For Sale $2,699,000
70 RES UNITS
54 x 2bedroom, 10 x 1bedroom, 6 x 3bedroom
To Be Built – 2021
4 STOREY WITH ELEVATOR
100 OPEN PARKING SPOTS + VISITOR PARKING
$89,800/MONTH = $1,077,600/YEAR + LAUNDRY INCOME OF $768 = $9,216/YEAR
UNBEATABLE VIEWS OF THE CITY, OUTDOOR SHARED LIVING SPACE, ELEVATOR, HOT WATER HEATING, 64 HYDRO METERS, COIN LAUNDRY
| Lot Size:
358′ X 243′
ATTENTION BUILDERS & DEVELOPERS!
HUGE OPPORTUNITY for a prime 2+ acre lot in an exceptional location downtown Napanee! 70 UNIT APARTMENT BUILDING TO BE BUILT.
This one has to be seen to be appreciated. Perched on a ridge on Palace Road just 1 block up from the bridge on Dundas St East and the NAPANEE RIVER & FALLS. Over-looking the city of Napanee and FACING WEST FOR INCREDIBLE SUNSET VIEWS. The lot is also a short walk to all the shops and businesses in downtown. This is a one-of-a-kind location for this city.
The site has been excavated and leveled and is ready to go with the existing plans for a 70 unit building. Land is serviced and ready. The building sits closer to the western front of the property, with 100 parking spaces behind it. Current builder is willing to manage & complete the project.
Contact Chris today for more info and numbers on this excellent opportunity. This is a HUGE opportunity for a builder to realize excellent profits from the development of this site.
- TOTAL RENT
- $89,800 / MONTH
- $1,077,600 / YEAR
- OTHER INCOME
- LAUNDRY = $9,216/YEAR
- TOTAL INCOME
- $1,086,816 / YEAR
- EXPENSES (PROJECTED):
- PROPERTY TAX – $73,000 / YEAR
- INSURANCE – $15,000 / YEAR
- WATER & SEWER – $ 21,500 / YEAR
- MANAGEMENT – $43,500 / YEAR
- HYDRO – $12,000 / YEAR
- OTHER – $60,000 / YEAR
- TOTAL – $225,000 / YEAR
- ESTIMATED NET OPERATING INCOME:
- $861,816 / YEAR
- 70 FRIDGES
- 70 STOVES
- 70 HOOD FANS
- 70 DISHWASHERS