423 Palace Road Kingston, Ontario K7L 4T5

5 Bedroom 3 Bathroom 2000
Central Air Conditioning Forced Air


Welcome to 423 Palace Road – an exceptional property in the heart of the City. This well-maintained legal 3-unit building boasts separately metered two 2-bedroom units, one 1-bedroom unit catering to a mature, and professional tenant demographic, given the condition and location there is never a vacancy. Proximity to Queen's University, hospitals, and public transit, it will appeal to all Buyer groups and investors. The property is a standout with its 100-gallon owned solar hot water heater, energy-efficient vinyl windows, and upgraded insulation, contributing to reduced operational costs. Currently two units leased until 2025, and one-unit vacant June 2024, the building offers an attractive income stream, and an opportunity for owner occupancy as an economical housing option. Its short-term rental rating positions it as an ideal investment for both long-term tenants and those exploring Airbnb opportunities. The property's leasing history over the past 14 years reflects its consistent popularity, ensuring the units are effortlessly filled. As an added bonus, 423 Palace Road comes fully furnished, ready for quick occupancy. With a 7.11% CAP Rate and a projected 5.93% ROI this opportunity is not to be missed. (id:48714)

Property Details

MLS® Number 40526224
Property Type Multi-family
Amenities Near By Park, Place Of Worship, Playground, Public Transit, Schools, Shopping
Community Features High Traffic Area, School Bus
Features Paved Driveway
Parking Space Total 4
Structure Porch


Bathroom Total 3
Bedrooms Total 5
Appliances Microwave Built-in
Basement Development Finished
Basement Type Full (finished)
Cooling Type Central Air Conditioning
Exterior Finish Vinyl Siding
Heating Fuel Natural Gas
Heating Type Forced Air
Stories Total 2
Size Interior 2000
Type Triplex
Utility Water Municipal Water


Access Type Road Access
Acreage No
Land Amenities Park, Place Of Worship, Playground, Public Transit, Schools, Shopping
Sewer Municipal Sewage System
Size Depth 135 Ft
Size Frontage 50 Ft
Size Total Text Under 1/2 Acre
Zoning Description Ur5



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