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For Sale · Multifamily

255 DURHAM Street, Kincardine

255 DURHAM Street, Kincardine, ON N2Z2Y3

$4.8M total

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Asset Class

Multifamily

Size

—

Building class

A

Zoning

RF6 — Medium Density

$ / SF

—

Occupancy

93%

Lot Size

0.651 ac

About this property

A unique investment opportunity in the heart of Kincardine! Known as Malcolm Place since 1929, this impressive Italianate mansion was built in 1875 (large addition built in 1988 as boarding house) and sits on over half an acre, just one block from downtown, steps to Lake Huron and a short drive from Bruce Power. The building offers 41 residential rooms, each with a private bathroom. Many units with ductless heating and air conditioning. Shared amenities include two kitchens, laundry facilities, comfortable common areas, a spacious lobby and public washrooms. Elevator access and keypad room access add convenience. Currently vacant space on the main floor and basement. Historic charm shines through the original woodwork, ornate plaster details and grand staircase. Additional features include a copper roof, upgraded insulation, fire alarm with sprinkler system and 1,200-amp electrical service. A distinctive property combining character, extensive amenities, multiple potential uses and great income in a convenient location! (id:66811)

Financial sandbox

Adjust the deal assumptions — returns recalculate instantly.

Estimate
Purchase price$4.80M
Down payment30% · $1.44M
Interest rate6.25%
Amortization25 years
Occupancy93%
Expense growth2.5%

Monthly debt service

$22K

Projected NOI

$207K

Annual cash flow

$-59K

Cash-on-cash

-4.10%

DSCR

0.78

Going-in cap

4.31%

Figures are modelled from the listed price and asset class for illustration only. Verify all income, expenses, and financing terms independently before making an offer.

Area demographics

Trade area within 3 miles of the property.

Population

70,726

Households

25,602

Median income

$99,500

Median age

43.1

Daytime population

96,067

5-yr growth

2.3%

Modelled estimates for illustration until a licensed census data provider is connected.

Secure deal room

Confidential diligence documents for 255 DURHAM Street, Kincardine.

NDA required

  • Offering Memorandum

    PDF · 4.2 MB

  • Rent Roll & T-12

    XLSX · 820 KB

  • Environmental Phase I

    PDF · 6.7 MB

  • Site Survey & Plans

    PDF · 11.4 MB

  • Zoning Confirmation Letter

    PDF · 310 KB

Preview experience — the electronic NDA is illustrative and is not a binding agreement.