280 LESTER ST #116 Active Save Request In-Person Tour Request Virtual Tour
Waterloo,ON N2L3W5
Key Details
Property Type Condo
Sub Type Condominium
Listing Status Active
Purchase Type For Sale
Square Footage 558 sqft
Price per Sqft $1,163
Subdivision 417 - Beechwood/University
MLS Listing ID 40759992
Condo Fees $549/mo
Property Sub-Type Condominium
Property Description
This unit is currently tenanted with a lease (5 years) in place until November 2028, and rent escalates annually from $4,350.50/month now to $5,791.25/month in the final year. Net annual income averages ~$40,293 over the next 3.5 years, resulting in a strong ~6.21% cap rate. There is a 5 year renewal option in the lease. Given the location, secure cash flow, and minimal upkeep, this property would appeal greatly to passive investors. Why Invest? - Long-term, escalating lease in place - Low operational burden - Strong rental growth outlook - Located in high-demand core Perfect for hands-off investors seeking passive income and asset appreciation (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Exterior
Parking Features No
View Y/N No
Building
Story 1
Sewer Municipal sewage system