197 Palmer Ave
Kitchener, N2G 3P7
FOR SALE
$899,900
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Property Description
Dont Miss Out on This Prime Investment Opportunity! Legal Triplex with Projected 5%+ Cap Rate in the Heart of the City! This fully updated, cash-flowing triplex is the ideal property for the savvy investor looking to grow their portfolio. Featuring a modern metal roof and zero condo fees, this property has been meticulously gutted and revamped from top to bottom - no detail was spared! Highlighted Upgrades Include: Brand New Windows & Doors for enhanced curb appeal and energy efficiency, Updated Electrical & Plumbing to modern standards, Stylish New Flooring throughout all units, Revamped Bathrooms with contemporary finishes, Each unit offers private entrances and en-suite laundry, creating a highly desirable setup for tenants. With spacious verandas and balconies, residents can enjoy both morning and evening sun in their own outdoor space. This triplex is a must-see for serious investors. Schedule a viewing today and see why this property is the perfect addition to your portfolio!
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Listing History
| List Date | End Date | Days Listed | List Price | Sold Price | Status |
|---|---|---|---|---|---|
| 2024-07-05 | 2024-11-03 | 123 | $899,900 | - | Expired |
| 2024-06-10 | 2024-07-08 | 28 | $974,900 | - | Terminated |
| 2023-10-03 | 2023-12-31 | 89 | $979,900 | - | Expired |
| 2023-09-13 | 2023-09-29 | 16 | $1,050,000 | - | Terminated |
| 2023-06-28 | 2023-07-07 | 9 | $1,039,000 | - | Terminated |
| 2023-03-30 | 2023-06-27 | 89 | $1,099,900 | - | Terminated |
| 2023-03-03 | 2023-03-29 | 26 | $1,199,000 | - | Terminated |
| 2022-11-03 | 2022-12-16 | 43 | $1,249,900 | - | Terminated |
| 2022-10-21 | 2022-11-03 | 13 | $979,900 | - | Terminated |
Property Features
Hospital, Library, Park, Place Of Worship, Public Transit
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Property Details
Street
City
Property Type
Triplex, 2-Storey
Approximate Sq.Ft.
1500-2000
Lot Size
40' x 90'
Acreage
< .50
Fronting
West
Taxes
$3,857 (2024)
Basement
Apartment, Finished
Exterior
Brick, Vinyl Siding
Heat Type
Forced Air
Heat Source
Gas
Air Conditioning
Central Air
Water
Municipal
Parking Spaces
3
Driveway
Private
Garage Type
None
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Room Summary
| Room | Level | Size | Features |
|---|---|---|---|
| Bathroom | Main | 8.07' x 9.25' | 4 Pc Bath |
| Br | Main | 11.19' x 11.98' | |
| Kitchen | Main | 15.12' x 10.76' | |
| Living | Main | 12.20' x 12.34' | |
| Bathroom | 2nd | 5.35' x 7.09' | 4 Pc Bath |
| Br | 2nd | 10.43' x 11.84' | |
| Br | 2nd | 13.39' x 17.81' | |
| Kitchen | 2nd | 10.01' x 10.56' | |
| Living | 2nd | 13.16' x 14.27' | |
| Bathroom | Lower | 5.58' x 6.73' | 3 Pc Bath |
| Kitchen | Lower | 15.49' x 6.50' | |
| Living | Lower | 14.07' x 11.12' |
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Kitchener Market Statistics
Kitchener Price Trend
197 Palmer Ave is a 3-bedroom 3-bathroom home listed for sale at $899,900, which is $150,398 (20.1%) higher than the average sold price of $749,502 in the last 30 days (October 27 - November 25). During the last 30 days the average sold price for a 3 bedroom home in Kitchener increased by $2,710 (0.4%) compared to the previous 30 day period (September 27 - October 26) and down $10,543 (1.4%) from the same time one year ago.Inventory Change
There were 79 3-bedroom homes listed in Kitchener over the last 30 days (October 27 - November 25), which is down 1.3% compared with the previous 30 day period (September 27 - October 26) and up 38.6% compared with the same period last year.Sold Price Above/Below Asking ($)
3-bedroom homes in Kitchener typically sold $2,125 (0.3%) above asking price over the last 30 days (October 27 - November 25), which represents a $8,762 increase compared to the previous 30 day period (September 27 - October 26) and $200 more than the same period last year.Sales to New Listings Ratio
Sold-to-New-Listings ration (SNLR) is a metric that represents the percentage of sold listings to new listings over a given period. The value below 40% is considered Buyer's market whereas above 60% is viewed as Seller's market. SNLR for 3-bedroom homes in Kitchener over the last 30 days (October 27 - November 25) stood at 100.0%, up from 70.0% over the previous 30 days (September 27 - October 26) and up from 77.2% one year ago.Average Days on Market when Sold vs Delisted
An average time on the market for a 3-bedroom 3-bathroom home in Kitchener stood at 19 days when successfully sold over the last 30 days (October 27 - November 25), compared to 57 days before being removed from the market upon being suspended or terminated.Listing contracted with Royal Lepage Wolle Realty
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R5 ZONING. TRIPLEX ON LARGE LOT. Across from bus transportation and a shopping plaza. Centrally located near major highways and amenities. Strategically located in a highly desirable area of Kitchener. This property boasts two 2-bedroom units and one 1-bedroom unit, each equipped with separate hydro metres. 7 parking spots, a shed, tenant storage, and recent updates, including forced air furnace (2 years), driveway (10 years), and roof (13 years). An excellent investment opportunity to add to your multiplex portfolio. This triplex offers both immediate income potential and long-term value. Minimum 36 hours notice is required for all showings.
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