6.8% Net Cap Rate with Additional Income Upside. An exceptional turnkey investment opportunity with $43,200 in annual gross rental income and a 6.8% net cap rate, with further potential to increase revenue. The property is currently rented as a 4-bedroom student rental at $3,600 per month plus tenants pay utilities, with a lease in place until the end of April 2027 with the high possibility of these tenants renewing their leases. Located within walking distance of downtown Kingston and Queen's University, this property benefits from a highly desirable location and consistent demand for student housing. The property has been well maintained and consistently occupied, offering investors immediate income while providing clear upside potential. With the existing four-bedroom configuration generating a 6.8% net cap rate, the opportunity to add rental income through the currently unused bedroom, potential dining-room conversion, and parking space creates the potential for an even stronger return over time. There is meaningful opportunity to increase the property's income beyond the current $43,200 annual rent. The home includes a fifth, smaller bedroom on the second floor that is not currently being rented, along with the potential to convert the existing dining room into an additional bedroom. There is also one dedicated parking space that could potentially be monetized separately. These opportunities provide investors with several avenues to enhance future rental income with relatively modest improvements. Laundry is located in the lower level full height basement.
Address
378 Barrie Street
List Price
$559,000
MLS® Status
New
Property Type
Residential Freehold
Type of Dwelling
Semi-Detached
Style of Home
2-Storey
Transaction Type
Sale
Area
Kingston
Sub-Area
22 - East of Sir John A. Blvd
Region
Frontenac
Bedrooms
5
Bedrooms (Total)
5
Rooms Above Grade
10
Bathrooms
2
Floor Area
1100-1500 Sq. Ft.
Lot Size Source
MPAC
Lot Depth
74
Lot Size Units
Feet
Lot Width
16.7
Parcel Number
360500099
Occupant Type
Tenant
Cross Street
queen st
MLS® Number
X13736054
Listing Brokerage
SUTTON GROUP-MASTERS REALTY INC., BROKERAGE
Basement Area
Unfinished
Postal Code
K7K 3T4
Posession Details
flexible
Parking Places (Total)
1
Parking Spaces
1
Tax Amount
$3,477.75
Tax Year
2026
Interior Features
Carpet Free, Water Heater Owned
Central Vacuum
No
Family Room
No
Ensuite Laundry
No
Special Designation
Unknown
Standard Status
Active
Board Or Association
Kingston & Area Real Estate Association
Heat Source
Gas
Heat Type
Forced Air
Cooling Features
None
Construction Materials
Vinyl Siding
Direction Faces
West
Fireplace
No
Foundation Details
Stone
Garage
No
Garage Type
None
Kitchens Total
1
Kitchens Above Grade
1
Pool Features
None
Roof
Asphalt Shingle
Tax Legal Description
PT LT 405 ORIGINAL SURVEY KINGSTON CITY; PT LT 406 ORIGINAL SURVEY KINGSTON CITY AS IN FR528240; T/W FR724908; KINGSTON ; THE COUNTY OF FRONTENAC
Waterfront
No
Waterfront
None
Sewer
Sewer
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Rooms
| Floor | Type | Dimensions | Features |
|---|---|---|---|
| Ground | Living Room | 4.86 x 3.14 | |
| Ground | Dining Room | 3.6 x 3.16 | |
| Ground | Kitchen | 3.94 x 3.39 | |
| Ground | Bedroom | 2.64 x 3.25 | |
| Second | Bedroom 2 | 3.14 x 2.34 | |
| Second | Bedroom 3 | 2.67 x 3.25 | |
| Second | Bedroom 4 | 2.8 x 4.93 | |
| Second | Bedroom 5 | 3.14 x 3.16 | |
| Second | Bathroom | 2.25 x 2.25 | |
| Ground | Bathroom | 1.75 x 1.5 |