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Listed by Mike Milovick • Royal LePage Wolle Realty
$ 1,800,000
Est. payment | /mo
$ 1,800,000
Est. payment | /mo
Key Details
Property Type Vacant Land
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 40860013
Annual Tax Amount $8,378
Property Sub-Type Mixed Use
Source Cornerstone
Property Description
Rare opportunity to acquire a strategic development site just steps from Wilfrid Laurier University and within walking distance of nearly 20,000 full-time post-secondary students. Positioned along the highly sought-after King Street corridor, this property offers investors and developers the chance to secure a prime parcel in one of Waterloo Region's most dynamic growth areas.
Conceptual plans prepared for the site illustrate a proposed 7-storey residential building featuring 42 apartment units and 54 bedrooms with a mix of 1-bedroom, 1-bedroom-plus-den, and 2-bedroom suites. Proposed gross floor area of approximately 2,550 m² with 13 parking spaces and green space. At-grade parking eliminates the significant costs and complexities commonly associated with underground parking construction. The concept contemplates a modern urban mid-rise development designed to capitalize on the site's exceptional location and strong rental demand fundamentals.
Unlike many development opportunities requiring lengthy land assembly negotiations, this offering presents a streamlined path forward with a single ownership group and a clear vision for the property's future. No complicated multi-owner assembly process. No fragmented land holdings. Just one site with significant redevelopment potential.
The location is second to none. Residents can enjoy a short walk to Uptown Waterloo's restaurants, cafes, shopping, entertainment, major employers, and amenities. Public transit, including the ION LRT corridor, is easily accessible, further enhancing the site's appeal.
Adding to the opportunity, the existing property is improved with a triplex, allowing purchasers to generate holding income while advancing planning and development objectives. This property offers both current cash flow and future redevelopment potential.
Prime location. Existing income. Development upside. Opportunities of this scale and simplicity are increasingly difficult to find in Waterloo's core.
Conceptual plans prepared for the site illustrate a proposed 7-storey residential building featuring 42 apartment units and 54 bedrooms with a mix of 1-bedroom, 1-bedroom-plus-den, and 2-bedroom suites. Proposed gross floor area of approximately 2,550 m² with 13 parking spaces and green space. At-grade parking eliminates the significant costs and complexities commonly associated with underground parking construction. The concept contemplates a modern urban mid-rise development designed to capitalize on the site's exceptional location and strong rental demand fundamentals.
Unlike many development opportunities requiring lengthy land assembly negotiations, this offering presents a streamlined path forward with a single ownership group and a clear vision for the property's future. No complicated multi-owner assembly process. No fragmented land holdings. Just one site with significant redevelopment potential.
The location is second to none. Residents can enjoy a short walk to Uptown Waterloo's restaurants, cafes, shopping, entertainment, major employers, and amenities. Public transit, including the ION LRT corridor, is easily accessible, further enhancing the site's appeal.
Adding to the opportunity, the existing property is improved with a triplex, allowing purchasers to generate holding income while advancing planning and development objectives. This property offers both current cash flow and future redevelopment potential.
Prime location. Existing income. Development upside. Opportunities of this scale and simplicity are increasingly difficult to find in Waterloo's core.
Location
Province ON
County Waterloo
Area 4 - Waterloo West
Zoning RMU-81
Direction Just north of Hickory Street, Minutes from WLU
Rooms
Kitchen 0
Interior
Fireplace No
Exterior
Utilities Available At Lot Line-Gas, At Lot Line-Hydro, Cell Service, Electricity Connected, Natural Gas Connected
Lot Frontage 66.0
Lot Depth 122.2
Garage No
Building
Lot Description Urban, Rectangular, High Traffic Area, Schools
Faces Just north of Hickory Street, Minutes from WLU
Sewer Sewer (Municipal)
Water Municipal
New Construction No
Others
Senior Community No
Tax ID 223610148
Ownership Freehold/None
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