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. (id:47482)
| BusinessType | Residential |
| BusinessSubType | Apartments |
| MLS® Number | X11898996 |
| Property Type | Multi-family |
| Community Name | East of Sir John A. Blvd |
| Appliances | Dishwasher, Dryer, Range, Refrigerator, Stove, Washer |
| CoolingType | Fully Air Conditioned |
| HeatingType | Baseboard Heaters |
| SizeInterior | 3000 Sqft |
| Type | Multi-family |
| UtilityWater | Municipal Water |
| Acreage | No |
| Sewer | Sanitary Sewer |
| SizeDepth | 132 Ft |
| SizeFrontage | 34 Ft |
| SizeIrregular | 34 X 132 Ft |
| SizeTotalText | 34 X 132 Ft |
| ZoningDescription | Dt1 |
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Not intended to solicit buyers or sellers currently under contract. © 2021 | Penny Blake Home Team | Built with Love by Aaru Canada
