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280 LESTER ST #116 Waterloo, ON N2L3W5
558 SqFt
UPDATED:
Key Details
Property Type Condo
Sub Type Condominium
Listing Status Active
Purchase Type For Sale
Square Footage 558 sqft
Price per Sqft $1,290
Subdivision 417 - Beechwood/University
MLS® Listing ID 40734577
Condo Fees $549/mo
Property Sub-Type Condominium
Source Cornerstone - Waterloo Region
Property Description
Commercial Condo in great location close to the University of Waterloo. This unit is currently tenanted with a lease (5 years) in place until November 2028, and rent escalates annually from $4,350.50/month now to $5,791.25/month in the final year. Net annual income averages ~$41,930 over the next four years, resulting in a strong ~5.82% cap rate. There is a 5 year renewal option in the lease. Given the location, secure cash flow, and minimal upkeep, this property would appeal greatly to passive investors. Why Invest on it? Long-term, escalating lease in place Low operational burden Strong rental growth outlook Located in high-demand core Perfect for hands-off investors seeking passive income and asset appreciation (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Exterior
Parking Features No
View Y/N No
Private Pool No
Building
Story 1
Sewer Municipal sewage system
Others
Ownership Condominium
Listed by Royal LePage Wolle Realty