PROPERTY FEATURES 7 residential apartments located on second and third floor 1 commercial unit on the main floor Situated in Kingston s vibrant downtown, in and up-and-coming area next to soon-to-be apartment and commercial complexes Significant upside potential EXCELLENT INVESTMENT OPPORTUNITY CLASS A CUSTOM DESIGNED 3 STOREY COMMERCIAL/RESIDENTIAL BUILDING Sale Price: $2,450,000 Total Units: Lot Size: Water/Sewer: Residential - 7 (13 beds total) Commercial - 1 (Ground floor & Basement) 5,188 SF Municipal Zoning: C4 Providing Solutions Sina Tahamtan Sales Representative Office 613-384-1997 ext. 18 Cell 613-583-7462 stahamtan@rtcr.com 20 Gore Street, Suite 102 Kingston, Ontario K7L 2L1 www.rtcr.com
PROPERTY DETAILS Property Taxes: $33,623 (2017) $19,336 (Commercial) $14,287 (Residential) Building Size: Exterior: Foundation: Access & Security: Electricity: Water: Water Heaters: Heating & Cooling: +/- 11,172 SF Architectural grade concrete block Concrete block Three POE s along Princess and three along back of the building Installed intercom with door buzzer system Alliance Security System Surveillance systems with cameras installed 600 AMP Residential - 7 Meters (1 /unit) Commercial - 2 Meters (Ground Floor & Basement) House Meter All units separately metered. 2 Meters 1 Commercial Meter 1 House Meter Individual HWT s for each unit Residential - Electric Baseboard heating Commercial Ground Floor - 2 HVAC rooftop, gas fired units High efficiency gas furnace and central A/C unit HRV unit BREAKDOWN OF BUILDING SQUARE FOOTAGE FOOTPRINT LEASEABLE SPACE Basement 2,793 2,622 Commercial Ground Floor 2,793 2,622 Commercial Second Floor 2,793 Residential Third Floor 2,793 Residential SUBJECT BUILDING 11,172 *OUTLINE IS APPROXIMATE UNIVERSITY AVENUE PRINCESS STREET UTILITIES SUMMARY ACCOUNT SERVICE COMMENTS 458 Princess Street Electricity 7 Meters - One for each Residential Unit 460 Princess Street Electricity, Water/Sewer House Meter 460 Princess Street - Unit 100 Water/Sewer, Gas Commercial Unit 460 Princess Street - Unit 101 Electricity Commercial Unit 460 Princess Street - Unit 102 Electricity Commercial Unit
COMMERCIAL UNIT Tenant: Kingston Heart Clinic (KHC) Leased Premises: Ground Floor 2,622 SF /$20 PSF Basement 2,622 SF /$10 PSF Lease Type: Additional Rent: Triple Net $5.20 PSF (2016 Estimate) Lease Commencement: March 1, 2017 Lease Term: Renewal Options: Current Parking: 5 Years Two additional 5 year terms 7 spots at $65/month each Tenant History: Class A Tenant, operating since 1994 Serving a client base of over 80,000 patients Tenant Responsibilities: Commercial Utility Services Proportionate share of: Property Tax Building Insurance Building Maintenance/Repairs
RESIDENTIAL UNITS Apartment Details: Contains 7 residential apartments, located on the second and third floors of the building One (1) hot water tank in each apartment Each apartment is separately metered for Electricity (hot water tank & heating) paid for by tenants. Separate individual electric sub-panel within each apartment Water/sewer is inclusive Parking is made available to tenants if required All apartments have large windows, high ceilings, and plenty of storage closets throughout The residential apartments overlooking the rear of the property (total of 3) have balconies The residential apartments overlooking Princess Street (total of 4) have French balconies Access to balconies via patio doors All residential apartments provide significant upside for increasing rent Apartment Summary: APARTMENT BEDS BATHS RENT UTILITIES INCLUDED UTILITIES EXCLUDED # 1 2 1 $940 Water/Sewer Electricity # 2 2 1 $1,150 Water/Sewer Electricity # 3 3 1 $1,725 Water/Sewer Electricity # 4 1 Bachelor 1 $800 Water/Sewer Electricity # 5 2 1 $940 Water/Sewer Electricity # 6 2 1 $1,010 Water/Sewer Electricity # 7 1 1 $1,100 Water/Sewer Electricity Apartment Rental Upside Potential: APARTMENT STYLE SUBJECT PROPERTY RENT RATE MARKET AVERAGE RENT RATE Studio/Bachelor $800 $1,000 +utilities 1 Bedroom $780 $1,100 +utilities 2 Bedroom $940-$1,150 $1,200 +utilities 3 Bedroom $1,725 $1,900 +utilities The adjacent table compares current residential rent rates at the apartment, to those of the prevailing market. Market averages were calculated using comparable units, within less than a 5 minute walking distance to the subject property. Residential apartments at subject property were, on average, in consistently better shape, state of repair, quality and layout. Laundry Alexander Wilson Architects have completed designs for the creation and incorporation of laundry facilities in the building. These plans are complete, and will be provided to the next Owner, to be stamped, for permit issuance. Upgrades The building has been professionally upgraded and maintained throughout the Seller s period of ownership, using reputable companies. Please contact the Listing Agent for a list of upgrades and improvements.
