Category Archives: kitchener waterloo

How to Price a Kitchener Waterloo Apartment Building

Value of a Kitchener Waterloo Apartment Building


One of things I find myself talk to real estate investors about these days is how to value a Kitchener Waterloo Apartment Building.  Seems there are lots of people looking to acquire high quality apartment buildings, but there is small supply of these buildings for sale, especially when we start talking about more than 50 units.

Most owners are happy to hold their buildings now  – multi family real estate is a notoriously stable investment during good times and bad (and stable investments are held in higher regard during recessionary times), but buyers are eager to deploy their capital into a stable asset.

This spread between available supply and current demand makes it a great time to sell your Kitchener Waterloo apartment building; case in point, we have recently seen quality multi family investment properties come to market and receive multiple offers in the first few days.

How to Price a Kitchener Waterloo Apartment Building

If you were going to sell your Kitchener Waterloo Apartment Building, how would you price it?

Right now, there is a large difference in ‘per suite’ asking prices for comparable apartment buildings online, with several active multi-family listings being priced considerably higher than comparable recent sales.

(Note: there are some properties, like brand new buildings or luxury apartment buildings, that sell for outside the normal range. For example, see: Two Waterloo Region Apartment Buildings Sell For $45+ million)

Click play to watch this quick video we put together looking at the prices of apartment buildings in Kitchener Waterloo

If you own a Kitchener Waterloo Apartment Building

If you have any questions about the multi-family investment market in Waterloo Region, call me directly at 519-772-4376 or email me at Benjamin@BenjaminBach.com

KW Commercial is your one stop shop for commercial, investment, retail and multi family advice and brokerage in Waterloo Region.  

We have buyers currently looking for a large Kitchener Waterloo Apartment Building – call us to discuss the sale of your property.

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TARGET Coming To Waterloo, London, Cambridge, Guelph, Stratford & Fergus

Big news for the Retail market in WATERLOO Region:

Target Opening in Waterloo, Cambridge, Guelph

That’s right – Target is coming to South Western Ontario in a BIG way!

There are five stores opening within a quick drive of Waterloo Region:

Conestoga Mall

Cambridge Centre

175 Stone Road West, Guelph

Gates of Fergus

Stratford Mall

Plus, 2 in London (Masonville and Westmount), several in the GTA and 2 in Hamilton.

None of the Zellers in Kitchener are being converted in the first round of Target Stores.

This is great news for the local COMMERCIAL REAL ESTATE market, and comes on the heels of the announcement of Apple’s new store in Waterloo.

Here is the full list of Target stores announced in the first round:

The rest of the stores in Canada are as follows:

Alberta
•       Chinook Centre, Calgary
•       Forest Lawn Shopping Centre, Calgary
•       Market Mall, Calgary
•       Shoppes at Shawnessy, Calgary
•       Signal Hill Centre, Calgary
•       Sunridge Mall, Calgary
•       Bonnie Doon, Edmonton
•       Kingsway Garden Mall, Edmonton
•       Mill Woods Town Centre, Edmonton
•       Prairie Mall, Grande Prairie
•       Bower Place, Red Deer
•       St. Albert Centre, St. Albert
•         Sherwood Park Mall, Sherwood Park

British Columbia
•       Abbotsford Power Centre, Abbotsford
•       Metropolis at Metrotown, Burnaby
•       Discovery Harbour Shopping Centre, Campbell River
•       Cottonwood Mall, Chilliwack
•       Coquitlam Centre, Coquitlam
•       Driftwood Mall, Courtenay
•       Tamarack Mall, Cranbrook
•       Scottsdale Mall, Delta
•       Willowbrook Shopping Centre, Langley
•       Haney Place Mall, Maple Ridge
•       Nanaimo North Town Centre, Nanaimo
•       Pine Centre, Prince George
•       Oakridge Shopping Centre, Vancouver
•       Village Green Mall, Vernon
•       Tillicum Mall,  Victoria

