership Condominium
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