280 Lester Street #116 Active Save Request In-Person Tour Request Virtual Tour
Waterloo,ON N2L 3W5
Key Details
Property Type Commercial
Sub Type Mixed,Building and Land
Listing Status Active
Purchase Type For Sale
Square Footage 558 sqft
Price per Sqft $1,290
MLS Listing ID 40734577
HOA Fees $549/mo
HOA Y/N Yes
Abv Grd Liv Area 558
Annual Tax Amount $6,003
Property Sub-Type Mixed,Building and Land
Source 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
Location
Province ON
County Waterloo
Area 4 - Waterloo West
Zoning NMU-8
Direction University Ave to Lester
Rooms
Basement None
Kitchen 0
Interior
Fireplace No
Exterior
Garage Description 2
Garage No
Building
Lot Description Business Centre
Faces University Ave to Lester
Story 1
Sewer Sewer (Municipal)
Water Municipal
Structure Type Concrete
New Construction No
Others
Senior Community No
Tax ID 236260016
Ownership Condominium