295-297 North River Road, North River, Newfoundland & Labrador A0A 3C0

5.68 acre property has two newer 5 plex units (10 doors total; one set is 12 years old and one set is 5 years) New rents will be $950/mo POU.  There is also municipal approval in principle for a single building lot on the road PLUS two more 5 plex units for a potential total of 20 rentals plus an owner-occupied (or perhaps another rental) house along the road. Two very unique features of this property are: 1) It backs onto North River which is a scheduled salmon river (Zone 7, Class 2), and 2) The current owners have been approved for a $600,000 forgivable loan to assist with the construction of the next 10 units which is transferrable to qualified buyers. Some conditions apply but this program is not expected to make such funding available again for several years, or longer (it has been 10 years since the last round of this financing).  A great Cash-rich opportunity for further development. We have the Survey, RPR, and the keys. Viewings on pre-arranged appointment. (id:27476)

This property is currently on the market and is being offered for sale. It spans across a land size of 5.68 acres, falling within the range of 3 to 10 acres. Situated at 295-297 North River Road in the city of North River, Newfoundland & Labrador, it is identified by the postal code A0A3C0.

Characterized by a bungalow architectural style, the property features a vinyl siding exterior finish. In terms of heating, it relies on electric fuel and is equipped with baseboard heaters. The building comprises a single story and is classified as a Multi-Family property.

One of the distinctive aspects of this property is its ownership type, which is Freehold. It consists of two newer 5 plex units, totaling 10 doors. One set of units is 12 years old, while the other set is 5 years old. The anticipated new rents are $950 per month, excluding the cost of utilities (POU).

Furthermore, there is preliminary municipal approval for the creation of a single building lot along the road, in addition to the potential for two more 5 plex units. This could potentially increase the number of rentals to 20, with the possibility of an owner-occupied or another rental house along the road.

Notably, the property has the unique advantage of backing onto North River, a scheduled salmon river falling under Zone 7, Class 2. Additionally, the current owners have secured a $600,000 forgivable loan for the construction of the next 10 units. This loan is transferable to qualified buyers, with certain conditions applying. It is worth mentioning that such funding opportunities are not expected to be available again for several years, or possibly even longer, as it has been a decade since the last round of this financing.

Overall, this property presents a lucrative opportunity for further development and is accompanied by a survey, Real Property Report (RPR), and the corresponding keys. Viewings are available by pre-arranged appointment.