Kitchener Duplex Conversion
At Benjamins Realty, we take real estate investment seriously. We’re not just showing properties and calculating basic rates of return for our clients. We’re actively investing in Waterloo Region ourselves and we have some pretty exciting projects on the go.
One of our premier investment strategies is the duplex conversion. It involves taking a once single family detached home and converting it into two legal and self contained units or apartments. Those units can then be rented on the open market and the return on investment can be as high as 10% without factoring in appreciation (most realtors factor in some appreciation for rate of return models).
We think factoring in appreciation is important too, especially when you convert a single family home into a duplex. Cash flowing, easily managed and high-end duplex properties can sell up to 650k+ in Kitchener-Waterloo, while similar sized detached homes may only be worth 420k.
151 Wentworth Profile:
Our most recent conversion project is taking place at 151 Wentworth Avenue in Kitchener. We targeted this location for its proximity to the downtown, it provides direct access to an excellent tenant pool of young professionals who work in the core. These types of tenants expect and appreciate well finished apartment units that fit in with their active lifestyle. They enjoy biking and walking to work and may even choose to not own a car.
Our process involves, completely separating all utilities, using high end finishes like quartz counters and stainless steel appliances in each unit, and creating a space that competes with the luxury condos popping up around town while providing the privacy and neighbourhood feel of living in a duplex. We are nearing completion and the upper unit at 151 Wentworth is now ready while the lower level unit is on pace to complete in March 2019.
The projected rent return for this project will be $3200 a month. The tenants will pay all utilities associated with the property. Furthermore, we targeted this property because it had a lot and a half on the frontage (68’) and that actually just allows us to sever off the side yard and build a second, new construction duplex right next door. We are currently in the planning stages for this project. Stay tuned!