Milad Akrami
Sales Representative
Soltanian Real Estate, Brokerage
Independently owned and operated.
175 Willowdale Ave Suite 100, Toronto, Ontario M2N4Y9
Cell: 647-678-7799Office: 647-678-7799
$2,195,000
Available - For Sale
Listing ID: X9255767
216 King St South , Waterloo, N2J 1R3, Ontario
| 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. |
| Price | $2,195,000 |
| Taxes: | $10625.00 |
| Tax Type: | Annual |
| Occupancy by: | Tenant |
| Address: | 216 King St South , Waterloo, N2J 1R3, Ontario |
| Postal Code: | N2J 1R3 |
| Province/State: | Ontario |
| Legal Description: | LT 50 PL 385, SAVE & EXCEPT PT 5 ON WR83 |
| Lot Size: | 66.00 x 124.08 (Feet) |
| Directions/Cross Streets: | King St. S. & John St. E. |
| Category: | Apartment |
| Use: | Apts-2 To 5 Units |
| Building Percentage: | Y |
| Total Area: | 5784.00 |
| Total Area Code: | Sq Ft |
| Area Influences: | Major Highway Public Transit |
| Approximatly Age: | 51-99 |
| Business/Building Name: | Maisonette Suites |
| Taxes Expense: | $10625 |
| Insurance Expense: | $5040 |
| Management Expense: | 6769 |
| Heat Expenses: | $7358 |
| Hydro Expense: | $1275 |
| Water Expense: | $2495 |
| Other Expenses: | $4318 |
| Gross Income/Sales: | $135382 |
| Operating Expenses: | $44650 |
| Vacancy Allowance: | 0 |
| Net Income Before Debt: | $90732 |
| Year Expenses: | 2023 |
| Expenses Actual/Estimated: | $Act |
| Sprinklers: | N |
| Heat Type: | Gas Hot Water |
| Central Air Conditioning: | N |
| Sewers: | San+Storm |
| Water: | Municipal |
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| CHESTNUT PARK REAL ESTATE LIMITED |
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Milad Akrami
Sales Representative
Dir:
647-678-7799
Bus:
647-678-7799
| Book Showing | Email a Friend |
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At a Glance:
| Type: | Com - Investment |
| Area: | Waterloo |
| Municipality: | Waterloo |
| Lot Size: | 66.00 x 124.08(Feet) |
| Approximate Age: | 51-99 |
| Tax: | $10,625 |
| Maintenance Fee: | $6,769 |
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