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$ 2,375,000
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Active
48 Stephen ST Kingston, ON K7K 2C3
10,000 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 10,000 sqft
Price per Sqft $237
Subdivision 22 - East Of Sir John A. Blvd
MLS Listing ID X13228856
Annual Tax Amount $24,831
Tax Year 2025
Property Sub-Type Investment
Property Description
Well-located 12-unit apartment building in Kingston's highly sought-after Inner Harbour District. The property generates a current NOI of $106,803 and is approximately 21% under-rented across the building, offering immediate and measurable upside through rent optimization. The building is in good overall condition, with several capital improvements already completed. Rents are inclusive, with landlord-paid utilities, creating potential for future expense optimization. On-site parking enhances tenant appeal and long-term stability. This asset qualifies for CMHC MLI-Select-style financing, making it an attractive opportunity for investors seeking leverage, income growth, and a strong downtown location with limited multi-residential supply. Full financials, rent roll, and supporting documentation are available in the data room. Serious buyers are encouraged to review the materials to fully understand the income upside and financing potential.
Location
Province ON
County Frontenac
Area Frontenac
Interior
Cooling No
Exterior
Utilities Available Yes
Lot Frontage 57.72
Lot Depth 141.18
Others
ParcelsYN No
Listed by RE/MAX RISE EXECUTIVES, BROKERAGE