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$1,695,000
Available - For Sale
Listing ID: X12480782
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.
Price $1,695,000
Taxes: $3,281
Tax Type: Annual
Occupancy by: Tenant
Address: 60 Drummond Stre West , Perth, K7H 2K4, Lanark
Postal Code: K7H 2K4
Province/State: Lanark
Legal Description: PT LT B PK LT 5 PL 8828 LANARK S LYING W
Directions/Cross Streets: Drummond between Perkins and Harris.
No. of Pieces Level
Washroom 1:  0
Washroom 2:  0
Washroom 3:  0
Washroom 4:  0
Washroom 5:  0
Washroom 6:  0
Washroom 7:  0
Washroom 8:  0
Washroom 9:  0
Washroom 10:  0
Washroom 11:  0
Washroom 12:  0
Washroom 13:  0
Washroom 14:  0
Washroom 15:  0
Category: Designated
Total Area: 2.84
Total Area Code:  Acres
Maintenance: 0
Sewers: Storm
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Although the information displayed is believed to be accurate, no warranties or representations are made of any kind.
RE/MAX HALLMARK REALTY GROUP

60 Drummond Stre West , Perth, K7H 2K4, Lanark


 
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At a Glance:
Type: Com - Land
Area: Lanark
Municipality: Perth
Neighbourhood: 907 - Perth
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Lot Size: x 209.68(Feet)
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Tax: $3,281
Maintenance Fee: $0
Beds: 0
Baths: 0
Garage: 0
Fireplace: N
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