In the Spring of 2020, the development wing of Benjamins Realty (our Holding Company) had achieved all conditions for severance and was sitting on a vacant parcel of land, 153 Wentworth. It was the result of a plan that began in the fall of 2017 with the purchase of 151 Wentworth, the next-door property where we converted a single-family home into a duplex and then severed off 153 Wentworth, you can read about that process HERE.
Of course, real estate development can be full of unexpected delays, however, we did not factor in a pandemic-sized delay. Just as we were beginning preparation to BREAK GROUND for the new foundation, a pandemic was declared and the Region went into lockdown. Although construction was quickly declared an essential service, we decided to defer taking on added construction costs at a time of such volatility. In those days (Spring of 2020) we were all a little unsure what the coming months would look like.
It’s safe to say, that the pandemic has not yet affected demand for real estate. And so, nearly a year later, and yet again nearing a lockdown, we broke ground on 153 Wentworth in early December to create a new infill duplex. Considering we built through the cold winter months and endured shutdowns, progress has been excellent and the shape of the duplex is taking figure. Framing is largely completed and occupancy is slated for within 90 days while the final landscaping and outdoor finishes will extend into the summer months.
All told, the development site will yield from what once was a single-family property, 2 duplex structures, 4 units with a total of 7 bedrooms and 5 bathrooms. The rent return for both properties is now projecting close to $6,500 a month while the tenants pay all utilities.
Have questions about real estate investment in Waterloo Region? Interested in infill development?
Benjamins Realty Inc. specializes in multi-family real estate investment and also operates a mid-sized portfolio of income-producing real estate ranging in size from 2-6 unit properties.