271 Lester Street #301, Waterloo, ON N2L 3W6

Fully tenanted five-bedroom condo steps from both the University of Waterloo and Wilfrid Laurier University - a turnkey investment generating income from day one. All five rooms are currently leased at $4,550 per month in gross rent, so you step into immediate, predictable cash flow with no lease-up period. The economics are clean and the margins protected: heat, water and one owned parking space are included in the monthly condo fee, tenants pay their own hydro, and as a condo you avoid the roof, exterior, and grounds maintenance that erode returns on a student-rental house - keeping management focused on the tenants alone. The roughly 1,355 square foot layout offers five well-proportioned bedrooms, an upgraded kitchen, and two full bathrooms, with gas forced-air heat, central air conditioning, elevator, and on-site laundry. It comes furnished, so the unit stays rent-ready between terms. The owned parking space is a rarity here, where most units come with none, and adds a second income lever or a standout perk that keeps rooms easy to fill. Location drives the demand: ION light rail is about a ten minute walk at both the Laurier-Waterloo Park and University of Waterloo stations, University Shops Plaza puts groceries and restaurants at the doorstep, and both campuses are close by, keeping occupancy tight each September. A practical, well-located asset in one of Ontario's tightest student housing markets, with rooms rolling through 2026 and 2027 and flexible possession to suit your timeline.

Also checked, nothing flagged at this location: conservation-regulated areas, provincially significant wetlands, the Greenbelt, the Oak Ridges Moraine, the Niagara Escarpment plan, areas of natural and scientific interest, rail corridors, hydro transmission corridors.

Not openly mapped for this area (ask the local conservation authority): flood hazard mapping.

Screened against public government mapping at this home’s location — simplified boundaries, not a survey, an appraisal or a legal determination. Confirm anything that matters with the authority named.