Echoes of the Past, Looking to the Future. This Property proudly offers 7 bedrooms with 3 Accommodations, and a Country ambiance with City convenience. Huge 15,000 sq ft lot (100 x 150) GRD-1 Zoning. 1:6 promises a rich and varied future for the astute investor! Close to the RJH, Camosun, UVIC, and amenities. Walk score 99/100. A perfect holding property with excellent income. Please do not bother the Tenants. The Seller has spoken with the City of Victoria and understand that due to their large double-sized lot plus proximity to key transport corridors, the following could be developed: Development Options: A. 8-10 townhouses sited within the original lot; up to 3 stories each B. Existing house could be moved to one side, and a 2nd single family dwelling could be built on the open half lot with potential for subdivision. C. Subdivision of the lot into 2 normal sized lots, and development of new single family dwellings on each lot, with additional infill carriage units; D. Maintain the house as a cash-flow positive rental unit; keep as a holding property E. Other options, to be explored and determined by the buyer: BACKGROUND: The property is Zoned General Residential District 1 which allows for a diversity of building forms ranging from residential infill with a 1.6:1 floor square ratio and 14 m building height. This permits a wide range of options including houseplexes, house conversions, 3-story townhouses etc, without requiring rezoning. More intense development is also possible and would see an increase in options for floor square ratio and height. The house has character/historical value but is not on the Heritage register. It currently operates as a cash-flow positive ($9800/mo.) multi-family tenanted rental property with 6 off-street parking spaces. A Rare Opportunity indeed! (id:27476)
