1/7392 SECOND STREET, Strathroy-Caradoc (NE)
392 SECOND STREET, Strathroy-Caradoc (NE), ON N7G3H8
$3.5M total
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Asset Class
Land
Size
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Building class
A
Zoning
DC2 — Site Specific
$ / SF
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Occupancy
85%
Lot Size
1.62 ac
About this property
An exceptional opportunity for builders, developers, or investors to acquire a 1.62-acre residential lot in Strathroy-Caradoc now zoned R3-14-H2. The property has a recently approved minor variance for a 3-storey, 63-unit residential building, plus a conditional draft site plan agreement and architectural drawings for a 3 storey 48 unit residential building, which can shorten the path to construction. In the meantime, the property generates income from an existing 2,000 sq. ft. ranch-style bungalow, currently tenanted. This is a rare property in a growing Southwestern Ontario market, about 35 km west of London with convenient access to Highway 402, directly across from Strathroy District Collegiate Institute, Holy Cross Catholic Secondary School and Gemini Sportsplex. (id:66811)
Financial sandbox
Adjust the deal assumptions — returns recalculate instantly.
Monthly debt service
$16K
Projected NOI
$147K
Annual cash flow
$-44K
Cash-on-cash
-4.28%
DSCR
0.77
Going-in cap
4.26%
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
116,711
Households
49,362
Median income
$128,000
Median age
37.3
Daytime population
125,779
5-yr growth
3.1%
Modelled estimates for illustration until a licensed census data provider is connected.
Secure deal room
Confidential diligence documents for 392 SECOND STREET, Strathroy-Caradoc (NE).
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.