60 Drummond Street W,Perth, ON K7H 2K4
Perth, ON K7H 2K4
Description
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.
Details
| MLS # | X13088814 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | New |
| Year | 0 |
| Days On Site | 122 |
| Listing Provided By | RE/MAX HALLMARK REALTY GROUP | X13088814 504301 |
Features
| SQ Feet | 37,897 |
|---|---|
| Acreage | 0.87 |
Utilities
| Utilities | Available |
|---|---|
| Sewer | Storm |
Taxes
| Tax Annual Amount | 3281 |
|---|---|
| Tax Type | Annual |
| 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. |
| Tax Year | 2025 |
Area Information
| Province | ON |
|---|---|
| Region | Lanark |
| City | Perth |
| Postal Code | K7H 2K4 |
| Area | 907 Perth |
| Listing VS Median (in K7H 2K4) | |
Price: $1,398,000 low | high Med: $1,398,000 sqft: 37,897 low | high Med: 37,897 $ / sqft: $37 low | high Med: $37 On site: 122 low | high Med: 122 | |
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Learn More About This Property
| Province | ON |
|---|---|
| Region | Lanark |
| City | Perth |
| Postal Code | K7H 2K4 |
| Area | 907 Perth |
| Listing VS Median (in K7H 2K4) | |
Price: $1,398,000 low | high Med: $1,398,000 sqft: 37,897 low | high Med: 37,897 $ / sqft: $37 low | high Med: $37 On site: 122 low | high Med: 122 | |