$1,695,000
Available - For Sale
Listing ID: X12480782
60 Drummond Street West , Perth, K7H 2K4, Lanark
| 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: | $3281.00 |
| Tax Type: | Annual |
| Occupancy: | Tenant |
| Address: | 60 Drummond Street 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. |
| Washroom Type | No. of Pieces | Level |
| Washroom Type 1 | 0 | |
| Washroom Type 2 | 0 | |
| Washroom Type 3 | 0 | |
| Washroom Type 4 | 0 | |
| Washroom Type 5 | 0 | |
| Washroom Type 6 | 0 | |
| Washroom Type 7 | 0 | |
| Washroom Type 8 | 0 | |
| Washroom Type 9 | 0 | |
| Washroom Type 10 | 0 | |
| Washroom Type 11 | 0 | |
| Washroom Type 12 | 0 | |
| Washroom Type 13 | 0 | |
| Washroom Type 14 | 0 | |
| Washroom Type 15 | 0 | |
| Washroom Type 16 | 0 | |
| Washroom Type 17 | 0 | |
| Washroom Type 18 | 0 | |
| Washroom Type 19 | 0 | |
| Washroom Type 20 | 0 |
| Category: | Designated |
| Total Area: | 2.84 |
| Total Area Code: | Acres |
| Washrooms: | 0 |
| Sewers: | Storm |
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| RE/MAX HALLMARK REALTY GROUP |
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At a Glance:
| Type: | Com - Land |
| Area: | Lanark |
| Municipality: | Perth |
| Neighbourhood: | 907 - Perth |
| Tax: | $3,281 |
| Fireplace: | N |
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