Property Details

2 ACRE LOT DOWNTOWN NAPANEE

  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - DEVELOPMENT SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - DEVELOPMENT SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATERd
  • Overview Map - Main Site
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE
  • NAPANEE RIDGE - APARTMENT BUILDING SITE - CHRIS STEEVES REAL ESTATE

For Sale $2,699,000  
Listing price:
$2,699,000
Units:
70 RES UNITS 
Unit Breakdown:
54 x 2bedroom, 10 x 1bedroom, 6 x 3bedroom
Year Built:
To Be Built – 2021 
Style:
4 STOREY WITH ELEVATOR
Garage/Parking:
100 OPEN PARKING SPOTS + VISITOR PARKING
Rents:
$89,800/MONTH  =  $1,077,600/YEAR                                     + LAUNDRY INCOME OF $768   =  $9,216/YEAR
Features:
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.

PROPERTY DETAILS:

  • INCOME:
  • 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
  • INCLUSIONS:
    • 70 FRIDGES
    • 70 STOVES
    • 70 HOOD FANS
    • 70 DISHWASHERS

CHRIS STEEVES

Sales Representative. Residential & Commercial.
Capital Homes Realty
217 – 1419 Carling Ave, Ottawa, ON
Office: 613 744 0356

Visit our website:
WWW.CHRISSTEEVES.CA
Like My Facebook Page
Follow me on LinkedIn

 

Property Attachments

    Agent Chris Steeves

    CHRIS STEEVES - OTTAWA REALTOR
    • Office : 613 744 0356
    • Mobile : 613 262 1697

    There is only one way to do things, and that’s the right way.  Buying and…
    Know More

    Contact

    Loading...
     

    Similar Properties