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.
Address
1250 Fairfield Rd W
List Price
$1,599,000
Property Type
Commercial Sale
Type of Dwelling
Multi Family
Area
Victoria
Sub-Area
Vi Fairfield West
Lot Size
6814 Sq. Ft.
Lot Size (Acres)
0.16 Ac.
MLS® Number
992633
Listing Brokerage
Royal LePage Coast Capital - Chatterton
Postal Code
V8V 3B5
Tax Amount
$6,712.00
Tax Year
2024
Features
Baseboard, Forced Air, Hardwood, Mixed, Natural Gas
Amenities
Balcony, Central Location, Corner Lot, Family-Oriented Neighbourhood, Fencing: Partial