A Duplex Conversion: 151 Wentworth Ave, Kitchener
Duplex Conversion
Last year at this time, we were planning to wrap up construction on our duplex conversion at 151 Wentworth Ave. Kitchener. We had already completed one unit which we featured in our initial investment profile. When construction finally wrapped up, the end product was something we are quite proud of.
A brief overview:
The project involved an entire overhaul of a 1923 two storey home that had been poorly converted into a non-conforming duplex. We stripped the house down to the studs and rewired, re-plumbed, and structurally altered the framing to provide a more modern layout for both units. We included insulation soundproofing between the units and provided brand new heating systems. Finally, the utilities were completely separated so that each unit is responsible for their own water, gas and hydro. Utility separation is a key ingredient for ease of management and ensuring quality tenants.
Take a look at the finishing work on the second unit. It’s a large, 2 bedroom, 2 bathroom, multi-level unit that comes with an open concept kitchen and peninsula bar plus a finished basement with rec-room. With 1700+ sq. ft. of living space and a walkout from the Master bedroom, it offers a lot of flexibility for tenants.
You can see the floor plan and photos below.
Duplex Conversion
What's The Return On A Duplex Conversion?
Overall, the investment has been very solid, with appreciation outweighing improvements when compared to similar property currently listed while generating a cash positive monthly rent return of $2,950.
Furthermore, 151 Wentworth Ave. also allows for further development on the property. Check out below the photos for more on our exciting plans for Phase 2 at 151 Wentworth Ave, as we complete severance and construct a new building on this lot in the Spring of 2020.
Plans For Phase 2 At 151 Wentworth
The whole reason for purchasing 151 Wentworth Ave. in Kitchener was not just because we saw value in the existing home but also the oversized lot. With a 69’ frontage and a half lot on the side yard, our holding company was able to secure a severance through a minor variance with permission to build a second duplex right beside 151 Wentworth. Both buildings will share a driveway up the middle with parking in the back.
It’s the kind of densification that makes sense in the downtown core where one parking space per unit is plenty. Construction starts in the spring of 2020. We are profiling plans for the new build in this companion article...
Have Questions About Duplex Conversions Or Investment Real Estate? Contact us to learn more.
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.