203 - 251 Lester Street, Waterloo, ON N2L 3W6
Waterloo · Near University Ave W / Lester St · View map
About this home
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.
The home
- Type
- Condo apartment
- Style
- Apartment
- Square footage
- 1200-1399 sq ft
- Bedrooms
- 5
- Bathrooms
- 2
- Kitchens
- 1
- Rooms
- 8
- Basement
- None
- Faces
- East
- Level
- 2
- Laundry
- In Building
Ownership & fees
- Ownership
- Condominium
- Maintenance fee
- $781.37/mo
- Fee includes
- Heat, Common Elements, Building Insurance, Water, CAC
- Complex
- WSCC 641
- Property management
- WILSON BLANCHARD
- Pets
- Allowed, with restrictions
- Locker
- Ensuite+Common
- Exterior
- Brick
Heating & cooling
- Heating fuel
- Gas
- Heating type
- Forced Air
- Air conditioning
- Central Air
- Fireplace
- No
Garage & parking
- Total parking
- None
Taxes & other
- Property taxes
- $4,356/yr
- Tax year
- 2025
- Occupancy
- Tenant
- Possession
- Flexible
- Cross street
- University Ave W / Lester St
More
- Price per sq ft
- ~$392 (at 1,300 sq ft)
- MLS® number
- X13115662
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The home and its surroundings
- Ventilation System
Included in the maintenance fee
- Heat
- Common Elements
- Building Insurance
- Water
- CAC
- Mortgage
- Property tax
- Maintenance fee
Cash needed to close
Estimates only, using Canadian semi-annual compounding, Ontario land transfer tax. Mortgage default insurance is added when you put down less than 20%. Your lender and lawyer will confirm exact numbers.
251 Lester Street, Waterloo, ON N2L 3W6
Waterloo · Near University Ave W / Lester St
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Listing history for 251 Lester Street
See what this home and others at the same address were listed for, what they sold for, and how long it took.
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Frequently asked questions about 203 - 251 Lester Street
Answers come straight from this home’s MLS® listing.
How much is 203 - 251 Lester Street listed for, and what would it cost each month?
203 - 251 Lester Street is listed for $509,000. With 20% down ($101,800), the mortgage payment would be roughly $2,053 a month at 4.5% over 30 years. Add property tax and the maintenance fee and the estimate comes to about $3,198 a month, all in. That figure is an illustration, not a quote.
Is 203 - 251 Lester Street freehold or a condo, and is there a monthly fee?
203 - 251 Lester Street is a condo apartment in Waterloo. Ownership is condominium: you own the unit and a condo corporation looks after the common elements. The maintenance fee is $781.37 a month. The listing says it covers heat, common elements, building insurance, water, cac. Fees can change, so confirm the current amount in the status certificate.
How many bedrooms and bathrooms does 203 - 251 Lester Street have?
203 - 251 Lester Street has 5 bedrooms and 2 bathrooms.
Does 203 - 251 Lester Street have a garage and parking?
The listing does not show a garage. The listing does not include a parking space.
Does 203 - 251 Lester Street have a finished basement?
No. The listing shows no basement for this home.
What style of home is 203 - 251 Lester Street?
203 - 251 Lester Street is a condo apartment. A condo is a unit you own in a building or complex, with the common areas shared and paid for through a monthly fee.
How big is 203 - 251 Lester Street?
The listing puts the home between 1,200 and 1,399 sq ft. The board reports a range rather than an exact figure, and it usually leaves out the basement.
How is 203 - 251 Lester Street heated and cooled?
Heating is forced air (gas). Cooling is central air.
What are the property taxes for 203 - 251 Lester Street?
Property taxes are $4,356 a year (2025), or about $363 a month.
Are pets allowed at 203 - 251 Lester Street?
Pets are allowed, with restrictions. A condo corporation can limit the size, number or type of pet, so check the condo corporation’s rules before you offer.
Where is 203 - 251 Lester Street?
203 - 251 Lester Street is in Waterloo. The nearest main intersection is University Ave W / Lester St. The postal code is N2L 3W6.
Is 203 - 251 Lester Street still for sale?
Yes. It is an active listing (MLS® X13115662). Listings here update from the board through the day and come down once a home sells.
What are similar properties near 203 - 251 Lester Street asking?
Similar properties for sale nearby right now include 101 - 251 Lester Street at $509,000 (5 bed), 206 - 251 Lester Street at $489,000 (5 bed) and 101 - 253 Lester Street at $509,000 (5 bed). These are asking prices, not sold prices. The Sold history tab shows what homes at this address went for.
What have homes at 251 Lester Street sold for?
Recent sales, leases and expired listings for this home and others at the same address are in the Sold history tab, with the price and date of each. It is free for members.
How do I book a showing at 203 - 251 Lester Street?
Pick a day and time with Book a Tour on this page. Tours are free, with no obligation, in person or by video. You can also call or text 647-931-3923.
Have a different question? Ask about this home and get an answer, usually within the hour.
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Listing information comes from the Toronto Regional Real Estate Board through PropTx and is deemed reliable but is not guaranteed accurate. It is provided for consumers' personal, non-commercial use. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
*Estimated monthly cost assumes 20% down, a 4.5% rate and a 30-year amortization, plus property tax and the maintenance fee. For illustration only.