206 - 251 Lester Street, Waterloo, ON N2L 3W6
Waterloo · Near University Ave W / Lester St · View map
About this home
Rare turnkey student asset generating $36,120/year gross in-place revenue ($3,010/month). Skip the leasing headache-Suite 206 at 251 Lester St is a purpose-built 5-bedroom, 2-bathroom residence featuring fully executed Ontario Standard Leases on long-term fixed horizons, backed by designated parental guarantors and managed turnkey by Property Management. Why gamble on unverified tenants when you can acquire secured cash flow from Day 1? Situated just steps from both the University of Waterloo and Wilfrid Laurier University, this unbeatable AAA location virtually eliminates vacancy risk while ensuring steady demand year after year. The suite comes complete with furnished living areas, an expansive open-concept common layout, two full four-piece bathrooms, and easy elevator access. Ownership is streamlined and predictable, as condo maintenance fees conveniently cover both heat and water. Professional property management infrastructure is already active and running smoothly behind the scenes, featuring automated tenant rent collection. Commuting is effortless with rapid access to the ION LRT transit line, local tech hubs, university plazas, grocery stores, and vibrant dining destinations. Whether you are expanding an established multi-family portfolio or are a parent-investor searching for a low-maintenance asset with strong fundamentals, this property delivers immediate predictability. Book your private viewing today!
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
- Coin Operated, In Building
Ownership & fees
- Ownership
- Condominium
- Maintenance fee
- $790.49/mo
- Fee includes
- Heat, Water, CAC, Common Elements, Building Insurance
- Complex
- WSCC 641
- Property management
- WILSON BLANCHARD
- Pets
- Allowed, with restrictions
- Exterior
- Brick
Heating & cooling
- Heating fuel
- Gas
- Heating type
- Forced Air
- Air conditioning
- Central Air
- Fireplace
- No
Garage & parking
- Total parking
- None
- Parking features
- Underground
Taxes & other
- Property taxes
- $4,059/yr
- Tax year
- 2025
- Occupancy
- Tenant
- Possession
- TBD
- Cross street
- University Ave W / Lester St
More
- Price per sq ft
- ~$376 (at 1,300 sq ft)
- MLS® number
- X13861922
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Included in the maintenance fee
- Heat
- Water
- CAC
- Common Elements
- Building Insurance
- 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 206 - 251 Lester Street
Answers come straight from this home’s MLS® listing.
How much is 206 - 251 Lester Street listed for, and what would it cost each month?
206 - 251 Lester Street is listed for $489,000. With 20% down ($97,800), the mortgage payment would be roughly $1,972 a month at 4.5% over 30 years. Add property tax and the maintenance fee and the estimate comes to about $3,101 a month, all in. That figure is an illustration, not a quote.
Is 206 - 251 Lester Street freehold or a condo, and is there a monthly fee?
206 - 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 $790.49 a month. The listing says it covers heat, water, cac, common elements, building insurance. Fees can change, so confirm the current amount in the status certificate.
How many bedrooms and bathrooms does 206 - 251 Lester Street have?
206 - 251 Lester Street has 5 bedrooms and 2 bathrooms.
Does 206 - 251 Lester Street have a garage and parking?
The listing does not show a garage. The listing does not include a parking space.
Does 206 - 251 Lester Street have a finished basement?
No. The listing shows no basement for this home.
What style of home is 206 - 251 Lester Street?
206 - 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 206 - 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 206 - 251 Lester Street heated and cooled?
Heating is forced air (gas). Cooling is central air.
What are the property taxes for 206 - 251 Lester Street?
Property taxes are $4,059 a year (2025), or about $338 a month.
Are pets allowed at 206 - 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 206 - 251 Lester Street?
206 - 251 Lester Street is in Waterloo. The nearest main intersection is University Ave W / Lester St. The postal code is N2L 3W6.
Is 206 - 251 Lester Street still for sale?
Yes. It is an active listing (MLS® X13861922). Listings here update from the board through the day and come down once a home sells.
What are similar properties near 206 - 251 Lester Street asking?
Similar properties for sale nearby right now include 101 - 251 Lester Street at $509,000 (5 bed), 203 - 251 Lester Street at $509,000 (5 bed) and 204 - 253 Lester Street at $497,999 (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 206 - 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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Condo apartment$497,999204 - 253 Lester Street, Waterloo5 bed · 2 bathCourtesy of: PROPERTY.CA INC.View home →Courtesy of: ROYAL LEPAGE SIGNATURE REALTY
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.