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$ 675,000
Est. payment /mo
Active
280 LESTER ST #116 Waterloo, ON N2L3W5
558 SqFt
UPDATED:
Key Details
Property Type Condo
Sub Type Condominium
Listing Status Active
Purchase Type For Sale
Square Footage 558 sqft
Price per Sqft $1,209
Subdivision 417 - Beechwood/University
MLS® Listing ID 40759992
Condo Fees $549/mo
Property Sub-Type Condominium
Source Cornerstone Association of REALTORS®
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
State ON
Rooms
Kitchen 0.0
Exterior
Parking Features No
View Y/N No
Private Pool No
Building
Story 1
Sewer Municipal sewage system
Others
Ownership Condominium
Listed by Royal LePage Wolle Realty