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)

Market Timing

Days on market

29d

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 29 days, which is 24 days fresher than the city average of 53. Act while there is still low competition.

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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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983* King Street East, Kitchener - Vacant Land for Sale

Description

Property Details

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Market Timing

Location

Nearby Places

Neighbourhood profile (N2G)

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