$2,195,000
FOR SALE

Investment

Lot: 66 x 124.08 ftTotal Area: 5,784 ft2
2024 Taxes: $10,625Maintenance Fees: $6,769

216 King St S
Waterloo, ON N2J 1R3

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.
Share
Listed By CHESTNUT PARK REAL ESTATE LIMITED
Data Provided By Toronto Regional Real Estate Board
MLS® Listing Number X9255767
Last Updated Aug 23, 2024
Property Summary
Property Type Investment

More like this:
Use Apartments - 2 to 5 Units
Business/Building Name Maisonette Suites
Category Apartment
PIN 224150188
Legal Description LT 50 PL 385, SAVE & EXCEPT PT 5 ON WR838589
Occupancy Tenant
Possession Date Flexible
Taxes (2024) $10,625
Tax Type Annual
Maintenance Fees $6,769
Directions/Cross Streets King St. S. & John St. E.
Area Waterloo
Price History

Interested in obtaining the full price history for this property?
Contact us!Contact us! Our real estate professionals would be happy to provide a complete listing history with historical sold prices and dates.

Detailed Information
Freestanding Y
Lot 66 x 124.08 ft
Total Area 5,784 ft2
Approximate Age 51-99
Air Conditioning N
Basement Y
Garage Type None
Heat Type Gas Hot Water
Gross Income/Sales $135,382
Net Income Before Debt $90,732
Hydro Expense $1,275
Water Expense $2,495
Heat Expenses $7,358
Insurance Expense $5,040
Management Expense $6,769
Operating Expenses $44,650
Taxes Expense $10,625
Other Expenses $4,318
Year Expenses $2,023
Expenses Actual/Estimated Act
Area Influences Major Highway, Public Transit
Sprinklers N
Sewers San+Storm
Utilities Y
Water Municipal
Lot/Bldg/Unit Code Lot
Zoning U2 20 (Uptown Mixed-Use)
Seller Property Info Statement N

The information contained on this site is based in whole or in part on information that is provided under copyright by the Toronto Regional Real Estate Board (TRREB) or by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. TRREB and CREA reproduce and distribute this information as a service for their members and assume no responsibility for its accuracy. All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations of any kind are made with respect to the accuracy of such information.
The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial purpose or any other purpose.

FREE ESTIMATES ARE COMING

Reserve Your Spot To Be Notified
or

Coming soon to select cities
in North America

(We'll never share your details)