$4,999,999

For sale

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983 KING ST. E. & 512-516, 520 CHARLES ST. E. Street, Kitchener - Vacant Land for Sale

983 KING ST. E. & 512-516, 520 CHARLES ST. E. Street, Kitchener, Ontario, N2G2R2

27,878 sq ft (0.64 ac) lotListed 44 days ago

Overview

This lot in Kitchener is for sale. It has been on the market 44 days, fresher than the Kitchener average of 53 days.

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Description

This assembly of five properties in a rapidly expanding area of Kitchener offers a rare opportunity for high-density residential development, spanning 0.64 acres of MU-3 zoned land. The site is strategically located between two similar developments and bordered to the west by the Light Rail Transit (LRT) system on Charles St. E. Pre-consultations with city planners and regional precedents indicate the potential for increased density through higher Floor Area Ratio (FAR) and Gross Floor Area (GFA) allowances. With frontage on King, Borden, and Charles streets, the property offers exceptional access. Preliminary site plan modeling suggests approval for approximately 304 units in a single tower configuration. The accompanying photos highlight the property’s boundaries and the potential high-rise development. (id:66096)

Property Details

MLS®: 40865108
Property Type: Vacant Land
Zoning: MU-3
Lot Size: 27,878 sq ft (0.64 ac)
Frontage: 164 ft
Price per Acre: $7,812,611 per acre
Basement: None
Ownership: Freehold
Property Tax: $15,075.21/yr
Listed: 44 days ago

Services

Water: Municipal water
Sewer: Municipal sewage system
Utilities: Natural Gas, Electricity

Features and services as supplied by the listing brokerage.

Market Timing

Days on market

44d

Kitchener listings, avg age

53d

List price

$5.00M

Homes here sell faster than most markets

Sold homes in this market spent an average of 31 days on the market over the past year, against a median of 48 days across the markets we publish.

Homes here sell close to asking price

Homes in this market sold for an average of 100.7 percent of their asking price over the past year, above the 96.4 percent median across the markets we publish.

Haho

This vacant land in Kitchener has been listed for 44 days, which is 9 days fresher than the city average of 53. Act while there is still low competition.

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Listed by Chestnut Park Realty Southwestern Ontario Limited · LEE QUAILE

Location

Approximate location — exact address confirmed upon showing

Nearby Places

Area context

Neighbourhood profile (N2G)

This home lists at $4,999,999, about 80.1× the local median household income of $62,400.

Carrying it typically needs a household income of about $976,675 (20% down, 25-yr amortization, stress-tested) — roughly 1465% above the area median.

Median household income: $62,400
Population: 14,580
Median age: 38
Owner / renter: 31% / 69%
Avg. household size: 1.8

Source: Statistics Canada, 2021 Census (FSA N2G)

$4,999,999

For sale

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Financing

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