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$900,000
Est. payment /mo
6,969 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Subdivision Springfield/Spall
MLS® Listing ID 10353133
Lot Size 6,969 Sqft
Acres 0.16
Property Sub-Type Freehold
Source Association of Interior REALTORS®
Property Description
Offering strong rental income and future redevelopment potential, this property is an excellent investment opportunity. 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 aid any future development in being a big success! Good rental revenue ensures that you can continue to rent out the property until the timing is right to redevelop or cash out. The increased Property Transfer Tax Exemption on new construction means that a buyer can now purchase an $850k townhouse with only $60k down if they are eligible for the GST and PTT exemptions. Furthermore, the latest change allowing high-ratio mortgages to amortize new construction over 30 years could result in said buyer's mortgage payment being only $3.5k/mo (assuming a 3.09% 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:24570)
Location
Province BC
Zoning Multi-Family
Rooms
Kitchen 0.0
Exterior
Parking Features No
View Y/N Yes
View Mountain view, Valley view, View (panoramic)
Private Pool No
Building
Lot Description Landscaped, Level
Sewer Municipal sewage system
Others
Ownership Freehold
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Listed by Century 21 Assurance Realty Ltd
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