Manitoba
•       Shoppers Mall, Brandon
•       Grant Park, Winnipeg
•       Kildonan Place Shopping Centre, Winnipeg
•       Polo Park Shopping Centre, Winnipeg
•       Southdale Centre, Winnipeg

New Brunswick
•       McAllister Place, Saint John

Newfoundland and Labrador
•       Corner Brook, Corner Brook
•       Cabot Square, St. John,s

Nova Scotia
•       Bedford Place, Bedford
•       Mic Mac Mall, Dartmouth

Ontario
•       Durham Centre, Ajax
•       Aurora Shopping Centre, Aurora
•       Bramalea City Centre, Brampton
•       Shoppers World Brampton, Brampton
•       Trinity Common, Brampton
•       Burlington Mall, Burlington
•       Millcroft Centre, Burlington
•       Cambridge Centre, Cambridge
•       Woodbine Centre, Etobicoke
•       Gates of Fergus, Fergus
•       175 Stone Road W., Guelph
•       Centre Mall, Hamilton
•       South Hamilton Square, Hamilton
•       Hazeldean Mall, Kanata
•       Cataraqui Town Centre, Kingston
•       Lindsay Square Mall, Lindsay
•       Masonville Place, London
•      Westmount Shopping Centre, London
•       Milton Mall Shopping Centre, Milton
•       Erin Mills Town Centre, Mississauga
•       Square One, Mississauga
•       Meadowlands Shopping Centre, Nepean
•       Upper Canada Mall, Newmarket
•       1899 Algonquin Ave., North Bay
•       Centerpoint Mall, North York
•       Orillia Square Mall, Orillia
•       Place D,Orleans, Orleans
•       Five Points Mall, Oshawa
•       Bayshore Shopping Centre, Ottawa
•       Billings Bridge Plaza, Ottawa
•       RioCan St. Laurent, Ottawa
•       Hillcrest Mall, Richmond Hill
•       Bridlewood Mall, Scarborough
•       County Fair Mall, Smiths Falls
•       Niagara Pen Centre, St. Catharines
•       Stratford Mall, Stratford
•       Sudbury Supermall, Sudbury
•       Intercity Shopping Centre, Thunder Bay
•       Cloverdale Mall, Toronto
•       Shoppers World Danforth, Toronto
•       East York Town Centre, Toronto
•       Flamborough Power Centre, Waterdown
•       Conestoga Mall, Waterloo
•       Taunton Gardens Power Centre, Whitby
•       Devonshire Mall, Windsor

Prince Edward Island
•       Charlottetown Mall, Charlottetown

Quebec
•       Galeries d,Anjou, Anjou
•       Faubourg Boisbriand, Boisbriand
•       Carrefour Angrignon, Lasalle
•       Mega Centre Notre-Dame, Laval
•       Galeries Chagnon , Levis
•       Place Longueuil, Longueuil
•       Place Alexis Nihon, Montreal
•       Place Vertu, Montreal
•       Terrarium Shopping Centre, Pointe Claire
•       Les Galeries De La Capitale, Quebec City
•       Place Fleur De Lys, Quebec City
•       Place Laurier, Quebec
•       Le Carrefour Rimouski, Rimouski
•       Promenades Saint-Bruno, Saint-Bruno-de-Montarville
•       Carrefour Saint-Georges, Saint-Georges
•       Carrefour Richelieu,  Saint- Jean sur-Richelieu
•       Carrefour du Nord, Saint Jerome
•       Carrefour de L,Estrie, Sherbrooke
•       Les Rivieres Shopping Centre, Trois Rivieres

Saskatchewan
•       Northgate Mall, Regina
•       The Centre, Saskatoon

Out With The Car Lots, In With Two More Towers

A builder from Guelph has bought a 2.4 acre block of downtown Kitchener – bordered by Madison, King, Cameron and Charles – for $3.6 million, or $1,500,000 per acre.

 

Click map to enlarge

Fusion Homes bought the property and plans to put two highrise towers on site, plus townhouses and some retail.

From The Record:

“We are planning a substantial mixed-use development on the property,” Lee Piccoli, president of Fusion Homes, said.

