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. (id:4069)
Address
79-81 QUEEN STREET
List Price
$1,600,000
Property Type
Multi-family
Type of Dwelling
Fourplex
Transaction Type
sale
Area
Ontario
Sub-Area
Kingston (east Of Sir John A Blvd)
Bedrooms
5
Bathrooms
4
Floor Area
30,003,500 Sq. Ft.
Lot Size
34 x 132 FT Sq. Ft.
MLS® Number
X12250748
Listing Brokerage
RE/MAX FINEST REALTY INC., BROKERAGE
Basement Area
N/A
Postal Code
K7K1A5
Zoning
DT1
Site Influences
Hospital, Park, Place of Worship, Public Transit, Schools, View
Features
Lane, Carpet Free
Amenities
Separate Electricity Meters
