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$999,900
Centre Hastings
108 Russel Street, Centre Hastings, Ontario, K0K2K0
This multi-family property in Centre Hastings is for sale. It has been on the market 104 days, fresher than the Centre Hastings average of 130 days.
A rare opportunity to reposition a substantial three-storey building for its next chapter in the heart of Madoc. With the property now zoned for high-density residential use and municipal approval allowing up to nine residential units, this versatile building offers exciting potential for investors, developers and those looking to create a long-term income-producing property.The building provides more than 5,000 sq. ft. of space across three levels, with an existing layout that includes 21 office spaces, kitchens or kitchenettes, washrooms on each floor and elevator access. Concept drawings have been prepared to illustrate how the building could potentially be converted into three residential units per floor, helping buyers visualize the possibilities offered by the updated zoning.Whether developed as a nine-unit rental property, converted in phases or explored for future condominium-style ownership, the existing footprint, municipal water and sewer services, forced-air gas heating, central air conditioning, on-site parking and elevator provide a strong foundation for redevelopment.Located close to downtown amenities, shops and services, this is an opportunity to transform an established building into much-needed residential housing while creating lasting value in a growing community. Concept plans are provided for illustration purposes only. (id:66096)
Room details as supplied by the listing brokerage. Dimensions are shown in the unit the listing states, and are approximate.
Features and services as supplied by the listing brokerage.
Long Listed: 104 days on market, against an average age of 130 days across the listings currently for sale in this city
This multi-family in Centre Hastings has been listed for 104 days, which is 26 days fresher than the city average of 130. Act while there is still low competition.
Approximate location — exact address confirmed upon showing
This home lists at $999,900, about 12.0× the local median household income of $83,000.
Carrying it typically needs a household income of about $195,315 (20% down, 25-yr amortization, stress-tested) — roughly 135% above the area median.
Source: Statistics Canada, 2021 Census (FSA K0K)
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Loading rates, 30-yr amortization
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