Added 3 months 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: U2 20 (Uptown Mi
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Age: 51-99 years
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Taxes: 10625
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MLS®#: X9255767
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Days on Site: 80 Days
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Added: Aug 12, 2024 (3 months ago)
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Updated:
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Last Checked: 5 hours ago
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Listed By: CHESTNUT PARK REAL ESTATE LIMITED
Rare find in Uptown Waterloo. This purposely built rental property comprises 5-unit townhome-style suites with terraces located in the heart of the city. Potential to expand size to 20-35 unit building on site. Can build up to 6-storeys. A large renovation was completed in 2020/21 including electrical and plumbing. Total floor area is 5,784 SF. Flat roof approx. 10-years old & sloped roof shingles replaced in 2017. This is a rare opportunity! City Planning report Available to expand size of the building. Site is designated Medium Density which permits a maximum height of 20 meters on Schedule B1. Enjoy the positive cashflow until you want to develop or hold and sell to a developer. This property is a central key property to the assembly with the two adjacent properties.
Extras
If property was redeveloped with all studio and one-bedroom units this would allow for up to 36 units. If the redevelopment proposal included some two-bedroom units the number of permitted units would increase.
Property
Status: Sale
Type: Apts-2 To 5 Units
Property Type: Investment
Property Type: Apartment
Age: 51-99
Net Income: 90732
Area: Waterloo
Availability Date: Flexible
Inside
Air Conditioning: N
Utilities
Utilities: Yes
Building
Basement: Y
Heat Type: Gas Hot Water
Freestanding: Y
Water Supply: Municipal
Parking
Garage Type: None
Fees
Tax Year: 2024
Tax Legal Description: LT 50 PL 385, SAVE & EXCEPT PT 5 ON WR838589
Taxes: $10,625
Expenses: Act
Management Expense: 6769
Insurance Fee: 5040
Operating Fees: 44650
Hydro Expense: 1275
Heat Expenses: 7358
Other Expenses: 4318
Taxes Type: Annual
Taxes: 10625
Tax Year: 2023
Water Fees: 2495
Land
Cross Street: King St. S. & John S
Municipality District: Waterloo
Parcel Number: 224150188
Sewer: San+Storm
Lot Depth: 124.08 Feet
Lot Frontage: 66 Feet
Zoning: U2 20 (Uptown Mi
Commercial Specific
Sprinklers: N
Total Area: 5784
Total Area Metric: Sq Ft
Area Influence: Major Highway
Area Influence: Public Transit
Lot Code: Lot
Business/Building Name: Maisonette Suites
Gross Income/Sales: 135382
Our Lady of Lourdes Catholic Elementary School
Elementary: CatholicKing Edward Public School
Elementary: PublicWestmount Public School
Elementary: PublicSt John Catholic Elementary School
Elementary: CatholicMacGregor Public School
Elementary: PublicElizabeth Ziegler Public School
Elementary: PublicSt David Catholic Secondary School
Secondary: CatholicForest Heights Collegiate Institute
Secondary: PublicKitchener Waterloo Collegiate and Vocational School
Secondary: PublicBluevale Collegiate Institute
Secondary: PublicWaterloo Collegiate Institute
Secondary: PublicResurrection Catholic Secondary School
Secondary: Catholic
