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Featured
New17 hours ago

137 Wesley Street

Gorham-College Manor, Newmarket

$988,000

Detached|2-Storey
3 | 2 | 6
About this home

ATTENTION BUILDERS, DEVELOPERS & INVESTORS! Rare Opportunity to Acquire a 100' X 100' Property in the Heart of Newmarket with an Approved 3-Lot Severance, Creating Three Approximately 33' X 100' Lots and Offering the Opportunity to Build Three Detached Homes Side-By-Side in an Established Residential Neighbourhood. Consent and Minor Variance Applications Have Been Approved, With Each Proposed Lot Permitting a Single-Family Home with Provision for One Accessory Dwelling Unit with A Separate Entrance. The Property Is Currently Improved with an Existing Home, Offering the Flexibility to Renovate qnd Retain the Existing Dwelling or Pursue the Approved Redevelopment Opportunity. R1-D Zoning, With Up To 35% Lot Coverage And 8.5m Maximum Building Height, Provides an Attractive Development Framework. Potential Development Charge Credit for the Existing House with Redevelopment. Alternatively, an Approved Two-Lot Configuration of Approximately 50' X 100' Each Is Also Available, Providing Flexibility for Different Development Strategies. Located In a Well-Established and Highly Desirable Newmarket Neighbourhood, Close to Main Street, Newmarket GO Station, Schools, Southlake Hospital and Fairy Lake. Existing Dwelling and All Contents Are Being Sold As-Is, Where-Is. A Rare Opportunity to Acquire a Development-Ready Site with Multiple Options in an Established Newmarket Location..

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agent
Angela Montano
(647) 283-2643
TypeDetached
Style2-Storey
Approx. AgeNot available
Size1100-1500 sq. ft.
Property Tax$4,944
Lot Size100 ft x 100 ft
mls© NumberN13698478
Listed ByCOLDWELL BANKER THE REAL ESTATE CENTRE

Listing History

  • No recent sale history for this listing.
  • No recent lease history for this listing.

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What the bank counts

This home's actual carrying costs, payment stress-tested at 6%

Mortgage, tested at 6%
$5,057
Property tax
$412
Heat allowance
$150
Housing costs
$5,619 / mo

Lenders cap these at 39% of gross income — that sets the number.

Down payment20% · $197,600
25-yr amortization

Income needed

$173,000

gross annual household income

Payment at 4%
$4,158 / mo
Cash down
$197,600

Assumes no other monthly debts · 25-yr amortization

Full affordability check

Investment Analysis

Estimated rent, cap rate and monthly cash flow for this property

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