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:4069)
Address
280 LESTER Street Unit# 116
List Price
$719,999
Property Type
Other
Area
Ontario
Sub-Area
Waterloo
Floor Area
558 Sq. Ft.
Maint. Fee
$549.86
MLS® Number
40734577
Listing Brokerage
Royal LePage Wolle Realty
Basement Area
None
Postal Code
N2L3W5
Zoning
NMU-8
