60 DRUMMOND STREET W, Perth

$1,398,000

For sale: Vacant Land

Vacant Land at 60 DRUMMOND STREET W, Perth
Property type
Land
MLS®
MLS® X13088814
Neighbourhood
907 - Perth

Shovel Ready!! Prime Opportunity for Development: 25-Unit Apartment Building Site in Beautiful Perth!! Attention real estate investors and developers! We are excited to present a rare opportunity to acquire a FULLY APPROVED AND REGISTERED SITE PLAN for a 25-unit apartment building in the heart of the picturesque town of Perth. This prime property, nestled amid stunning landscapes, offers a unique chance to capitalize on the ever-growing demand for quality housing in this vibrant community. The approved site plan includes a contemporary design that harmoniously blends with the surrounding environment. With a mix of one-, two-, and three-bedroom units, this project is poised to cater to a diverse demographic, from young professionals to families seeking a tranquil lifestyle. The design prioritizes open spaces and ample natural light, ensuring a welcoming atmosphere for all residents. Additionally, the site's registration against the title provides a secured foundation for the development process. Interested parties can commence construction without delay, further enhancing the investment's potential for a quick turnaround. This property boasts two income-generating duplexes at 60Aand 60B, providing not only stable tenant occupancy but also attractive cash flows. Total Annual Gross Income: $65,328. Reliable Cash Flow: Existing duplexes create consistent cash flow, allowing coverage of holding costs during the pre-construction phase, Improved Financing Metrics: Strong net yields at the duplex level fortify financing potential, including phased development strategies. In summary, this shovel-ready project generates a robust gross income of $65,328 with a manageable expense footprint of $21,503, leading to a substantial net income of $43,825 in 2024. With immediate development possibilities and financing advantages.Don't miss out on the chance to be part of Perth's transformation.

Sold data

Homes in Perth — recent sold market

Homes in Perth took a median of 28 days to sell over the last 90 days, with the quickest quarter selling within 11 days and the slowest quarter taking more than 55, across 32 recorded sales.

That clock counts only the listing each home finally sold on. Measured from the first time these properties came to market, including any earlier listings that were withdrawn and re-entered, the median is 52 days.

The median sale price was $492,450.

Homes sold for about 1.9% below asking on average, so there was room to negotiate.

About 19% of sales closed above the list price.

Around 16% of sellers reduced their price before finding a buyer.

Median days to sell
29
Median sale price
$492,450
Sale-to-list ratio
98.1%
Sold above asking
19%

Based on 32 recorded sales in the last 90 days — a small sample, so treat these figures as indicative. Aggregate statistics only; individual sale prices are not shown.

Schools

Schools in Perth

Perth has 5 Fraser Institute–rated schools (3 elementary and 2 secondary), averaging 6.2/10.

Rated schools
5
Elementary
3
Secondary
2
Average rating
6.2 / 10

Top-rated schools in Perth

  • The Queen Elizabeth — elementaryFraser rating 8.7/10
  • St. John — secondaryFraser rating 6.9/10
  • The Stewart — elementaryFraser rating 5.6/10
  • St John — elementaryFraser rating 5.2/10
  • Perth and District — secondaryFraser rating 4.5/10

School ratings from the Fraser Institute's Ontario school report cards.

Currently for sale

Homes for sale near 60 DRUMMOND STREET W