151 University Avenue East, Waterloo | Image 1

151 University Avenue East

Waterloo

  • Commercial

$2,499,900
For Sale

Added 2 months ago

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  • Type: Investment

  • Property Type: Commercial

  • Zoning: MU20

  • Age: 16-30 years

  • Taxes: 12165

  • MLS®#: X9415788

  • Days on Site: 2 Days

  • Added: Oct 15, 2024 (2 months ago)

  • Updated:

  • Last Checked: 2 hours ago

  • Listed By: HOMELIFE LANDMARK REALTY INC.

A great investment opportunity for a student apartment building in the core strip of Waterloo. It is close to three universities: 2.2 km to the UW, 1.2 km to WLU, and 0.4 km to Conestoga College, with direct bus Route 202 to all schools. The lot measures 64.05 x 158.65 feet, zoned MU20, with potential for higher-level building in the near future.This fourplex student building includes 20(4X5) bedrooms, 8 (4X2) bathrooms, and 4 (4X1) kitchens. There is a separate laundry room with coin-operated machines. The property offers 7 parking spots, an AC and central heating system. All kitchens are newly renovated; the roof was replaced in 2017, and all equipment is in great working condition.Built in 2002 specifically for students, no renting license is required. It has been operated and maintained by the owner who has since moved to BC.The total gross income for the past three years has been over $200K annually (excluding parking and laundry income). For serious buyers, the lease list can be provided. The annual fixed costs are about $40,000 excluding mortgage interest. Its fully leased now with on-call maintenance staff and 24hrs emergency contact. Don't miss your chance to explore this investment property !

Property

  • Status: Sale

  • Property Type: Investment

  • Property Type: Apartment

  • Age: 16-30

  • Area: Waterloo

  • Availability Date: TBA

  • Assessment Amount: $956,000

  • Assessment Year: 2023

Inside

  • Air Conditioning: Y

Utilities

  • Utilities: Available

Building

  • Heat Type: Gas Forced Air Closd

  • Freestanding: Y

  • Water Supply: Municipal

Parking

  • Garage Type: Outside/Surface

  • Covered Parking Spaces: 7

Fees

  • Tax Year: 2024

  • Tax Legal Description: PART OF LOT 4, PLAN 501, DESIGNATED AS PART 2 ON 58R-13822 ; WAT

  • Taxes: $12,165

  • Taxes Type: Annual

Land

  • Cross Street: University Ave East

  • Municipality District: Waterloo

  • Parcel Number: 223550233

  • Lot Depth: 159 Feet

  • Lot Frontage: 64 Feet

  • Lot Irregularities: 64.16 ft x 159.0 ft x

  • Zoning: MU20

Commercial Specific

  • Total Area: 10086

  • Total Area Metric: Sq Ft

  • Lot Code: Building

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