This is an amazing opportunity to purchase a significantly discounted legal non-conforming 6plex in Kingston, ON near one of the top post-secondary institutions’ in Canada, Queen’s University! This presents a great BRRRR opportunity and cash-flow for a multi-family investor. Currently cash-flowing over $1,000 per month in as-is condition with potential to renovate and increase rents so that cash flow surpasses over $3,000 per month.
This an amazing and extraordinary rare opportunity to purchase a legal 6-plex less than $1mil in Kingston, especially in close proximity to the University. Legal Triplexes and Fourplexes nearby are listed on the MLS for at least $900k+, with some even listed for for low millions.
This legal non-conforming 6plex is located at 547 Brock Street in the Weller neighbourhood and is only a 15 minute walk or a 3 minute drive to Queen’s University, one of Canada’s top ranked University. Moreover, there is significant development going on around the neighbourhood with a developer building a new condo just 2 minutes north of the property (further from Queen’s University) focused on student housing.
This property is less than a minute walk to Victoria Park where there is ice-rinks, tennis courts, baseball fields etc. Moreover, it is within a 10 minute walk to the main road, Princess Street, which has many major retailers, local restaurants, fast food, and service stores. With such close proximity to city parks and other amenities, but also walking distance to the University, this property allows for a wide cast of tenants ranging from students to new grads and young professionals/couples. This is the ideal candidate as it allows for turn-over of units and thus the ability to increase rents back up to market rents during natural turnover.
This 6plex provides for huge potential for multi-family BRRRR investors and cash-flows from day 1. There are 7 hydro meters in the property (1 meter is for common elements) with tenants paying electrical. Several updates have been made to the property including changing the fire panel last year, roof being redone 8 years ago with 7 years warranty remaining, one apartment has been fully renovated, owned hot water tank that has been replaced last year and many more.
The potential in this property lies within renovating and turnover units. All tenants are currently students allowing for turnover to be easier than traditional tenants and also for a higher probability of natural turnover. Kingston is the 12th most expensive city to rent in Canada according to Zumper with the average 1 bedroom rent at $1,330 and the average 2 bedroom rent at $1,520. Furthermore, by incorporating elements of Airbnb or other short-term rental strategies, there is potential to further increase revenue and maximize cash-flow.
This is a cannot miss opportunity for an amazing BRRRR multi-family property in Kingston, ON with major upside! Check the financials and photos/videos for more information!
Click Here for Photos & Videos
PROPERTY FEATURES:
- Financials in the link above
- Legal non-conforming 6plex as per City of Kingston and owner
- Unit Breakdown
- 4 of 6 units are 1 bed + 1 bath
- 2 of 6 units are 2 bed + 1 bath
- All tenants are students, allowing for easier turnover than traditional tenants and higher probability of natural turnover
- Coin operated-laundry
- Landlord is responsible for water and heat
- Tenants responsible for electrical
- 7 hydro meters
- Forced air – Furnace is owned and in good working condition (Note almost all comparables have electric baseboard, so this is a bonus!)
- Windows are older (over 18 years)
- Owned new hot water tank
- Roof 8 years, with 7 year warranty remaining with Elliott Roofing
- Fire Panel changed last year
- Parking – 6 spots including Carport
- 6 Breaker panels, 1 fuse box
- Electrical – Copper
- Plumbing PVC & copper