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$3,675,000
Est. payment /mo
8 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Land
Listing Status Active
Purchase Type For Sale
Square Footage 8 sqft
Price per Sqft $459,375
Subdivision Parry Sound
MLS Listing ID X12313021
Annual Tax Amount $1,069
Tax Year 2024
Property Sub-Type Land
Lot Depth 635.0
Lot Front 600.0
Property Description
An outstanding investment opportunity awaits with this fully zoned 160-unit purpose-built rental apartment development site in the heart of Parry Sound. Located on Louisa Street, the property offers immediate scalability with an attractive community concept comprising five4-storey buildings totalling approximately 153,873 square feet of gross buildable area. Zoning is already in place, permitting 160 residential units. The site is CMHC Construction Loan Program (ACLP) ready, presenting an exceptional path to high-leverage construction financing of up to 100% loan-to-cost for Tier 1 qualified proposals. Projected gross rental income stands at approximately $4 million annually, with a stabilized net operating income of $2.5 million and an estimated capitalized value of approximately $50million at a 5% cap rate, comfortably supporting the estimated $40.6 million total development cost. This site is ideally positioned for experienced rental developers, REITs, institutional investors, and affordable housing funds seeking to capitalize on CMHC-backed financing, strong rental economics, and an expedited path to permit. Strategically located in one of Ontario's emerging rental markets, this is a rare opportunity to secure density, approvals, and financing readiness in one offering. Vendor may consider VTB financing.
Location
Province ON
County Parry Sound
Community Parry Sound
Area Parry Sound
Interior
Cooling No
Exterior
Community Features Major Highway
Utilities Available None
Lot Frontage 600.0
Lot Depth 635.0
Others
Security Features No
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Listed by LEE & ASSOCIATES COMMERCIAL REAL ESTATE INC.