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$1,600,000
Available - For Sale
Listing ID: X11898996
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 and tenants love. Located in Kingston's vibrant downtown core, it has so many amenities within easy walking distance including the waterfront, Queens University, Kingston General Hospital, and an incredible number 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 as well. The property has a history of being fully rented with no vacancies, highlighting its strong rental demand. Additionally, 10 coveted parking spots generate an extra $1,000 per month. There is also room for expansion on the large lot, offering opportunities to add to this property. With easy cosmetic renovations, the units themselves have significant potential for increased revenue, adding even more value to this already attractive investment. Current rents include Unit 79-1 $1,400/month (Oct 2024 - Sep 2025), Unit 79-2 $1,800/month (May 2024 - Apr 2025), Unit 81-1 $1,691/month (month-to-month), and Unit 81-2 $1,800/month (Jul 2024 - Jun 2025). Combined with the parking income, the property currently has a gross annual income of $92,292 and a net operating income of $67,561. 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.
Price $1,600,000
Taxes: $6,366.78
Tax Type: Annual
Occupancy by: Tenant
Address: 79-81 Queen St , Kingston, K7K 1A5, Ontario
Postal Code: K7K 1A5
Province/State: Ontario
Legal Description: PT LT 195 ORIGINAL SURVEY KINGSTON CITY
Lot Size: 34 x 132 (Feet)
Directions/Cross Streets: One street north of Princess, East of Division. 79-81 Queen is just West of Wellington on the North
Zoning: DT1
Category: Apartment
Use: Apts-2 To 5 Units
Building Percentage: Y
Total Area: 3,170
Total Area Code:  Sq Ft
Approximatly Age: 100+
Financial Statement: Y
Chattels: Y
Heat Type: Baseboard
Central Air Conditioning: N
Sewers: Sanitary
Water: Municipal
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RE/MAX FINEST REALTY INC., BROKERAGE

79-81 Queen St , Kingston, K7K 1A5, Ontario


 
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Type: Com - Investment
Area: Frontenac
Municipality: Kingston
Neighbourhood: East of Sir John A. Blvd
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Lot Size: 34.00 x 132.00(Feet)
Approximate Age: 100+
Tax: $6,366.78
Maintenance Fee: $0
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