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280 Lester Street, #116
$649,000 Sale
Listed 4 days ago
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Key Facts
Key facts for 280 Lester Street, #116
Property Type
Other
Parking
-
MLS #
40759992
Size
558 sqft
Basement
None
Listed on
2025-08-10
Lot size
-
Tax
$6,003 /yr
Days on Market
8
Year Built
-
Maintenance Fee
$549.86 /mo
Description
This unit is currently tenanted with a lease (5 years) in place until November 2028, and rent escalates annually from $4,350.50/month now to $5,791.25/month in the final year. Net annual income averages ~$40,293 over the next 3.5 years, resulting in a strong ~6.21% cap rate. There is a 5 year renewa...l option in the lease. Given the location, secure cash flow, and minimal upkeep, this property would appeal greatly to passive investors. Why Invest? - Long-term, escalating lease in place - Low operational burden - Strong rental growth outlook - Located in high-demand core Perfect for hands-off investors seeking passive income and asset appreciation, Directions:University Ave to Lester, Exclusions:Tenant's Belongings
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Listing courtesy of: Royal LePage Wolle Realty