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$ 1,695,000
Est. payment /mo
Active
60 DRUMMOND STREET W Perth, ON K7H2K4
3 SqFt
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
Square Footage 3 sqft
Price per Sqft $565,000
Subdivision 907 - Perth
MLS® Listing ID X12480782
Lot Size 0.870 Acres
Acres 0.87
Source Ottawa Real Estate Board
Property Description
Shovel Ready!! Prime Opportunity for Development: 25-Unit Apartment Building Site in Beautiful Perth!! Attention real estate investors and developers! We are excited to present a rare opportunity to acquire a FULLY APPROVED AND REGISTERED SITE PLAN for a 25-unit apartment building in the heart of the picturesque town of Perth. This prime property, nestled amid stunning landscapes, offers a unique chance to capitalize on the ever-growing demand for quality housing in this vibrant community. The approved site plan includes a contemporary design that harmoniously blends with the surrounding environment. With a mix of one-, two-, and three-bedroom units, this project is poised to cater to a diverse demographic, from young professionals to families seeking a tranquil lifestyle. The design prioritizes open spaces and ample natural light, ensuring a welcoming atmosphere for all residents. Additionally, the site's registration against the title provides a secured foundation for the development process. Interested parties can commence construction without delay, further enhancing the investment's potential for a quick turnaround. This property boasts two income-generating duplexes at 60Aand 60B, providing not only stable tenant occupancy but also attractive cash flows. Total Annual Gross Income: $65,328. Reliable Cash Flow: Existing duplexes create consistent cash flow, allowing coverage of holding costs during the pre-construction phase, Improved Financing Metrics: Strong net yields at the duplex level fortify financing potential, including phased development strategies. In summary, this shovel-ready project generates a robust gross income of $65,328 with a manageable expense footprint of $21,503, leading to a substantial net income of $43,825 in 2024. With immediate development possibilities and financing advantages.Don't miss out on the chance to be part of Perth's transformation. (id:24570)
Location
State ON
Rooms
Kitchen 0.0
Exterior
Parking Features No
View Y/N No
Total Parking Spaces 10
Private Pool No
Building
Sewer Storm sewer
Listed by RE/MAX HALLMARK REALTY GROUP
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