298 Glenridge Avenue, St. Catharines
By RE/MAX Garden City Realty Inc
Welcome to St.Catharines Student Housing
St.Catharines is home to Brock University & Niagara College (In Neighboring Niagara on the Lake). Both of these Schools are undergoing development projects on their campuses to accommodate additional educational programs as well as increased enrollment. Over the last couple of years out of town Student Housing Investors are starting to take note of all that St.Catharines has to offer from a Real Estate investment standpoint as well as the features of the Niagara Region as a whole.
The location of this property is A+. The complex is located at the bottom of the escarpment that leads up to Brock University. This is the closest Student complex to the University within the city of St.Catharines. The complex is located right on the corner of Glenridge & Glendale Avenue this is the main intersection in the southend of the city. Being on the corner allows for the most convenient access to public transit as well as property exposure. Right out front of the complex the students can access a direct bus that will either take them to Brock University, The Pen Center shopping mall or downtown St.Catharines. You cannot get a better location for St.Catharines Student Housing. Investors are realizing that there is a huge demand for quality student housing in St.Catharines. Compared to other University towns, St.Catharines Real Estate prices are considerably less but yet there is not the same disparity with the rents being achieved, making St.Catharines a very attractive investment option.
This property has undergone significant renovations and additions over the last year and a half. Most notably is the addition of the third floor. The addition allowed the owners to increase the site density from 40 beds to 60 beds with 24 bathrooms spread over 12 individual units. The property is split up into two blocks of buildings, one with 8 units and the other with 4 units, both properties are located on a 120’ x 227.95’ corner lot, the combined building size is just under 20,000 sqft. Each of the 12 units have two entrances, 5 bedrooms, two bathrooms (4pc and 3 pc bath) in-suite washer and dryer, stainless fridge, dishwasher and stove.
Complex highlights; 22 parking spaces, molok waste collection system, new drainage and catch basins, replacement windows, new asphalt shingles, new asphalt and concrete curbing in the parking lot, Individual forced air high efficiency furnace and a/c units, Exterior security cameras that are monitored by the owners and property management via smart phone/computer.
Capital work and major repairs and maintenance expenses should be minimal moving forward.
If you are looking to increase your portfolio in student housing, or currently investing in Multi-Family properties and frustrated with the lack of available product, this property and the city of St.Catharines deserve your attention.
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