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378 Barrie St, Kingston, ON

Name: 378 Barrie St, For Sale in Kingston - eXp Realty
Brand: SUTTON GROUP-MASTERS REALTY INC., BROKERAGE
SKU: X13736054
Price: 559000 CAD

House

For Sale

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521

MLS® X13736054

Property Details
Rooms
Map

Description

6.8% Net Cap Rate with Additional Income Upside. An exceptional turnkey investment opportunity with $43, 200 in annual gross rental income and a 6.8% net cap rate, with further potential to increase revenue. The property is currently rented as a 4-bedroom student rental at $3, 600 per month plus tenants pay utilities, with a lease in place until the end of April 2027 with the high possibility of these tenants renewing their leases. Located within walking distance of downtown Kingston and Queen's University, this property benefits from a highly desirable location and consistent demand for student housing. The property has been well maintained and consistently occupied, offering investors immediate income while providing clear upside potential. With the existing four-bedroom configuration generating a 6.8% net cap rate, the opportunity to add rental income through the currently unused bedroom, potential dining-room conversion, and parking space creates the potential for an even stronger return over time. There is meaningful opportunity to increase the property's income beyond the current $43, 200 annual rent. The home includes a fifth, smaller bedroom on the second floor that is not currently being rented, along with the potential to convert the existing dining room into an additional bedroom. There is also one dedicated parking space that could potentially be monetized separately. These opportunities provide investors with several avenues to enhance future rental income with relatively modest improvements. Laundry is located in the lower level full height basement. (id:58753)Show Description

Key Facts

Type Single Family Residence

Levels Residential

Size -

Garage Yes

Taxes $3,478

Days Active 11

MLS® Number X13736054

Central VacNo

FireplaceNo

GarageYes

BasementUnfinished, N/A

DrivewayNo Garage

HeatForced air, Natural gas

A/CNone

Additional Information

Siding Vinyl Siding

Sewage System Other

Landscaping Carpet Free

Price History

00/00/0000End Date

$XXX,XXXSold Price

Top Secret

00/00/0000List Date

$XXX,XXXList Price

Jun 1, 2022End Date

-Sold Price

Expired

Mar 30, 2022List Date

$599,000List Price

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Home Appraisal

This property is estimated to sell between: $559,000 and $912,000.

Similar properties in this area sold on average for: $793,750

Expected to sell in 25 days. Similar properties sold in 36 days. This home has been on eXp Realty for 11 days.

The estimated sale price does not take into account many variables such as recent renovations, type of appliances, school district etc. To get a more accurate estimate please contact agent.

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