ON > Kingston
Kingston, ON K7K 1A5,79-81 Queen ST
Kingston, ON K7K 1A5,79-81 Queen ST
Kingston, ON K7K 1A5,79-81 Queen ST
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$1,600,000
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79-81 Queen ST Kingston, ON K7K 1A5

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Nisha K Pawa

Nisha K Pawa

+1(416) 894-7948

UPDATED:

12/20/2024 09:14 PM

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

Listed by RE/MAX FINEST REALTY INC., BROKERAGE

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Nisha K Pawa

+1(416) 894-7948

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79-81 Queen ST