$1,800,000

For sale

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310 KING Street North, Waterloo - Vacant Land for Sale

310 KING Street North, Waterloo, Ontario, N2J2Z2

Listed 51 days ago

$1,800,000

Waterloo

Book a showing

Overview

This lot in Waterloo is for sale. It has been on the market 51 days, fresher than the Waterloo average of 67 days.

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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. (id:66096)

Property Details

MLS®: 40860013
Property Type: Vacant Land
Zoning: RMU-81
Frontage: 66 ft
Units: 1
Basement: None
Ownership: Freehold
Property Tax: $8,378.72/yr
Listed: 51 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

51d

Waterloo listings, avg age

67d

List price

$1.80M

Homes here sell faster than most markets

Sold homes in this market spent an average of 35 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 98.7 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 Waterloo has been listed for 51 days, which is 16 days fresher than the city average of 67. Act while there is still low competition.

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Listed by Royal LePage Wolle Realty · MIKE MILOVICK

Location

Approximate location — exact address confirmed upon showing

Nearby Places

Area context

Neighbourhood profile (N2J)

This home lists at $1,800,000, about 24.2× the local median household income of $74,500.

Carrying it typically needs a household income of about $351,603 (20% down, 25-yr amortization, stress-tested) — roughly 372% above the area median.

Median household income: $74,500
Population: 20,899
Median age: 36.8
Owner / renter: 53% / 47%
Avg. household size: 2.2

Source: Statistics Canada, 2021 Census (FSA N2J)

$1,800,000

For sale

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Financing

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