$1,000,000
Offering a 1.89% assumable mortgage and strong rental income, this corner lot is the perfect holding property for future development. The land is already zoned to accommodate up to 6 townhouses and is located on a quiet street close to all that the South Pandosy neighbourhood has to offer—shopping, restaurants, beaches, schools, H2O Centre, public transit, and much more. Higher floors will enjoy beautiful pastoral views in almost every direction and will aide your future development in being a big success! Good rental revenue from the tenants in the existing house ensures that you can take your time perfecting your development plans and then build when the time is right. If the existing mortgage is assumed, the property will generate approximately $700/mo in positive cashflow until you are ready to redevelop it (based on current rental income and a 20% downpayment). The increased Property Transfer Tax Exemption on new construction means that a buyer can now purchase an $850k townhouse with less than $65k down if they included the GST in their mortgage. Furthermore, the upcoming change allowing high-ratio mortgages to amortize new construction over 30 years could result in said buyer’s mortgage payment being less than $4k/mo (assuming 4% interest rate at time of project completion). Sample floor plans have been provided to demonstrate what is possible, but the extensive street frontage of this lot provides considerable flexibility to realize your own development vision. (id:50889)
Property Details
MLS® Number
10311461
Neigbourhood
Lower Mission
Amenities Near By
Golf Nearby, Park, Recreation, Schools, Shopping
Community Features
Rentals Allowed
Features
Level Lot, Corner Site
Road Type
Paved Road
View Type
Mountain View, Valley View, View (panoramic)
Building
Type
Other
Utility Water
Municipal Water
Land
Access Type
Easy Access
Acreage
No
Current Use
Development Residential
Land Amenities
Golf Nearby, Park, Recreation, Schools, Shopping
Landscape Features
Landscaped, Level
Sewer
Municipal Sewage System
Size Frontage
73 Ft
Size Irregular
0.16
Size Total
0.16 Ac|under 1 Acre
Size Total Text
0.16 Ac|under 1 Acre
Zoning Type
Multi-family
Utilities
Cable
At Lot Line
Electricity
At Lot Line
Natural Gas
At Lot Line
Telephone
At Lot Line
Sewer
Available
Water
At Lot Line