This Toronto home got chopped up into 15 bachelor units and is now on sale for $5 million
Not sure if you've tried to find a place to rent in Toronto lately but it's bonkers.
Rental prices hit a new high, with one-bedrooms averaging $2,100 a month and two-bedrooms averaging $2,700.
So if you're a benevolent landlord or benevolent landlord wannabe, maybe you could buy this place and not charge new tenants an obscene amount for rent? Please?
The property at 20 Maynard Ave. is listed for $4,7500,000 and features 15 large rental bachelor units.
All of which are apparently in good condition, or at least according to the listing they are.
There's a custom-built owner's suite that's over 3,000-square-foot found in the back of the house.
"It was purpose built to be easily transformed into three 1,000-square-foot executive suites, adding further income potential to the property," notes the realtor Jonathan David.
Or it could be turned into four two-bedroom apartments.
There is also potential to build up onto the existing structure of the building.
Right now the building brings in over $200,000 of gross annual income, which isn't chump change.
The property also has two parking spaces (no garage unfortunately), coin laundry for all the rental units, and all the appliances, water tank etc. are included.
Additionally, in terms of getting tenants (in this market it shouldn't be a problem), the home is located on a quiet street in Parkdale and is close to TTC, as well as all the trendy neighbourhoods like King West, Queen West, and Roncesvalles.
Also, it's worth pointing out that this place has been on and off the market since 2019, so you might be able to get a deal.
And if you're a co-op agent the listing mentions that they're offering two per cent commission.
Join the conversation Load comments