60 Drummond Street W Perth, Ontario K7H 2K4

$1,695,000

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. Contact us today to schedule a viewing or for more information on this exclusive offering. (id:43934)

Property Details

MLS® Number	X12480782
Property Type	Vacant Land
Community Name	907 - Perth
Parking Space Total	10

Building

Size Interior	3 Acres
Utility Water	Municipal Water

Land

Acreage	No
Sewer	Storm Sewer
Size Depth	209 Ft ,8 In
Size Frontage	126 Ft ,4 In
Size Irregular	0.87
Size Total	0.87 Ac
Size Total Text	0.87 Ac
Zoning Description	Commercial

https://www.realtor.ca/real-estate/29029374/60-drummond-street-w-perth-907-perth