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Mid-rise Development Site In Norlfok County
Listing Details
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.
Location & nearby
This listing is located in Simcoe, ON N3Y 4X8
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