Added 1 day ago
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Type: Investment
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Property Type: Commercial
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Business Type: Apts-2 To 5 Units
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Zoning: Dt1
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Age: No Data
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Taxes: 6366.78
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MLS®#: X11898996
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Added: Dec 20, 2024 (1 day ago)
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Updated:
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Last Checked: 3 hours ago
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Listed By: RE/MAX FINEST REALTY INC., BROKERAGE
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. Located in Kingston's vibrant downtown core, its within walking distance of the waterfront, Queens University, and an array 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. The property has a history of being fully rented with no vacancies, highlighting its strong rental demand. Additionally, 10 parking spots generate an extra $1,000 per month, adding to its income potential. There is also room for expansion, offering opportunities to further enhance rental income. With easy cosmetic renovations, the units have significant potential for increased revenue, adding even more value to this already attractive investment.Current rents include $1,400/month (Oct 2024 Sep 2025) for Unit 79-1, $1,800/month (May 2024 Apr 2025) for Unit 79-2, $1,691/month (month-to-month) for Unit 81-1, and $1,800/month (Jul 2024 Jun 2025) for Unit 81-2. Combined with parking income of $12,000 annually, the property boasts a gross annual income of $92,292 and a net operating income of $85,925, with property taxes being the only expense at $6,367 per year. At a purchase price of $1,600,000, the cap rate is an attractive 5.37%.With its unbeatable location, solid income stream, and historic charm, 79-81 Queen Street offers a rare opportunity to own a piece of Kingstons heritage while enjoying a lucrative, low-maintenance investment.
Property
Status: Sale
Type: Apts-2 To 5 Units
Property Type: Investment
Property Type: Apartment
Area: Kingston
Community: East of Sir John A. Blvd
Availability Date: TBA
Inside
Air Conditioning: Y
Utilities
Utilities: Yes
Building
Basement: Y
Heat Type: Baseboard
Freestanding: Y
Water Supply: Municipal
Parking
Garage Type: None
Fees
Tax Year: 2024
Tax Legal Description: PT LT 195 ORIGINAL SURVEY KINGSTON CITY AS IN FR581130 T/W FR581
Taxes: $6,367
Taxes Type: Annual
Land
Cross Street: One street north of
Municipality District: Kingston
Sewer: Sanitary
Lot Depth: 132 Feet
Lot Frontage: 34 Feet
Zoning: Dt1
Additional Media
- Virtual Tour: https://youriguide.com/79_queen_st_kingston_on
Commercial Specific
Total Area: 3000
Total Area Metric: Sq Ft
Lot Code: Lot
Walker's Paradise
- Daily errands do not require a car.
Good Transit
- Some errands can be accomplished by public transportation.
Very Bikeable
- Most errands can be accomplished on bike.
St Patrick Catholic School
Elementary: CatholicSydenham Public School
Elementary: PublicCentral Public School
Elementary: PublicModule Vanier
Elementary: PublicWinston Churchill Public School
Elementary: PublicCathedrale Catholic School
Elementary: CatholicLimestone School of Community Education
Secondary: PublicFrontenac Learning Centre
Secondary: PublicLoyalist Collegiate and Vocational Institute
Secondary: PublicLa Salle Secondary School
Secondary: PublicKingston Collegiate and Vocational Institute
Secondary: PublicRegiopolis/Notre-Dame Catholic High School
Secondary: Catholic
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