At least two highrise buildings are to be constructed and very likely some townhouses as well. The company will look into the demand for office and retail space in that area, but that will not be a large part of the project.

Piccoli did not want to speculate on when construction will begin.

“I am very bullish on downtown Kitchener,” Piccoli said. “When the opportunity came up, we jumped at it.”

Surface-parking lots now dominate the block where a used-car lot and a car rental agency operate.

“I think as a developer you’re always trying to see something, not as it looks now, but as it looks three or five years from now. So that is something that we found really attractive about the property,” Piccoli said.

King Street East has seen slow, steady improvement since the City of Kitchener built the $22-million farmers’ market, which opened in 2005.

Since then, three bakeries, two restaurants and a small grocery store have opened on adjacent blocks. Abandoned homes on Madison, Eby, Cedar and Duke streets have been renovated and occupied.

Fusion Homes’ move follows, by six years, the creation of a special program — called the economic development investment fund — that pumped about $100 million into different downtown projects.

“The mayor and the council seem really committed to the redevelopment,” Piccoli said.

The past 10 years have seen a growing list of high-density development in the core and central neighbourhoods, including — the Sandhills development and Iron Horse Towers on Queen Street South, the Kaufman Lofts on King Street, Lofts on Mansion, Le Marche Residences behind Your Kitchener Market, The Regency at Queen and Weber streets and the Drewlo apartments on Victoria Street South adjacent to Victoria Park.

Read the whole article

Over at WonderfulWaterloo.com, we’ve been talking about the need for a grocery store downtown. Looks like the City also sees the need. While looking over the zoning for the King Street East mixed0use corridor, I found this:

“Two submissions were received requesting that staff consider an increase to the amount of permitted retail floor space. One submission made this suggestion citing the example of a food store use that would require greater leasable floor area than the 1,000 square metre limit currently defined in the Official Plan and MU Zones. Staff agree that 1,000 square metre limit on retail floor area could preclude a larger format food store use. Staff are also of the opinion that a larger format food store use would be consistent with the Official Plan Policy intent to serve adjacent residential neighbourhoods, and further could be catalytic for future residential intensification within the corridor. Staff note that a large food store may not be appropriate in all areas of the Mixed Use Corridor, and therefore propose to focus the applicable Official Plan Policies and Zoning provision enabling such a use to a the portion of the King Street East Mixed Use Corridor located between King Street East, Charles Street East, Preston Avenue and Cedar Street South.

Official Plan Amendment OP09/04/COK/HH and a revision to the draft proposed zoning in the King Street East Mixed Use Corridor were drafted to implement this suggested revision. Staff recommend increasing the retail floor space limit from 1,000 square metres to up to 5,000 square metres on the ground floor for food store use provided that it be internal to a large mixed use development.”

From: http://kitchener.ca/en/businessinkit…ningreport.pdf

Between this proposed development and the City Centre condos by Andrin, there are four new towers coming to a downtown King Street in the next few years, plus a lot of infrastructure development like the new Kitchener Transit Hub. Pretty cool!

What do you think?

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Great Investment Condo For Sale in Waterloo near Schools, Shopping & RIM

Looking for info on the Bauer Lofts or the City Centre Condos? Click here for info on other condos for sale in Kitchener Waterloo

KW Commercial is proud to present 10-335 Northlake Drive in Waterloo, Ontario for sale. Update: This property has been sold to a real estate investor.

This well maintained two bedroom condominium is in a terrific Waterloo location near high tech companies like RIM, Descartes, AGFA, Google, Open Text, as well as the two Universities and Conestoga College. It is currently tenanted.

Map of area around Northlake Condo for Sale in Waterloo

Click map to enlarge

Built in the early 1990s, this complex is ideally set near the St Jacobs Farmers Market, beautiful walking trails, and is a short drive to an Expressway onramp which leads to 401 highway access. Pearson Airport is about a one hour drive away, depending on traffic of course.

