|Land:||9,790.00 m² (105,378.70 ft²)|
Baron Realty, Brokerage has been retained on an exclusive basis to arrange the sale of a 2.419 acre land parcel with zoning approval for 28 townhome units. This is a rare infill development opportunity in an affluent area of North Niagara Falls with easy access to the QEW.
Part of lot 35 TWP of Stamford Being Part 1 On 59R13502; Niagara Falls.
9,790.00 m2 | 105,378.70 ft2 | 2.419 Acres ±
82.122 m x 122.347 m (269.43 ft X 401.40 ft) Irregular ±
Grouped Multiple Dwellings (R4-749) under By-law No. 79-200.
Household Income: $113,686. Median Age: 49.9. Forecast Population Growth: 2.5% (2018-2023)
A 300 mm PVC water main with a lateral hookup is available on Mewburn. A 250 mm PVC sanitary main is available on Mewburn with a lateral hookup available. No storm sewer is in place, only ditching.
The Vendor’s expectation is that all Due Diligence Material will be reviewed by prospective purchasers prior to the submission of an Agreement of Purchase and Sale. All offers to provide proof of funds for down payment within five (5) days of accepted offer, or offer null and void. The Vendor will also look favourably on limited DD periods, substantial deposits, and firm offers.
Upon execution of the attached Confidentiality Agreement, prospective purchasers will be granted access to an online Data Room. The documents found within this folder represent all the documents available, with additional due diligence documentation the responsibility of the purchaser.
Please click to see flyer, and CA to receive access to the Sharefile
|Land:||5,756 m² (61,954 ft²)|
|Parking:||51 indoor, 54 outdoor|
With 106 units over three buildings and the same ownership since 1985, this asset offers an exceptional opportunity both in terms of its scale, and potential rental upside. Located on a park-like parcel of land in LaSalle, the buildings have received substantial Capital Expenditures over the years and present an ideal opportunity to greatly improve revenues through new management. Ample parking: 51 interior and 54 exterior stalls.
The buildings offer a unit mix composed of: 16 4½, 74 3½ (16 of which are extra large), 2 2½, and 14 1½ units, which aligns well with the rental demand in this area of the City. Review of the current rent roll (pg. 8) shows some 47% rental upside upon unit turnover (average unit rent is just $630 / month). The market rent for each unit type are as follows: 4½ units potential $950 (current average at building $699). 3½ (Extra Large) units potential $900 (current average at building $682). 3½ units potential $875 (current average at building $629).
Key capital improvements have been completed in recent years, including the replacement of 104 doors, 248 windws, 75 balconies, 75 bathrooms, 6 furnaces, 3 garage doors and 106 breaker panels. The roofs on all three buildings have been replaced, and the brick work repointed. The asphalt has been replaced along with the security system in each building.
Idyllically located just a short walk from Rene Levesque Park, along with numerous other smaller parks this location has an exceptional Bike Score of 93, and a strong Walk Score of 54. (Source Walkscore.com) The immediate location has also seen above normal population growth of 15.1% from 2013-2018, and has projected population growth of 14.5% estimated from 2018-2023. (Source Tetrad, 2 Km radius) In recent years there has been substantial development in LaSalle, with both rental and condo projects in the Borough. This has helped drive rents upward. Just a 10 minute walk, or 2 minute drive to Gare LaSalle. Near Collège Sainte-Anne, LaSalle City Hall, and a number of neighbourhood amenities. Bus numbers 495 and 110 service the buildings, however there is substantial parking on site. This area of LaSalle has a median age is 39.5 years old and strong household average income of $62,324. (Source Tetrad, 2 Km radius)