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$ 1,600,000
Est. payment /mo
Active
218-220 MCARTHUR AVENUE Ottawa, ON K1L6P5
2 Beds
4 Baths
1,500 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 1,500 sqft
Price per Sqft $1,066
Subdivision 3404 - Vanier
MLS® Listing ID X12671512
Bedrooms 2
Source Ottawa Real Estate Board
Property Description
ATTENTION BUILDERS & INVESTORS - SHOVEL READY 9 UNIT DEVELOPMENT Vanier, Ottawa. 220 McArthur Avenue represents a rare opportunity to acquire a fully entitled, shovel ready development site in one of Ottawa's fastest intensifying urban corridors. Ideally positioned steps from Vanier Parkway and McArthur Avenue, the site benefits from excellent transit connectivity, proximity to downtown, and strong longterm rental fundamentals. The property is offered at $1.6M as land with approvals, featuring a demolition permit issued and fully approved architectural plans for a 9 unit residential building. All utilities have been fully disconnected, allowing for an immediate and efficient start to redevelopment. Estimated Project Economics (Upon Completion) Approximate Gross Monthly Rental Income: $20,600, Approximate Gross Annual Rental Income: $247,200, Estimated Stabilized Net Operating Income (NOI): ~$181,764 Capitalization Rate Applied: 5.50% Estimated Stabilized Value: ~$3.3M. A future value appraisal has been completed by an AACI designated appraiser, with valuation conclusions based on the above stabilized income assumptions, subject to construction in accordance with the approved plans. Preliminary construction cost guidance suggests approximately $1.8M, subject to final contractor pricing, scope confirmation, and purchaser due diligence. To obtain the final release of approved plans from the City, a known and fully disclosed municipal payment of approximately $95,000 remains outstanding.The project is eligible for CMHC MLI Select financing, offering the potential for below prime interest rates and amortization periods of up to 50 years, significantly enhancing leverage, cash flow, and long term return potential, subject to CMHC and lender approval. NDA required prior to the release of architectural drawings, appraisal materials, supporting documentation, or the scheduling of site visits (id:24570)
Location
Province ON
Rooms
Kitchen 4.0
Extra Room 1 Second level 3.5 m X 3 m Bedroom 2
Extra Room 2 Second level 3.5 m X 3 m Living room
Extra Room 3 Second level 1.8 m X 1.5 m Bathroom
Extra Room 4 Second level 2.5 m X 2 m Kitchen
Extra Room 5 Second level 2.5 m X 2.5 m Kitchen
Extra Room 6 Second level 3.5 m X 3 m Living room
Interior
Heating Forced air, Heat Pump, Not known, Not known
Cooling Central air conditioning
Exterior
Parking Features No
View Y/N No
Total Parking Spaces 5
Private Pool No
Building
Story 2
Sewer Sanitary sewer
Listed by ROYAL LEPAGE INTEGRITY REALTY
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