79-81 Queen ST new Save Request In-Person Tour Request Virtual Tour
Kingston,ON K7K 1A5
Key Details
Property Type Multi-Family
Sub Type Fourplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID X11898946
Style 2-Storey
Bedrooms 2
Annual Tax Amount $6,366
Tax Year 2024
Property Description
Welcome to 79-81 Queen Street, a historic gem in the heart of downtown Kingston. Built in 1840, this stately limestone building combines timeless charm with modern amenities, making it a standout investment opportunity. The property features limestone construction with exposed brick interiors that exude character. Located in Kingston's vibrant downtown core, its within walking distance of the waterfront, Queens University, and an array of shops, restaurants, and cultural attractions. This turnkey investment offers four residential units, all separately metered to ensure low operating costs. Each unit includes appliances, with two featuring dishwashers and one equipped with laundry. The property has a history of being fully rented with no vacancies, highlighting its strong rental demand. Additionally, 10 parking spots generate an extra $1,000 per month, adding to its income potential. There is also room for expansion, offering opportunities to further enhance rental income. With easy cosmetic renovations, the units have significant potential for increased revenue, adding even more value to this already attractive investment. Current rents include $1,400/month (Oct 2024 Sep 2025) for Unit 79-1, $1,800/month (May 2024 Apr 2025) for Unit 79-2, $1,691/month (month-to-month) for Unit 81-1, and $1,800/month (Jul 2024 Jun 2025) for Unit 81-2. Combined with parking income of $12,000 annually, the property boasts a gross annual income of $92,292 and a net operating income of $85,925, with property taxes being the only expense at $6,367 per year. At a purchase price of $1,600,000, the cap rate is an attractive 5.37%.With its unbeatable location, solid income stream, and historic charm, 79-81 Queen Street offers a rare opportunity to own a piece of Kingston's heritage while enjoying a lucrative, low-maintenance investment.
Location
Province ON
County Frontenac
Community East Of Sir John A. Blvd
Area Frontenac
Region East of Sir John A. Blvd
City Region East of Sir John A. Blvd
Rooms
Family Room Yes
Basement Finished,Apartment
Kitchen 3
Separate Den/Office 3
Interior
Interior Features Separate Hydro Meter
Cooling Window Unit(s)
Fireplace No
Heat Source Electric
Exterior
Exterior Feature Porch
Parking Features Available,Lane,Private Triple,Reserved/Assigned
Garage Spaces 10.0
Pool None
Waterfront Description None
View City,Downtown
Roof Type Asphalt Shingle
Lot Depth 132.0
Total Parking Spaces 10
Building
Unit Features Hospital,Library,Park,Place Of Worship,Public Transit,School
Foundation Stone