Tyler Zeeman
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 potential 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 would generate approximately $1,200/mo in positive cashflow until you are ready to redevelop it (based on past 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 latest 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:6289)
| Avg. asking price | $793,275 |
| Price per sq. ft. | $523 |
| Median price | $599,000 |
| Number of homes for sale in Springfield/Spall | 181 |
| Number of homes for sale in Kelowna | 2433 |
| Avg. Days on Market | N/A |
Cable, Electricity, Natural Gas, Telephone, Sewer, Water
Golf Nearby, Park, Recreation, Schools, Shopping
Mountain view, Valley view, View (panoramic)
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