Business For Sale · Land

185 MAIN STREET, Erin

185 MAIN STREET, Erin, ON N0B1T0

$8M total

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Asset Class

Land

Size

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Building class

C

Zoning

DC2 — Site Specific

$ / SF

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Occupancy

88%

Lot Size

2.5 ac

About this property

Shovel-Ready residential development opportunity in the Heart of Erin. An exceptional opportunity to acquire a fully approved 2.5 acre residential infill development in one of Ontario's fastest-growing communities. Kensington Estates is 70-unit stacked back-to-back townhouse project with municipal approvals and development credits in place, allowing a purchaser to move directly toward construction. The thoughtfully designed community features four street frontages on Main Street, English Street, Daniel Street and Scotch Street providing excellent visibility access and architectural flexibility. The approved concept includes spacious slab-on-grade townhomes ranging from approximately 1,500 to 1,800 square feet. Slab construction eliminates basement excavation, helping reduce construction timelines and costs while providing highly desirable layouts with oversized garages. Twenty-seven residences have been designed with private elevators, creating a unique product that appeals to downsizers, professionals, families and buyers seeking accessible living. The site is level, cleared and secured, with full municipal services coming soon. Located within walking distance of downtown Erin's Shops, restaurants parks, trails, schools, new library and community amenities, the development offers the lifestyle today's buyers are seeking while remaining within community distance of the GTA via nearby GO Transit connections. Surrounded by established residential neighborhoods and directly across from the Erin agricultural Society grounds, Kensington Estates is ideally positioned to meet the growing demand for quality housing in this thriving community. With very few comparable shovel-ready development opportunities available in the region, this is a rare chance for builders and investors to capitalize on a approved project and accelerate their development timeline. (id:66811)

Financial sandbox

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Estimate
Purchase price$8.00M
Down payment30% · $2.40M
Interest rate6.25%
Amortization25 years
Occupancy88%
Expense growth2.5%

Monthly debt service

$37K

Projected NOI

$319K

Annual cash flow

$-125K

Cash-on-cash

-5.20%

DSCR

0.72

Going-in cap

3.98%

Figures are modelled from the listed price and asset class for illustration only. Verify all income, expenses, and financing terms independently before making an offer.

Area demographics

Trade area within 3 miles of the property.

Population

94,306

Households

35,582

Median income

$107,500

Median age

34.3

Daytime population

105,554

5-yr growth

3%

Modelled estimates for illustration until a licensed census data provider is connected.

Secure deal room

Confidential diligence documents for 185 MAIN STREET, Erin.

NDA required
  • Offering Memorandum

    PDF · 4.2 MB

  • Rent Roll & T-12

    XLSX · 820 KB

  • Environmental Phase I

    PDF · 6.7 MB

  • Site Survey & Plans

    PDF · 11.4 MB

  • Zoning Confirmation Letter

    PDF · 310 KB

Preview experience — the electronic NDA is illustrative and is not a binding agreement.