138 CHATHAM STREET, Kingston (East of Sir John A. Blvd)

$775,000

For sale: Multiplex

Property type

Multi-family

Bedrooms / bathrooms

6 bedrooms, 3 bathrooms

Living area

2,000 sqft

MLS number

MLS® X13126954

Neighbourhood

22 - East of Sir John A. Blvd

Excellent investment opportunity in the heart of Kingston, approximately a 15-minute walk from Queen's University and close to major bus routes. Located just north of Princess Street, this detached 6-bedroom duplex is a strong addition to any investment portfolio. The main unit offers 5 bedrooms across two levels, 2 full bathrooms, a spacious living room, and a large eat-in kitchen with updated flooring. A major bonus is the additional bachelor apartment, providing an extra income stream. Both units are separately metered and share access to on-site laundry. 2 parking spots are available to rent for additional income too. Generating $66,000 in gross annual income, this property offers an impressive cap rate of over 7.5%. Major updates include a roof replacement in 2023 and vinyl windows throughout. A proven income generator with strong rental demand, the property is currently leased until April 30th, 2027. The bachelor apartment is currently rented below market value, presenting excellent future upside potential.