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OVERVIEW
FBG Commercial is delighted to offer a prime investment opportunity in the burgeoning community of Waterloo, Qc, 40 minutes south of Montreal. Place Primevère, a 62-unit complex boasting full bathrooms and kitchens, presents investors with the opportunity to expand and capitalize on the adjacent vacant land. This conversion of a residence property into a multi-family asset presents a significant upside for savvy investors, which has been approved by the city.
The property is already zoned for multi-family use and the high demand for this type of unit further enhances the potential for significant growth and increased value. Additionally, the 108,867 sqft vacant land adjacent to the property has plans for a development of 28 townhouses, offering even more potential for growth. The city of Waterloo is ready to accept different project like an additional building as they are in full expansion and looking to grow the city.
With an asking price of $4,199,000, the price per square foot is competitively priced at $97.71. The property is situated in a tranquil area, just a 3-minute walk from the lake, providing residents with a superior quality of life. This investment opportunity is ideal for a developer seeking maximum growth potential in a property.
We are always happy to answer any further questions and provide more information. Please do not hesitate to contact us for more details on this exceptional opportunity.
INVESTMENT HIGHLIGHTS
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Zoned for multi-residential
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City of Waterloo is gentrifying
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Open to project ideas like a new building
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Property is sold VACANT for easy conversion
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All units have a bathroom and kitchen
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The communal kitchen and first floor could be converted to add 3 more units to the existing property
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The property sits on 162,056 sqft
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28 townhouses project on vacant land
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20 outdoor parking spaces
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40 minutes drive from Montreal
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Elevator
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Near all amenities, a walk away from a lake and a large park, bus stop, schools, family oriented area.
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All around Camera and security system
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Cul-de-Sac street
POTENTIAL DEVELOPMENT
The subject property occupies 53,150 square feet of land which represents 33% of total site area. This means that 108,867 sq.ft. of excess land is available for development.
The City of Waterloo urban planning technician, indicated that the subject’s excess land could either be develop to expand the existing retirement home / multi-family or to build various housing units, providing that buildings build on each different potential lot (A to E in blue as shown on the plan above) do not comprise more than 12 dwellings. This could be subject to change with the proper plan to increase the density as the city is in full gentrification.
The plan shown above illustrates a possible scenario (prepared by a land surveyor) whereas lot A in red consists of the land necessary for the existing building, whereas lot B in red shows the 28 row housing units which could be developed on the five (5) potential distinct lots ( A to E in blue) .
The 28-housing unit potential is legally feasible as per Zoning Bylaw and complies with the City land subdivision and Zoning Bylaws.
PROPERTY DETAILS
Price $4,199,000
Number of Units 62
Price / Door $67,725
Property Type Multi-Family
Price/sqft $97.71
Year Built 1973
Building SQFT 42,973
Land Area SQFT 162,056
NOI TBD
PHOTO GALLERY
62
UNITS
42,973
BLDG
SQFT
1973
YEAR BUILT
MARKET SPOTLIGHT
APARTMENTS
The divisions throughout :
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Room x3
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Small studio x7
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Studio x25
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Bachelor x22
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1 bedroom x7
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2 bedroom x1
All units have a full bathroom + a full kitchen.
RENTAL VALUE
The potential average rental values for a unit is 805.65$, based on the following rents:
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1..0(2) x600$
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1.5(33) x750$
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2.5(22) x850$
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3.5(7) x100$
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4.5(1) x1300$
LOCATION ADVANTAGE
Proximity to Montreal: Waterloo is located a short distance from Montreal, making it a convenient location for those who want easy access to a larger city.
Access to Nature: Waterloo is located near the Appalachian Mountains, offering residents easy access to outdoor recreation and natural beauty.
OFFERS DEADLINE
First Come, First Served basis:
This offering is only available through an online offer submission as outlined below:
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Offers should be submitted by the listing broker by email at info@fbgcommercial.com
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Offer structure should include the following:
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Purchase Price
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Proposed Deposit Amount
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Proposed Due Diligence & Closing Period
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Evidence of Adequate Funds
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Company Profile
GEOGRAPHIC MAP
CONTACT US
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We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. The Purchaser and his team should conduct their own investigation of the property and transaction.