$514,900
253 LESTER Street Unit# 401
Beds
5
Baths
2
Sqft
—
Year
2009
Type
Single Family
Suite
Suite potential
Location nearby
Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Waterloo. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.
About this home
253 Lester St. #401 is a turnkey student rental investment property in the heart of Waterloo’s university district. This spacious 5-bedroom, 2-bathroom condo is purpose-built for student living and delivers strong, consistent rental income with minimal effort. Just steps from Wilfrid Laurier University and the University of Waterloo, this location attracts reliable tenants year after year. The thoughtfully designed layout features approximately 1,158 sq ft of living space, including five generously sized bedrooms, two full bathrooms, and a large open-concept common area highlighted by an L-shaped kitchen and a bright living/dining room — perfect for gatherings, study sessions, or relaxing after class (recently updated with new furniture). Condo fees include heat and water, keeping operating costs low. The building offers elevator access, a brand-new onsite laundry facility for added tenant convenience, central air conditioning, and proximity to public transit, shopping, restaurants, and all essential amenities. Street parking and additional building parking options are available. Whether you’re an experienced investor or looking for your first student rental property, this unit offers hands-off potential with proven gross rental income potentially exceeding $45,000 per year (based on current market rents in the building). Many similar units in the complex are fully tenanted with long-term leases, delivering stable cash flow in this ever-growing university hub. Don’t miss your chance to own a worry-free (excellent onsite management available), income-generating property in one of Waterloo’s most sought-after student locations. Schedule your viewing today! (id:65958)
- Subtype
- Single Family
- Structure
- Apartment
- Community
- 417 - Beechwood/University
- Common interest
- Condo/Strata
- Living area
- 1,158 square feet
- Bedrooms
- 5 above grade, 0 below grade
- Condo/HOA fee
- $721.42 monthly
- Stories
- 1
- On market
- Apr 20, 2026
- Status changed
- Apr 21, 2026
- Annual tax
- $3,809
- Zoning
- GR
- Photos
- 23
- MLS#
- 40822088
- Area
- WATERLOO
Features and systems
Parking
Basement
Appliances
Heating
Cooling
Exterior
Lot
Cash on cash
1.03%
Cap rate
5.07%
GRM
13.0
Break-even rent
$3,207
Financing
Operating expenses (monthly)
Estimates only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 4.5% rate, 30-year amortization, 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.
Mortgage estimate
Listing brokerage
Listing brokerage on file
Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 21, 2026.