48 Stephen Street
Kingston, Frontenac ON K7K 2C3
$2,375,000
Well-located 12-unit apartment building in Kingston's highly sought-after Inner Harbour District. The property generates a current NOI of $106,803 and is approximately 21% under-rented across the building, offering immediate and measurable upside through rent optimization. The building is in good overall condition, with several capital improvements already completed. Rents are inclusive, with landlord-paid utilities, creating potential for future expense optimization. On-site parking enhances tenant appeal and long-term stability. This asset qualifies for CMHC MLI-Select-style financing, making it an attractive opportunity for investors seeking leverage, income growth, and a strong downtown location with limited multi-residential supply. Full financials, rent roll, and supporting documentation are available in the data room. Serious buyers are encouraged to review the materials to fully understand the income upside and financing potential.
| Listing Key: | X13228856 |
|---|---|
| List Price: | $2,375,000 |
| Property Type: | Commercial |
| Property Sub Type: | Investment |
| Property Status: | Active |
| Bathrooms Total Integer: | 0 |
| Tax Annual Amount: | $24,831 |
| Waterfront?: | No |
| City: | Kingston |
| City Region: | 22 - East Of Sir John A. Blvd |
| Postal Code: | K7K 2C3 |
| Basement Yn: | Yes |
| Building Area Total: | 10000.0 |
| Building Area Units: | Square Feet |
| Business Type: | Apts - 6 To 12 Units |
| City Region: | 22 - East of Sir John A. Blvd |
| Contract Status: | Available |
| Cooling: | No |
| Cross Street: | Stephen St and Montreal St |
| Ddfyn: | Yes |
| Freestanding Yn: | Yes |
| Garage Type: | None |
| Heat Type: | Gas Hot Water |
| Holdover Days: | 90 |
| Hst Application: | Included In |
| Listing Contract Date: | 2026-06-02 |
| Listing Key: | X13228856 |
| List Price Unit: | For Sale |
| Lot Depth: | 141.18 |
| Lot Size Source: | MPAC |
| Lot Size Units: | Feet |
| Lot Type: | Lot |
| Lot Width: | 57.72 |
| Status: | New |
| Original List Price: | $2,375,000 |
| Parcel Number: | 360520061 |
| Possession Details: | Flexible |
| Property Use: | Apartment |
| Roll Number: | 101104008100200 |
| Sales Brochure Url: | https://app.propertycast.io/p/iCtlxZ4whWXcvEmb7XS7NA |
| Sewer: | Sanitary |
| State Or Province: | ON |
| Tax Type: | Annual |
| Tax Year: | 2025 |
| Transaction Type: | For Sale |
| Utilities: | Yes |
| Water: | Municipal |
| Zoning: | UR5 |
| Directions: | Montreal or Division St to Stephen St |
| Lot Size Area Units: | SquareFeet |
| Possession Type: | Flexible |
| Heat Type Multi: | Gas Hot Water, Water Radiators |
| County Or Parish: | Frontenac |
| City: | Kingston |
Listing Courtesy of: RE/MAX RISE EXECUTIVES, BROKERAGE
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
