FOR SALE - Cushman & Wakefield Kingston
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FOR SALE
44-62 Barbara Avenue
Kingston, Ontario
44 - 50 Barbara Avenue
TWO TOWNHOUSE BUILDINGS
COMBINED 10 x 3-BEDROOM UNITS
Asking $2,200,000
Value-Add Opportunity!
52 – 62 Barbara Avenue
Scott Botting, B.Comm Martin L. Skolnick Cushman & Wakefield Kingston
Broker Broker / Vice-President 78 Brock Street
613-542-2724 ext. 33 613-542-2724 ext. 27 Kingston, ON K7L 1R9
scott.botting@cwkingston.com martin.skolnick@cwkingston.com www.cushmanwakefieldkingston.com
FOR SALE
44-62 Barbara Avenue
Kingston, Ontario
SITE DETAILS
PT LT 24 CON 2 KINGSTON AS IN FR499506 T/W
Legal Description FR499506; KINGSTON ; THE COUNTY OF
FRONTENAC
Lot Size / Coverage 0.69 +/- acres (120.01 ft x 249.54 ft) / 19.49% +/- 12 min walk
Completed by Hopkins Chitty Land Surveyors Inc., (1 km) from
Survey
dated April 9, 2021 Kingston
PIN 360690007 Secondary School
A5 (Legal non-conforming 10 units as verified by the and Molly Brant
Zoning
City of Kingston) Elementary School
Official Plan Residential (RES)
Taxes (2020 Final) $17,382.84 10 min walk
Parking Spaces 23 +/- spaces (gravel)
(750 m) from
Regiopolis-Notre
Phase I ESA completed by Safetech Environmental
Environmental
Limited, dated December 4, 2020 Dame Catholic
Owner/Seller Barbara Towns LP & Barbara Towns GP Inc.
High School
LOCATION
The property fronts on the south side of Barbara Avenue just east of Alfred Crescent in the well-established and
revitalizing Kingscourt Neighbourhood.
According to CMHC stats there are only 24 3-bedroom rentals included in the 246-unit inventory within the
Kingscourt neighbourhood. 10 of these units (or 42%) are offered in this investment opportunity.
Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein,
and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by
the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE
44-62 Barbara Avenue
Kingston, Ontario
IMPROVEMENTS
The property is improved with two purpose-built townhouse buildings offering a total of ten 3-bedroom rental
units. All units are nearly identical in layout with a main-level containing a kitchen, dining, and family room, a
second floor with three bedrooms and 3-piece washroom, and a basement with mechanical systems, storage
areas, and varying degrees of finishes. A typical unit floor plan is attached on the following page.
BUILDING DETAILS 44 – 50 Barbara Avenue 52 – 62 Barbara Avenue
Gross Building Area 4,720 +/- sf (excluding basements) 6,996 +/- sf (excluding basements)
Building Age Circa 1960 Circa 1960
Floors 2 floors, plus full basement 2 floors, plus full basement
Typical Unit Size 1,035 +/- square feet, plus 520 +/- sf 1,035 +/- square feet, plus 520 +/- sf
basement basement
Suite Mix 4 x 3-bedroom units 6 x 3-bedroom units
Total Bedrooms 12 18
Utility Metering Hydro, gas, and water/sewer metered Hydro, gas, and water/sewer metered
separately to each unit. separately to each unit.
Heating Each unit has dedicated furnace in Each unit has dedicated furnace in
basement basement
Electrical Supply 60 Amp, 240 V service to each 60 Amp, 240 V service to each
apartment apartment
Hot Water Each unit has dedicated hot water tank Each unit has dedicated hot water tank
in basement in basement
Entry / Exit Each unit has dedicated front and rear Each unit has dedicated front and rear
entrance/exit doors entrance/exit doors
Appliances Owned 4 gas-fired hot water tanks 6 gas-fired hot water tanks
(Tenants own their refrigerators and (Tenants own their refrigerators and
stoves) stoves)
Roof Sloped, asphalt shingles Sloped, asphalt shingles
Construction Masonry block foundation, wood-frame Masonry block foundation, wood-frame
construction with exterior brick veneer construction with exterior brick veneer
Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein,
and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by
the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE
44-62 Barbara Avenue
Kingston, Ontario
TYPICAL FLOOR PLAN (54 BARBARA AVENUE)
Main Floor – 517 sf Second Floor – 518 sf
CLICK
VIRTUAL TOUR
360°
Basement – 521 sf
Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein,
and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by
the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE 44-62 Barbara Avenue Kingston, Ontario PHOTOS Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE
44-62 Barbara Avenue
Kingston, Ontario
RENT ROLL
Current/Previous
Unit Bdrms Market-Adjusted Rent N11 Termination Date
Monthly Rent
44-50 Barbara Avenue
44 3 $863.00 $1,700.00 April 30, 2021
46 3 $837.00 $1,700.00 April 30, 2021
48 3 $950.00 $1,700.00 June 30, 2021
50 3 $884.00 $1,700.00 July 1, 2021
52-62 Barbara Avenue
52 3 $980.00 $1,700.00 April 30, 2021
54 3 $1,200.00* $1,700.00 Vacant Now
56 3 $861.00 $1,700.00 None
58 3 $884.00 $1,700.00 April 30, 2021
60 3 $449.63 $1,700.00 None
62 3 $884.00 $1,700.00 April 30, 2021
Total Monthly $8,792.63 $17,000.00
Total Annual $105,511.56 $204,000.00
* Unit 54 is now vacant and will be held vacant. Current/Previous Monthly Rent shown is an estimate of
achievable market rent with minor investment into the unit.
Market-Adjusted Rents have been estimated based on market rental data and an assumption of significant
renovations being undertaken to the rental units, including but not limited to, installation of new kitchens and
washrooms, new flooring, doors and hardware, trim, and paint, and exterior landscaping.
N11 (Agreement to End the Tenancy) Forms have been secured for 7 of 9 remaining rented units, allowing an
investor to purchase the property and immediately begin a substantial portion of planned improvements.
Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein,
and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by
the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE
44-62 Barbara Avenue
Kingston, Ontario
INCOME & EXPENSE PROFORMA Market-Adjusted Rents
(RECONSTRUCTED) & Expenses
Gross Income:
Rental Income $204,000.00
Gross Potential Income $204,000.00
Combined Operating Expenses:
Realty Taxes (2020 Final) $17,382.84
Insurance $8,000.00
Repairs & Maintenance ($750 per Unit) $7,500.00
Pest Control $500.00
Snow Plowing & Landscaping $2,500.00
Property Management (5%) $10,200.00
Advertising $1,000.00
Right-of-Way Cost Sharing (Estimate) $1,200.00
Total Operating Expenses $48,282.84
Estimated Net Operating Income (Projected) $155,717.16
Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein,
and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by
the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE 44-62 Barbara Avenue Kingston, Ontario SURVEY Scott Botting, B.Comm Martin L. Skolnick Cushman & Wakefield Kingston Broker Broker / Vice-President 78 Brock Street 613-542-2724 ext. 33 613-542-2724 ext. 27 Kingston, ON K7L 1R9 scott.botting@cwkingston.com martin.skolnick@cwkingston.com www.cushmanwakefieldkingston.com
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