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 $1,200/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:51786)

• Property Details

  MLS® Number	10311452
  Property Type	Single Family
  Neigbourhood	Springfield/Spall
  Amenities Near By	Golf Nearby, Park, Recreation, Schools, Shopping
  Community Features	Rentals Allowed
  Features	Level Lot, Corner Site, Two Balconies
  Parking Space Total	5
  View Type	Mountain View, Valley View, View (panoramic)

• Building

  Bathroom Total	3
  Bedrooms Total	6
  Appliances	Refrigerator, Dishwasher, Dryer, Range - Electric, Washer
  Basement Type	Full
  Constructed Date	1967
  Construction Style Attachment	Detached
  Cooling Type	Central Air Conditioning
  Exterior Finish	Stucco, Wood Siding
  Flooring Type	Ceramic Tile, Laminate
  Heating Type	Forced Air, See Remarks
  Roof Material	Asphalt Shingle
  Roof Style	Unknown
  Stories Total	2
  Size Interior	2451 Sqft
  Type	House
  Utility Water	Municipal Water

  See Remarks
  Attached Garage	1

• Land

  Access Type	Easy Access
  Acreage	No
  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

• Rooms

  Level	Type	Length	Width	Dimensions
  Basement	Full Bathroom			6'7'' x 7'3''
  Basement	Bedroom			8'1'' x 10'9''
  Basement	Bedroom			11'0'' x 10'10''
  Basement	Kitchen			13'3'' x 10'7''
  Basement	Dining Room			9'7'' x 11'2''
  Basement	Living Room			17'2'' x 10'10''
  Main Level	Bedroom			9'2'' x 9'3''
  Main Level	Bedroom			10'10'' x 9'2''
  Main Level	Bedroom			11'5'' x 9'6''
  Main Level	Full Bathroom			7'0'' x 9'8''
  Main Level	3pc Ensuite Bath			3'0'' x 9'0''
  Main Level	Primary Bedroom			13'3'' x 14'2''
  Main Level	Kitchen			18'3'' x 10'4''
  Main Level	Dining Room			9'6'' x 10'9''
  Main Level	Living Room			17'9'' x 12'8''

• Utilities