RESIDENTIAL UNITS (CONTINUED) RESIDENTIAL APARTMENTS - SECOND LEVEL Apartment 1 This apartment consists of 2 bedrooms, a kitchen, a living room, along with full bathroom. Laminate flooring & ceramic tile (2008) Open concept kitchen and living room design Storage areas throughout New fridge installed (2012) French balcony with new patio doors (2010) Professionally upgraded Apartment 2 This apartment consists of 2 bedrooms, a kitchen, a living room, dining area, along with full bathroom. Spacious bedrooms with closets, large windows, and high ceilings Large open-concept designed kitchen overlooking oversized living room Completely new full bathroom ($14,300 spent in 2016) New fridge and stove installed 2016 New patio doors (2010) on french balcony overlooking Princess Street Professionally upgraded Apartment 3 This apartment consists of 3 bedrooms, a kitchen, a living room, dining area, along with 2 full bathrooms. Spacious bedrooms all with closets, large windows and high ceilings Balcony with new patio doors (2015) New laminate flooring (2008) Large kitchen overlooking spacious living room and balcony area This is a very unique over-sized 3 bedroom apartment Professionally upgraded Apartment 4 This is a bachelor apartment consisting of a kitchen, living room /bedroom, along with a full bathroom. Unique layout and good use of space Balcony with new patio doors (2009) Regularly maintained and upgraded
RESIDENTIAL UNITS (CONTINUED) RESIDENTIAL APARTMENTS - SECOND LEVEL Apartment 5 This apartment consists of 2 bedrooms, a kitchen, living room, along with a full bathroom. Similar layout to Apartment 1 Laminate flooring and ceramic tile Open concept kitchen and living room design Storage areas throughout New range hood installed 2016 New patio doors installed in 2010 on French balcony Professionally upgraded Apartment 6 This apartment consists of 2 large bedrooms, a kitchen, living room, along with a full bathroom. Large open concept kitchen leading to oversized living room French balcony in living room overlooking Princess Street High ceilings, large windows, and unique layout concept rendering a spacious unit Upgraded kitchen, bathrooms, floring, paint and more Professionally renovated and consistently maintained Apartment 7 This apartment consists of 1 large 16.5 x7 bedroom, a kitchen, living room, eating area, along with full bathroom. This is an oversized 1 bedroom apartment, with upgrades throughout Kitchen overlooks enlarged living room with balcony Storage closets throughout Professionally upgraded - bathroom, kitchen, flooring, and new appliances (Fridge 2011)
PROPERTY LOCATION PROPERTY LOCATION A VIBRANT AREA: Kingston has a vibrant downtown that is the culture and entertainment hub of the region. There are over 100 unique restaurants, many specialty gift and fashion boutiques, art galleries and so much more. A COMPLIMENTARY MIX: Kingston s downtown features a complimentary mix of small independent shops along with major international chain stores that would not normally be found in a downtown this size including Indigo, Gap, Roots, Staples, Urban Outfitters, Lululemon, Starbucks, Goodlife Fitness, American Apparel, The Works, The Keg, Milestones, etc. TOURISM: Tourism in Kingston is a thriving industry especially in the summer when the city offers many festivals including the First Captial Day celebration, BluesFest and the 1000 Islands Poker Run. The beautiful waterfront, well-maintained parks, prominent entertainment venues and ample art galleries, make it a top choice for visitors from near and far. PROPERTY LOCATION Situated on the south side of Princess Street, near the intersection of Princess Street and Division Street, in downtown Kingston. Property is near two soon-to-be apartment and commercial complexes in a dynamic and growing area. Property contains a paved lot with 10 parking spaces.