385 Princess Street
Kingston, Frontenac ON K7L 1B9
$4,595,000
Rare opportunity to acquire a fully leased, income-producing commercial asset in the heart of Downtown Kingston's vibrant "Hub" district. 385 Princess Street is a 17,000 SF, two-storey building situated on a 15,941 SF lot, 100% occupied by Queen's University - one of Canada's most prestigious post-secondary institutions. Tenants include Smith Engineering and the Health Sciences Office of Professional Development and Educational Scholarship, providing an exceptional covenant and stable long-term cash flow. The building was extensively renovated following its2020 acquisition, featuring modern open-concept workspaces, enclosed offices, conference facilities, and 24 on-site parking spaces accessible from Queen Street. Zoned Downtown Zone 1 & 2 (DT1/DT2), the site also presents significant future redevelopment potential for a 12-storey, mixed-use project with residential and commercial uses, accessible from both Princess and Queen Streets. Walk Score of 100 with direct transit access and less than 1 km to Queen's University campus.
| Listing Key: | X13081484 |
|---|---|
| List Price: | $4,595,000 |
| Property Type: | Commercial |
| Property Sub Type: | Office |
| Property Status: | Active |
| Bathrooms Total Integer: | 0 |
| Tax Annual Amount: | $35,318 |
| Waterfront?: | No |
| City: | Kingston |
| City Region: | 22 - East Of Sir John A. Blvd |
| Postal Code: | K7L 1B9 |
| Basement Yn: | Yes |
| Building Area Total: | 17000.0 |
| Building Area Units: | Square Feet |
| City Region: | 22 - East of Sir John A. Blvd |
| Contract Status: | Available |
| Cooling: | Yes |
| Cross Street: | Princess St & Barrie St |
| Elevator Type: | None |
| Garage Type: | None |
| Heat Type: | Gas Forced Air Closed |
| Holdover Days: | 90 |
| Hst Application: | In Addition To |
| Listing Contract Date: | 2026-05-04 |
| Listing Key: | X13081484 |
| List Price Unit: | For Sale |
| Lot Depth: | 265.68 |
| Lot Size Units: | Feet |
| Lot Type: | Lot |
| Lot Width: | 67.42 |
| Status: | Price Change |
| Office Apartment Area: | 17,000.0 |
| Office Apartment Area Unit: | Sq Ft |
| Original List Price: | $4,950,000 |
| Parcel Number: | 360500201 |
| Parking Spaces: | 24 |
| Possession Details: | Immediate |
| Property Use: | Office |
| Rail: | No |
| Roll Number: | 101103004000100 |
| Security Features: | Yes |
| Sewer: | Sanitary+Storm |
| State Or Province: | ON |
| Tax Type: | Annual |
| Tax Year: | 2025 |
| Transaction Type: | For Sale |
| Utilities: | Yes |
| Water: | Municipal |
| Zoning: | Downtown Zone 1 (DT1) & Downtown Zone 2 (DT2) |
| Directions: | North side of Princess Street between Division Street and Barrie Street |
| Lot Size Area: | 0.37 |
| Lot Size Area Units: | Acres |
| Possession Type: | Immediate |
| Heat Type Multi: | Gas Forced Air Closed |
| County Or Parish: | Frontenac |
| City: | Kingston |
Listing Courtesy of: CUSHMAN & WAKEFIELD
Listing Agent:
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Toronto Real Estate Board data last updated on October 08, 2026 05:01 PM - ET.
Property Last Updated: October 08, 2026 05:01 PM - ET
