151 University Ave E

A great investment opportunity for a student apartment building in the core strip of Waterloo. It is close to three universities: 2.2 km to the UW, 1.2 km to WLU, and 0.4 km to Conestoga College, with direct bus Route 202 to all schools. The lot measures 64.05 x 158.65 feet, zoned MU20, with potential for higher-level building in the near future.This fourplex student building includes 20(4X5) bedrooms, 8 (4X2) bathrooms, and 4 (4X1) kitchens. There is a separate laundry room with coin-operated machines. The property offers 7 parking spots, an AC and central heating system. All kitchens are newly renovated; the roof was replaced in 2017, and all equipment is in great working condition.Built in 2002 specifically for students, no renting license is required. It has been operated and maintained by the owner who has since moved to BC.The total gross income for the past three years has been over $200K annually (excluding parking and laundry income). For serious buyers, the lease list can be provided. The annual fixed costs are about $40,000 excluding mortgage interest. Its fully leased now with on-call maintenance staff and 24hrs emergency contact. Don't miss your chance to explore this investment property ! (id:54626)