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.
Address
60 Drummond Street W
List Price
$1,695,000
MLS® Status
New
Expiration Date
2026-04-30
Property Type
Commercial
Type of Dwelling
Land
Transaction Type
Sale
Area
Perth
Sub-Area
907 - Perth
Region
Lanark
Lot Size Source
MPAC
Lot Depth
209.68
Lot Type
Lot
Lot Size Units
Feet
Lot Width
126.35
Parcel Number
051740034
Total Building Area
2.84
Occupant Type
Tenant
Cross Street
Drummond between Perkins and Harris.
MLS® Number
X12480782
Listing Brokerage
RE/MAX HALLMARK REALTY GROUP
Postal Code
K7H 2K4
Posession Details
To be arranged
Parking Spaces
10
Tax Amount
$3,281.00
Tax Year
2024
Standard Status
Active
Board Or Association
Ottawa Real Estate Board
Garage Type
None
Tax Legal Description
PT LT B PK LT 5 PL 8828 LANARK S LYING WITHIN SW 1/2 LT 2 CON 2 DRUMMOND PT 3 27R5123; TOWN OF PERTH. PT LT B PK LT 5 PL 8828 LANARK S LYING WITHIN SW 1/2 LT 2 CON 2 DRUMMOND PT 2 27R5123; TOWN OF PERTH.
Sewer
Storm
