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Harman Powar

harmanpowarcentury21@gmail.com +1(403) 978-7332

$ 900,000

Est. payment | -/mo

6 Beds

3 Baths

2,451 SqFt

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$ 900,000

Est. payment | -/mo

Save Virtual Tour

6 Beds

3 Baths

2,451 SqFt

Key Details

Property Type Single Family Home

Sub Type Freehold

Listing Status Active

Purchase Type For Sale

Square Footage 2,451 sqft

Price per Sqft $367

Subdivision Springfield/Spall

MLS® Listing ID 10311452

Bedrooms 6

Originating Board Association of Interior REALTORS®

Year Built 1967

Lot Size 6,969 Sqft

Acres 6969.6

Property Sub-Type Freehold

Property Description

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:24570)

Location

State BC

Zoning Multi-Family

Rooms

Extra Room 1 Basement 6'7'' x 7'3'' Full bathroom

Extra Room 2 Basement 8'1'' x 10'9'' Bedroom

Extra Room 3 Basement 11'0'' x 10'10'' Bedroom

Extra Room 4 Basement 13'3'' x 10'7'' Kitchen

Extra Room 5 Basement 9'7'' x 11'2'' Dining room

Extra Room 6 Basement 17'2'' x 10'10'' Living room

Interior

Heating Forced air, See remarks

Cooling Central air conditioning

Flooring Ceramic Tile, Laminate

Exterior

Parking Features Yes

Garage Spaces 1.0

Garage Description 1

Community Features Rentals Allowed

View Y/N Yes

View Mountain view, Valley view, View (panoramic)

Roof Type Unknown

Total Parking Spaces 5

Private Pool No

Building

Lot Description Landscaped, Level

Story 2

Sewer Municipal sewage system

Others

Ownership Freehold

Virtual Tour https://my.matterport.com/show/?m=zJ7Bc7FEKFP

Listed by Century 21 Assurance Realty Ltd

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(403) 978-7332

harmanpowarcentury21@gmail.com

3009 23 St NE, Calgary, AB, CAN

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3339 Bothe Road Kelowna, BC V1W3M3