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Multi-story building exterior featuring a mix of brick, stone, and stucco facade with a prominent orange architectural accent

Multi-story exterior featuring a mix of brick and textured stone masonry, accented by an angular metal canopy, concrete stairs, and glass-entry doors

Multi-story building exterior featuring a combination of brick and stucco siding, double-hung windows, and a ground-level parking garage entrance

Entryway featuring wood-finish paneling, light-colored rectangular wall tiling, ceramic floor tiling, and a glass-paneled metal entry door with sidelights

Entryway featuring a dark-finish solid door with a metal handle, door-mounted number plate, and integrated peephole, set against contrasting textured wall finishes

Built-in shelving unit featuring a vertical wood-plank back, solid-core interior door, and ceramic tile flooring

Kitchen featuring wood cabinetry, laminate countertops, a double-basin sink, tile flooring, and white appliances

Neutral-toned interior space featuring neutral tile flooring, smooth-finish ceilings, multiple interior wood-grain doors, and a window with horizontal blinds

Interior hallway featuring neutral walls, tile flooring, and a patterned accent wall

Interior hallway featuring neutral walls, wood-finish doors with hardware, and tile flooring

Bathroom featuring a vanity with an integrated sink, round wall-mounted mirror, polished chrome hardware, and a tub-shower combination with a molded surround

Interior space featuring a painted concrete block accent wall, carpeted flooring, and a window with a white frame

Interior space featuring a closet with built-in wire shelving, painted concrete block wall with wall-mounted hooks, and neutral carpeting

Interior doorway featuring a solid-core wood door with brushed metal hardware, wall-mounted electrical panel, and painted concrete block wall construction

Bathroom featuring a white vanity cabinet with an integrated sink, polished chrome faucet, white acrylic tub-and-shower surround, and a wall-mounted oval mirror

Neutral wall finishes, carpeted flooring, and a single-pane window featuring integrated horizontal blinds

Neutral-toned room with wall-to-wall carpeting, an open-concept closet featuring a built-in wire shelf, and a wooden storage unit

Floor plan

Laundry space featuring floor-to-ceiling tile walls, neutral tile flooring, and a single-hung window

Multi-story residential facade featuring a central orange panel, stone veneer entryway, and uniform rectangular window placement

Multi-story building featuring a central orange facade, light-colored side exterior walls, a hip roof, and a front walkway

Aerial perspective of a multi-story residential building featuring a pitched roof, brick masonry exterior, and centrally positioned entrance

Aerial perspective of a multi-story residential building featuring a pitched roof, light-toned exterior cladding, and designated on-site surface parking

Aerial perspective showing urban location with proximity to Waterloo Park and the Perimeter Institute

Aerial perspective featuring an urban landscape with multi-story residential architecture and proximity to local educational infrastructure

Aerial perspective of a multi-story building featuring brick and stone exterior finishes, situated at the intersection of Lester Street and University Avenue

Aerial perspective of a high-density urban area featuring multi-story residential buildings, paved parking infrastructure, and proximity to major educational institutions and public transit corridors

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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. (id:374)

Details

Features

Interior

Exterior

Parking

Utilities

Taxes

MLS Number: 40874752

Listing Provided By: JOHN BENJAMINS – (519) 574-1224

Benjamins Realty Inc. – (519) 575-9092