401 - 251 Lester Street
Waterloo, ON
5 bed • 2 bath • approx. 1200-1399 sqft • Condo Apartment • 89 days on market
Incredible turnkey investment in the heart of Waterloo's university district! This purpose-built 5-bedroom, 2-bathroom condo at 251 Lester St has the potential to generate over $49,000/year in gross rental income with positive monthly cash flow. Just steps to Wilfrid Laurier University and the University of Waterloo, this high-demand location ensures consistent tenancy. Features include a spacious open-concept living area, two full baths, included furniture, and professional property management options for a completely hands-off experience. Condo fees include heat and water, and the building offers parking, shared laundry facilities, elevator access, and proximity to transit, shops, and various amenities.
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Listing Details
- Taxes (2025)
- $4,370
- Listed
- May 25, 2026
Price History
Property
- Style
- Apartment
- Age
- 16-30
- Construction
- Concrete
- Interior
- Ventilation System
Utilities
- Heat Source
- Gas
Location & Legal
- Cross Street
- University Ave W / Lester St
- Parcel Number
- 236410078
- Possession
- Flexible
Commercial
- Occupancy
- Tenant
Included
- Inclusions
- Fridge, Stove, Hood Fan, Dishwasher
- Exclusions
- Tenants Belongings
Schools
Elementary
- MacGregor Public School0.8 km
Public · Waterloo Region DSB · 510 students
- Winston Churchill Public School1.4 km
Public · Waterloo Region DSB · 320 students
Grade 3 reading: 81% met the provincial standard · Grade 6 math: 56% met the provincial standard
- Our Lady of Lourdes Catholic Elementary School1.6 km
Catholic · Waterloo CDSB · 385 students
Grade 3 reading: 71% met the provincial standard · Grade 6 math: 45% met the provincial standard
Secondary
- Waterloo Collegiate Institute0.8 km
Public · Waterloo Region DSB · 1480 students
Grade 10 literacy: 85% met the provincial standard
- St David Catholic Secondary School1.3 km
Catholic · Waterloo CDSB · 1080 students
Grade 10 literacy: 97% met the provincial standard
- Bluevale Collegiate Institute2.8 km
Public · Waterloo Region DSB · 1115 students
Grade 10 literacy: 88% met the provincial standard
Straight-line distance. Nearby schools are not necessarily the assigned schools — confirm catchment with the school board. Scores are EQAO provincial test results for 2024-2025.
Community
Postal area N2L
- Population
- 37,953
- Private dwellings
- 19,681
- Median age
- 29.8
- Average household size
- 2.2
- Median household income
- $69,500
Source: Statistics Canada, 2021 Census of Population, catalogue 98-401-X2021013. Adapted from Statistics Canada. This does not constitute an endorsement by Statistics Canada of this product.
Local market
Residential Condo & Other in Waterloo · last 12 months
- Median sold price
- $695,000
- Homes sold
- 1,031
- Median days on market
- 21
- Sale-to-list price
- 99.8%
Based on 1,031 recorded sales of residential condo & other properties in Waterloo over the last 12 months.
Listed by
ROYAL LEPAGE SIGNATURE REALTY
Location
Mortgage Calculator
$101,800
Estimated Monthly Payment
$2,501
Investment Analysis
No recent nearby lease data. Enter a rent to see the numbers.
Mortgage: $2,501/mo (20% down, 5.5%)
Taxes: $364/mo · Insurance: $127/mo
Estimates only. Consult a financial advisor.
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