There is a Light Rapid Transit (LRT) station planned at Northfield & Parkside, a short walk away (at the top of the map below). The proposed LRT plan would allow a tenant to walk to the LRT station & take it all the way to Fairview Park Mall, and eventually Sportsworld Crossing and into Cambridge, Ontario.

Proposed LRT map. Click map to enlarge

The combination of a quiet country setting, proximity to major employers & access to transportation makes this a location tenants will continue to love.

We have a number of clients who own units in this complex, it has done well by Keller Williams clients over the years.

Offered for sale at $ 145,000

For more details, contact Benjamin Bach at 519 570 4447 or via email

9 Reasons to Invest in Kitchener Waterloo Real Estate, REIN Top 10 Report Edition

KW Tops REIN Top 10 List

Kitchener Waterloo is Ontario’s top Real Estate Investment Destination, again.

Well, it’s that time of year again. Kitchener Waterloo is getting some more much deserved attention from Canadian Real Estate Investors all across the country.

KW has been named the top real estate investment destination in Ontario by the Real Estate Investment Network for a couple years in a row (see: Kitchener Waterloo Real Estate ranked #1 again), and this year the trend continues.

REIN released the REIN Top 10 list that named Kitchener Waterloo the #2 investment destination in Canada, and tops in Ontario again.

From CTV News:


The Record reports:
REIN “refers to Waterloo Region as the “economic Alberta of Ontario.”
That means Waterloo Region is seen not only as the economic engine of the new Ontario economy, but also that it “will outperform all other major regions in eastern Canada,” says REIN president Don Campbell
For indicators, he points to job growth, student growth and a new light rapid-transit system.”

Why are real estate investors focused on our city? Let’s take a look at the reasons why people like buying investment property in Kitchener Waterloo

Top 9 Reasons People Are Investing in Kitchener Waterloo Real Estate Now

1. Top Area to Invest – The Real Estate Investment Network named Kitchener Waterloo & Cambridge (“the Technology Triangle”) the #1 city to invest in Ontario and #2 in Canada, behind Calgary.

2. Low Interest Rates. currently we have very low interest rates – although there is a slight upward trend right now – which makes NOW a great time to invest. Rates will be going up in the future. It’s a matter of how soon, and how much. Smart real estate investors are taking advantage of historically affordable cost of borrowing money.

3. Great prices – Investors love Kitchener Waterloo because it has a booming economy, without big city property prices. Our clients invest in condos ranging from $120,000 on up, and there are opportunities to buy multi-family housing with cap rates of 7%, leaving room for healthy cash flow with today’s low interest rates.

You can buy good quality new construction rental units here (like City Centre, 144 Park, Bauer Lofts and others), for much less than you’d pay for an older condo in Toronto. (That’s what our cilents from Toronto happily do, over and over again).

4. Growth – Kitchener Waterloo is growing at a rapid rate. If you haven’t been here in a few years, just drive down King St! There are mulitple mega million dollar developments that are underway or have been completed recently – The Bauer Lofts, The Barrel Yards, City Centre, 144 Park, the Arrow Lofts, Kaufman Lofts, the new McMaster medical school and University of Waterloo Pharmacy school, the new King St streetscape in downtown, the new Uptown Waterloo, the Kitchener Market, Market lofts; and LOTS of development in the university areas as well.

Also, the University of Waterloo has recently announced plans to double it’s footprint over the next 40 years. See Is Waterloo’s Student Housing Market Being Over Built?
5. Stable, Diverse Economy – Kitchener Waterloo is a market supported by strong fundamentals – world class high tech companies, universities and NGOs; a strong manufacturing sector; proximity to Toronto and the United States; an international airport; continued job growth etc.

In the July 2010 figures released by Stats Canada, the jobless rate of the KW area fell, while national unemployment rose.

6. Access to Property Management – all of our clients have access to world class property management for a very reasonable rate. Contact me for more details !

7. Great Business Community – Major companies and organizations call the Technology Triangle home including RIM (makers of the blackberry), Toyota, OpenText, Manulife, Sunlife, the Perimetere Institute, the Centre for International Governance Innovation, and a host of world class local companies.

