$2,375,000

For sale

442 Macdonnell Street, Kingston (Central City East) - Multi-family for Sale

442 Macdonnell Street, Kingston (Central City East), Ontario, K7L4E4

3 parking1,884 ft²Listed 51 days ago

Overview

This multi-family property in Kingston is for sale offering roughly 1,884 sq ft of space. It has been on the market 51 days, fresher than the Kingston average of 61 days.

Multi-Family Properties for Sale in Kingston →All real estate in Kingston →

Description

Prime investment opportunity in Central Kingston! This solid, fully-brick 12-unit residential building features a turn-key mix of 6 one-bedroom units and 6 efficient bachelor units. Situated in a high-demand location with easy transit access to downtown amenities and post-secondary institutions. Strong Revenue Stream: Generating a solid $186600 in gross annual rent, plus extra income from the onsite coin-operated laundry and 3 dedicated outdoor parking spaces. Current Rent is 12% below market across the building, with room to improve. Low Owner Capital Expenditure: New roof replaced 2 years ago, offering low maintenance risk for years to come.Minimal Utility Costs: Each unit is individually metered for hydro, drastically keeping landlord utility expenses low. Key Features: Carpet-free building interior, exterior lighting, updated fire protection system, and select units with cozy gas fireplaces. An exceptionally stable, low-maintenance multi-family asset offering strong cash flow with reliable upside. CMHC Mortgage is transferable with certain conditions. The Loan loan term ends in 2029 (id:66096)

Property Details

MLS®: X13778214
Property Type: Multi-family
Business Type: Residential
Zoning: C4-H(t1)
Parking: 3
Interior Size: 1,884 ft²
Frontage: 33 ft
Building Area: 1,884 ft²
Heating: Baseboard heaters
Cooling: None
Property Tax: $20,636/yr
Listed: 51 days ago

Features

Appliances: Water Heater

Services

Water: Municipal water

Features and services as supplied by the listing brokerage.

Market Timing

Days on market

51d

Kingston (Central City East) listings, avg age

61d

Price / ft²

$1,261

List price

$2.38M

Homes here sell faster than most markets

Sold homes in this market spent an average of 36 days on the market over the past year, against a median of 48 days across the markets we publish.

Haho

This multi-family in Kingston (Central City East) has been listed for 51 days, which is 10 days fresher than the city average of 61. Act while there is still low competition.

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Listed by CENTURY 21 LANDUNION REALTY INC. · PHILIP DENG

Location

Approximate location — exact address confirmed upon showing

Nearby Places

Area context

Neighbourhood profile (K7L)

This home lists at $2,375,000, about 32.8× the local median household income of $72,500.

Carrying it typically needs a household income of about $463,921 (20% down, 25-yr amortization, stress-tested) — roughly 540% above the area median.

Median household income: $72,500
Population: 19,621
Median age: 40
Owner / renter: 46% / 54%
Avg. household size: 2

Source: Statistics Canada, 2021 Census (FSA K7L)

$2,375,000· $1,261/ft²

For sale

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Full Cost Breakdown

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Down Payment20% · $475,000

Min 20%50%

Mortgage payment$10,129/mo

Property tax (est.)$1,720/mo

Total monthly$11,848

Cash Needed to Close

Down payment (20%)$475,000

Land transfer tax$45,850

Est. closing costs$9,625

Total cash needed$530,475

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