58 St. James Street, KINGSTON
Uptown Kingston 17 unit apartment complex consisting of a main building with 14 apartments then a detached carriage house with 3 apartments and a 1 car garage. Owner pays for all utilities in both buildings, main building has a natural gas boiler and gas hot water, carriage house has a forced air natural gas furnace and a gas hot water heater. All units are in good condition with all hard wood flooring, some exposed and some under carpeting and other flooring. Building is in very good structural and mechanical condition , units could be updated to extremely increase the rental income, most tenants are very long standing, some have resided for over 20 years. Rents are well below market rate, Cap rate at asking price is 8.15%, at current market rents (under current condition) cap rate would be +/- 11.01% including all expenses, maintenance and a 3% vacancy.
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