Three Toronto apartment buildings around for almost a century for sale at $17 million
Three four-storey apartment buildings in Toronto's The Beaches neighbourhood just hit the market, and they're actually surprisingly nice.
Normally, when a row of buildings go up for sale, they're in terrible shape and being priced for a developer to come in, tear it down and build a massive condo.
But 2402, 2404, and 2406 Queen St. E are the kind of apartment buildings Toronto needs more of.
Originally built in the 1930s, these buildings have seen a lot over the decades, but they've certainly kept up with the times.
The buildings have had $1.9 million spent on renovations and upgrades. That’s not just a fresh coat of paint — we're talking significant upgrades that make these homes as comfortable as they are stylish.
And if you, look at some of the pictures of the available apartments to rent they're really, really nice offering a blend of old-world charm and contemporary living.
According to the listing, 74 per cent of the units have been modernized to meet today’s standards.
In total, there are 54 units in a mix of one-bedroom and two-bedroom apartments.
The units are an average size of 617 square feet, so while not massive, they are definitely decent and easily rentable.
Not that the units would ever be hard to rent when they feature things like hardwood floors, big bright windows, arched doorways, fireplace mantels and charming built-ins.
Plus, being just steps away from vibrant greenspaces, the beach, and everything Queen St. has to offer, the location really can't be beat.
As for investment potential, these apartment buildings are a pretty solid bet.
The property spans a generous 0.5-acre site area and the listing notes a 30 per cent market rent upside, so there’s potential to significantly increase revenue.
Currently, units are being rented out for anywhere from $2,099 to $2,812 a month, depending on the size of the unit.
Additionally, the listing mentions that there are limited near-term capital expenditures required. Or in less jargony terms, you don't have a money pit on your hands, so it's a low-maintenance opportunity with a high reward.
The three buildings are currently being listed for $17,000,000.
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