106 Colborne Street Centre Wellington, Ontario N0B 1S0

3 Bedroom 1 Bathroom 1,100 - 1,500 ft2
Bungalow Central Air Conditioning Forced Air

$649,900

Welcome to the heart of Elora, Ontario's most picturesque village. This historic and charming 3 bedroom home has exceptional investment potential. Strategically positioned on a 69' x 138' corner lot, just steps to downtown, it offers the savvy investor an incredible opportunity to build a legacy or capitalize on high-demand density. Build, Hold, or Sever - In a high-demand, high-income market, the property's value is in the land and the density upside. A Professional Feasibility Study is available outlining a clear path to significant profit. Explore a Minor Variance or pursue R2 Rezoning to sever this large parcel into two distinct lots. This allows for the construction of two detached or semi-detached dwellings, maximizing your return in a town with tight inventory. Alternatively, demolition may be permissible (with required approvals), which frees the entire site for the construction of one large, luxury custom home plus an Accessory Dwelling Unit (ADU). While you finalize your development plans, the existing 3-bed, 1-bath home offers immediate cash flow or comfortable owner-occupancy. This 1886-built home is full of original charm: high ceilings, hardwood floors and trim, and large windows. It also features a detached garage, a dry basement with ample storage, and a furnace updated in 2014, minimizing immediate capital expenses. Move in or rent it out while you work through the planning process. Location drives demand in Elora and this corner lot is perfectly placed for tenants (both short and long term) or future buyers who want the quintessential Elora lifestyle: strolling to the famous Elora Mill Hotel and Spa, dining at unique local restaurants, browsing boutiques, and accessing the scenic Cataract Trail and Elora Gorge within minutes. 106 Colborne Street is not just a home; it's a shovel-ready development site backed by data. Capitalize on the desirability of Elora now before this opportunity is gone. (id:54532)

Open House

This property has open houses!

October
23
Thursday
Starts at:

5:00 pm

Ends at:

7:00 pm

October
26
Sunday
Starts at:

1:00 pm

Ends at:

4:00 pm

Property Details

MLS® Number X12474931
Property Type Single Family
Community Name Elora/Salem
Amenities Near By Hospital, Park, Schools
Community Features Community Centre
Equipment Type None
Parking Space Total 3
Rental Equipment Type None
Structure Shed

Building

Bathroom Total 1
Bedrooms Above Ground 3
Bedrooms Total 3
Age 100+ Years
Appliances Dryer, Stove, Washer, Refrigerator
Architectural Style Bungalow
Basement Development Unfinished
Basement Type Full (unfinished)
Construction Style Attachment Detached
Cooling Type Central Air Conditioning
Exterior Finish Brick, Stucco
Foundation Type Stone
Heating Fuel Natural Gas
Heating Type Forced Air
Stories Total 1
Size Interior 1,100 - 1,500 Ft2
Type House
Utility Water Municipal Water

Parking

Detached Garage
Garage

Land

Acreage No
Land Amenities Hospital, Park, Schools
Sewer Sanitary Sewer
Size Depth 66 Ft ,1 In
Size Frontage 139 Ft ,3 In
Size Irregular 139.3 X 66.1 Ft
Size Total Text 139.3 X 66.1 Ft|under 1/2 Acre
Surface Water River/stream
Zoning Description R1a

Rooms

Level Type Dimensions
Basement Utility Room 9.21 m x 3.82 m
Basement Other 9.78 m x 3.46 m
Basement Other 3.04 m x 1.23 m
Main Level Foyer 4.57 m x 2.31 m
Main Level Bathroom 2.31 m x 3.21 m
Main Level Dining Room 3.02 m x 2.89 m
Main Level Kitchen 3.21 m x 3.02 m
Main Level Living Room 4.9 m x 4.72 m
Main Level Bedroom 3.66 m x 3.09 m
Main Level Bedroom 2 4.34 m x 2.64 m
Main Level Primary Bedroom 3.91 m x 3.05 m

https://www.realtor.ca/real-estate/29016627/106-colborne-street-centre-wellington-elorasalem-elorasalem

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