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Mid-rise Development Site In Norlfok County

$8,250,000

For Sale: , , in

Updated Aug 2, 2022
Mid-Rise Development Site in Norlfok County

Listing Details

Co-op commission:

Subtype: Commercial, Residential, Apartment Building

Sale type: For investors

Tenancy: Single

Lot Size: 2 Acres

Current improvements:

All necessary improvements for development; zoning change, city consultations/approvals, etc.

Financial Details

Net operating income: $230,000

Percent leased: 100%

Cap rate: 5.75%

Permitted uses:

  • Apartment Units
  • Retail
  • Commercial

Description

This is two properties being sold as a package deal. See below; 1. Free-standing, single-tenant, 25,900 sqft building on a 1.67 acre lot on the southeast corner of Sydenham & Culver Street in the Downtown Business District of Simcoe. Tenanted by "The Brick", who has been there over 30 years, the store does exceptionally well and they will be signing a new lease. - NOI is 230k - Asking $4,000,000 (5.75% cap) 2. The development site is adjacent to The Brick store, on Pond St. See details of the proposed development below; - 8 Storeys - 67 Units (1 & 2 bedroom units) - GFA: Approximately 85,000 sqft - Lot size: Approx 2 acres (including The Brick store) - Asking $4,250,000 Site is site plan approved for 67 units; however they are applying for more units (greater density same footprint). The sites are being sold as a package deal. Total Asking Price: $8,250,000.

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Location & nearby

This listing is located in Simcoe, ON N3Y 4X8

Norfolk County, ON, Canada

Anthony Spano

ProREALTOR®

Very responsive to messages


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