392 & 398 Erb Street W 392-398 Waterloo Regional Rd 4 Unit Apartment Building $2,040,948 USD ($510,237 USD/Unit) 3.27% Cap Rate Waterloo, ON N2L 1W6

Lennard Commercial Realty is pleased to offer for sale 392–398 Erb Street West in Waterloo. This offering includes two adjoining properties totaling approximately 0.54 acres, located just minutes from both Uptown Waterloo and the University District.
The site is currently improved with a four-unit apartment building and a single-family home, both of which are fully leased, providing immediate holding income. It is zoned Residential Mixed-Use 20 (RMU-20), which permits development of up to six storeys in height. This flexible zoning framework supports a variety of residential
redevelopment options, including mid-rise rental projects.
A Site Plan Application has been prepared for a 6-storey, 74-unit apartment building, helping to streamline the development timeline and reduce upfront planning risks for prospective buyers. With zoning already in place, the property offers a rare opportunity to proceed without the delays and uncertainty of a rezoning process. Given its strategic location, preliminary development plans, and strong market fundamentals, 392–398 Erb Street West represents a compelling infill development opportunity—complete with holding income—in one of Waterloo’s most desirable growth corridors.