325 LAMBTON StreetKincardine, ON, N2Z 0E3

Property Description for 325 LAMBTON Street

Kincardine 45 unit apartment building on 1.474 Ac site in the downtown core. The building has 25-2 bedroom apartments and 20-1 bedroom apartments & 5 commercial units on main floor on west side of building. There is ample parking for tenants, guests & businesses with 75 parking spaces on the 2 sides of the building. Built & owned by the same family since 1980, the interior & exterior have been maintained in excellent condition. All mechanical systems have been updated & modernized. Natural gas boiler & holding tank (rental) installed in 2021 to replace electric hot water tank. 400 sqft utility/meter room also doubles as a workshop. The windows & sliding doors to balconies have all been replaced. Roof replaced in summer of 2024. Building has been re-keyed in 2021 & the fire alarms updated. All kitchens & bathrooms have been renovated in the last few years. Individual hydro meters on all apartments. Building is fully occupied by mature, long-term tenants & has had a zero % vacancy for an extended period with a waiting list. Residents enjoy the on-site, coin-operated laundry with 3 washers & 4 dryers in a 400 sqft facility with access ramp. A 736 sqft furnished residents lounge is well used for recreation & gatherings. The rents are below current market prices, suggesting a good opportunity for increasing the cap rate. New incoming tenants are paying a 40-50% increase over current rates. Owner has preliminary plans for adding 5 units to the north end of building which were never approved or completed. Site could potentially accommodate up to 9 additional apartments. Arrangements to inspect apartments can be made following acceptance of an Agreement of Purchase and Sale. (id:38686)