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Listed 2 months ago

1504 Concession Road

, Cambridge

$310,000

Detached|Other
0 | 0 | 1
About this home

Incredible development opportunity in the heart of Cambridge! Build a lucrative "plex" investment property or your own custom home in a highly desirable, amenity-rich neighbourhood. Walking distance to schools, groceries, pharmacies, and hospitals, and just one minute from the bustling Hespeler Road retail corridor. The site features municipal water and sewer availability and holds excellent development advantages. Formerly a Hydro building (decommissioned in 2000), vital environmental milestones are already met: Phase One / Two Environmental Site Assessments (ESAs), and a Risk Assessment (RA) have been completed by certified third party consultant to support filing a Record of Site Condition (RSC), which is required for residential development. The ESA studies will be requiring updating before filing for RSC. A pre-consultation application for a multi-unit residential building was submitted to the City of Cambridge. However, due to other commitments, the application was not pursued further. Corner lot (Concession and Bishop)

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agent
Angela Montano
(647) 283-2643
TypeDetached
StyleOther
Approx. Age51-99
Size< 700 sq. ft.
Property Tax$2,419
Lot Size50.09 ft x 100.34 ft
mls© NumberX13518134
Listed ByCITYSCAPE REAL ESTATE LTD.

Listing History

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

Could you afford this home?

What the bank counts

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

Mortgage, tested at 6%
$1,587
Property tax
$202
Heat allowance
$150
Housing costs
$1,938 / mo

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

Down payment20% · $62,000
25-yr amortization

Income needed

$60,000

gross annual household income

Payment at 4%
$1,305 / mo
Cash down
$62,000

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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