253 Lester Street

About this Property

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 current gross rental income of $42,000 per year and under lease. 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. Current income can produce a CAP rate of 6%+ after expenses.

Listing Details

MLS #

40874752

Board

ITSO

Market

ontario

Property Type

Condo/Apt Unit

Style

Apartment

Year Built

2009

Heating

Forced Air

Cooling

Central Air

Annual Taxes

$3,809/yr

Listed By

Benjamins Realty Inc.

Presented By

REMAX Hallmark®

Listed On

October 28, 2026

Days on Market

0

Features & Extras