8. Awesome, Smart People: Kitchener Waterloo is the MOST INTELLIGENT COMMUNITY IN THE WORLD. Take that Toronto

9. Great Resource – You have found a real estate agent and Wealth Building team that is focused on building your wealth!

What are some of the reasons you like investing in Kitchener Waterloo? Let us know in the comments!

 

Investing in Condos, Kitchener Waterloo

Condo Investing

Interesting in buying a condo? Wondering between new construction projects?

Read these articles, then email or phone me to set up a personal condo consultation

Investing in New Construction Condos in Kitchener Waterloo

Dont Get Burned – 3 things to check out when buying a Condo in Waterloo

Top 9 Reasons You Should Invest in KW Real Estate

The Kaufman Lofts

The Kaufman Lofts in Kitchener Waterloo – an Investor’s Perspective

What is a condo at Kaufman Lofts in Kitchener Worth?

Why do Real Estate Investors like the Kaufman Lofts?

New Construction Condominiums

City Centre Condos (Centre Block) by Andrin Homes

Centre Block to bring $95 million development to Kitchener downtown

 

Bauer Lofts, Waterloo

What are Bauer Lofts in Waterloo, Ontario selling for?

Bauer in Waterloo filled, Cambridge place still half empty

Dinner out at Bauer Kitchen @ the Bauer Lofts in Waterloo

You can Live in Waterloo’s Bauer Lofts !

 

144 Park, Waterloo

Waterloo City Staff recommend Proposal for 144 Park Condo be approved

Why do people love the area near 144 Park condos in Waterloo?

Video of 144 Park – Luxury Waterloo Condo Project

Pictures of 144 Park Condo Sales Centre

Construction of 144 Park Condos in Waterloo estimated at $21 million

Why is 144 Park The Hottest New Condo In Waterloo?

144 Park Condos in Waterloo Ontario – New Luxury Lofts in Waterloo

 

Barrel Yards, Waterloo

News on the Barrel Yards Development in Waterloo, Ontario

Investing in Condos in Kitchener Waterloo

How do you decide which pre-construction condos to invest in?

I was recently talking to a few people in one of the Wonderful Waterloo forums about the new City Centre Condos coming to downtown Kitchener – about 380 units in two towers (one with 17 floors, and a second 14 floor tower).

City Centre Condos in Kitchener, Ontario

The topic of Investing in Condos came up, and one of the members mentioned that they had chosen to put their hard earned investment capital to work at 144 Park, a pre-construction condo being built in Waterloo.

144 Park, Waterloo Ontario

Curious, I asked why they prefered 144 Park over the City Centre Condos.

The real estate investor replied:

“There are many things at this point that makes me feel it [144 Park] is a good deal and not limited to:

  • price per sqft. I paid $340, whereas depending on the unit at CC, they are up to $370 including parking and locker*
  • assured it will be built by 90%+ units being sold
  • timing. Who knows when CC will have occupancy
  • across the street from Vincenzo’s and Bauer Kitchen
  • the area around King & Allen is ripe for more big development
  • in building amenities
  • availability of bigger units
  • proximity to Sunlife for rentability

If you want a bigger town feel, City Center will be surrounded by more, but downtown is still a few years away from that. I mean more within a few steps, not a few blocks.”

With Bauer Lofts next door to 144 Park, it’s already desirable. I really like that Vincenzo’s and Bauer Kitchen are across the street. I think that will appeal to a lot of people who desire condo living.”

I found this perspective very interesting. I have a number of friends who have bought at City Centre in Kitchener, and a few clients who have been interested in 144 Park in Waterloo; none of them have yet bought at 144 Park.

I think they’re both great projects, in premium locations. Clearly 144 Park is more upscale, but that doesn’t mean it will be a better (or worse) investment.

What do you think?

(PS the quote above is from someone on an internet forum. It’s not advice or fact from me, and it shouldn’t be taken as investment advice. Talk to me or another professional for individual advice for your specific situation before making a large financial decision)

photo by spaceamoeba