401-253 Lester Street,Waterloo, ON N2L 3W6
Waterloo, ON N2L 3W6
Description
253 Lester St. #401 is a turnkey student rental investment property in the heart of Waterloo's university district. This spacious 5-bedroom, 2-bathroom condo is purpose-built for student living and delivers strong, consistent rental income with minimal effort. Just steps from Wilfrid Laurier University and the University of Waterloo, this location attracts reliable tenants year after year. The thoughtfully designed layout features approximately 1,158 sq ft of living space, including five generously sized bedrooms, two full bathrooms, and a large open-concept common area highlighted by an L-shaped kitchen and a bright living/dining room - perfect for gatherings, study sessions, or relaxing after class (recently updated with new furniture). Condo fees include heat and water, keeping operating costs low. The building offers elevator access, a brand-new onsite laundry facility for added tenant convenience, central air conditioning, and proximity to public transit, shopping, restaurants, and all essential amenities. Street parking and additional building parking options are available. Whether you're an experienced investor or looking for your first student rental property, this unit offers hands-off potential with current gross rental income of $42,000 per year and under lease. Don't miss your chance to own a worry-free (excellent onsite management available), income-generating property in one of Waterloo's most sought-after student locations. Current income can produce a CAP rate of 6%+ after expenses.
Details
| MLS # | 40874752 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| HOA Dues | $721 |
| Sub-Type | Resale |
| Status | Active |
| Year | 2009 |
| Days On Site | 15 |
| Listing Provided By | Benjamins Realty Inc. | John Benjamins |
Features
| Bed(s) | 5 |
|---|---|
| Bath(s) | 2 Total |
| SQ Feet | 1,158 |
| Story(s) | 1 |
| Zoning | GR |
Interior
| Appliances | Microwave, Refrigerator, Stove |
|---|---|
| Rooms Total | 10 |
| Interior Features | Separate Heating Controls |
| Cooling | Central Air |
| Cooling Yes / No | No |
| Heating | Forced Air |
| Heating Yes / No | Yes |
| Laundry Features | In Building |
Exterior
| Lot Features | Urban, Highway Access, Library, Place of Worship, Schools, Shopping Nearby |
|---|---|
| Construction Materials | Stucco |
| Roof | Metal |
Utilities
| Sewer | Sewer (Municipal) |
|---|
Taxes
| Tax Annual Amount | 3809 |
|---|
Area Information
| Province | ON |
|---|---|
| County | Waterloo |
| City | Waterloo |
| Postal Code | N2L 3W6 |
| Area | 4 Waterloo West |
| Subarea | 417 Beechwood | University |
| Community Name | 417 Beechwood/University |
| Listing VS Median (in 417 Beechwood/University) | |
Price: $488,900 low | high Med: $379,999 sqft: 1,158 low | high Med: 823 $ / sqft: $422 low | high Med: $462 On site: 15 low | high Med: 65 | |
Market Activity N2L 3W6
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Learn More About This Property
| Province | ON |
|---|---|
| County | Waterloo |
| City | Waterloo |
| Postal Code | N2L 3W6 |
| Area | 4 Waterloo West |
| Subarea | 417 Beechwood | University |
| Community Name | 417 Beechwood/University |
| Listing VS Median (in 417 Beechwood/University) | |
Price: $488,900 low | high Med: $379,999 sqft: 1,158 low | high Med: 823 $ / sqft: $422 low | high Med: $462 On site: 15 low | high Med: 65 | |
