1250 Fairfield Road, Fairfield West Victoria
Price
$1,599,000
BedroomsNot listed
BathroomsNot listed
SizeNot listed
Year BuiltNot listed
Property TypeCommercial
Property Taxes$6,712
Description
You are invited to this rare opportunity to acquire a 3600 SF legal 5 LHK/SFD character-conversion in the heart of Cook St. Village and Five Points Fairfield Neighborhood. The roughly 7000 SF corner lot offers near term profitability with a development cost yield (DCY) of greater than 20% for green light financing at average selling price of ~$900.00/SF or owner-occupier versatility through home restoration and long-term appreciation. The Official Community Plan (OCP) and Fairfield Neighborhood Plan outlays the Five Points Small Urban Village for 2.0 FSR (Floor Space Ratio) and up to 4 Storeys with Fairfield Rd. frontage. It is worth noting for precedent that the former United Church property at 1303 Fairfield Rd. was bonused to Large Urban Village by CoV Staff prior to 2020. Provincial Bill 47 supports urban density proposals for single-family (SFD)-sized lots adjacent to public transit. There is a sheltered bus stop directly in front of this ~7000 SF Corner Lot, currently zoned R3-A1 Multiple Dwelling District with a legal current usage of 5 LHK (Light House Keeping) Transient Accommodation Character Conversion. Current dwelling has been occupied as a SFD for the past two decades and can be restored as such. Mere blocks from Beacon Hill Park, Sir James Douglas Elementary and Dallas Road Beach. House-plexing bonus density afforded by Schedule G bylaw and Bill 44; make this gem earn well in all portfolios from developer to home owner and investor! Contact your realtor today for more details and preapproved showings. (id:39198)
Listed By
The listing brokerage and/or agent is Royal LePage Coast Capital - Chatterton
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Property Dimensions
The Property Location
Mortgage Calculator
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Total Monthly Payment
$6,304 / month
Down Payment Percentage
20.00%
Mortgage Amount (Principal)
$1,279,200
Total Interest Payments
$788,705
Total Payment (Principal + Interest)
$2,067,905
Cashflow Calculator
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Monthly Cash Flow
$300 / month
Monthly Expenses
-$1,700
Monthly Income
$2,000
Your monthly cash flow is positive
Comber Friesen Group
Realtors
Related Properties
Meet Alex & Georgia
Growing up on the island, and settling down in beautiful Victoria, I have a unique perspective on the areas flourishing real estate market. I bought my first property at the young age of 20 and from there went on to buy and sell multiple properties around the area.
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