354-356 and 366 Lincoln Street

354, 356 and 366 Lincoln Street offers an investment opportunity to own a 3 building / 34 unit apartment project located in Kingston, NS just minutes of Hwy 101. Unit mix: 2 x 1 Bdrm, 22 x 2 Bdrm with 2 appliances and 10 x 2 Bdrm with 5 appliances. Majority units have balconies. Attractively landscaped with good curb appeal. Buildings are in very good overall condition. The two front buildings are 3 levels with 12 units each that were built in 1989 and 1990. The rear building is a 2 level 10 unit that was completed in 2011. Mature tenant base. Current rents are under valued. Opportunity to raise rents to market as units turnover. Buildings are highly efficient with minimal common area. Electric baseboard heat and air exchange in new building. Low operating costs. Treat financing as clear. Current income is reflective of a 6.0 cap rate. (id:4069)