For Sale · Specialty

32 Driftwood Lane, Launching

32 Driftwood Lane, Launching, PE C0A1G0

$499,000 total

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Asset Class

Specialty

Size

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Building class

B

Zoning

US — Urban Services

$ / SF

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Occupancy

97%

Lot Size

5.6 ac

About this property

If you are a prospector, this is the once in a lifetime find. A rare diamond not to be duplicated anywhere on PEI. The property is 5.6 acres with 150 ft of water frontage and extends to the high water mark on the ocean. (This properly is now significantly larger due to accretion https://beachapedia.org/Accretion ) The property fronts on a marram grass dune and you have direct access to over a mile of private white sand beach that connects Launching Point to the Boughton Island nature preserve. There is a southern exposure and no bank from the property to the dunes. There is a road and power into the land as well as an older cottage, a bunkie with a full bathroom and two sheds. Paths run through the land and there are grown up gardens that need to be revitalized. The cottage could be renovated or moved to the back of the property and build your new dream home with the best view on PEI. This property truly is a nature lover's paradise where you can kayak, beach comb, dig clams, photograph many birds including piping plovers and eagles, and just dig your feet in the sand and enjoy the quiet, peace, and tranquility. This property is also ideal for a resort development or summer cottage rental business. (id:66811)

Financial sandbox

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Estimate
Purchase price$499K
Down payment30% · $150K
Interest rate6.25%
Amortization25 years
Occupancy97%
Expense growth2.5%

Monthly debt service

$2K

Projected NOI

$39K

Annual cash flow

$12K

Cash-on-cash

7.75%

DSCR

1.42

Going-in cap

7.86%

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

66,124

Households

30,018

Median income

$105,500

Median age

32.6

Daytime population

109,369

5-yr growth

9.2%

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

Secure deal room

Confidential diligence documents for 32 Driftwood Lane, Launching.

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.