UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-6-9 Unit
Listing Status Active
Purchase Type For Sale
Square Footage 6,545 sqft
Price per Sqft $580
MLS Listing ID 40817959
Bedrooms 11
Abv Grd Liv Area 8,075
Annual Tax Amount $1,330,000
Property Sub-Type Multi-6-9 Unit
Source Cornerstone
Lot Depth 11490.0
Lot Front 17.53
Property Description
The government-subsidized daycare tenant has recently signed a 10-year lease extension with scheduled rent increases from $32.00 to $44.00 per sq. ft. net over the lease term. All residential units are exempt from rent control, allowing annual rent increases as permitted under Ontario's post-November 2018 rules.
The property currently generates approximately $220,000 NOI with a 5.54% cap rate, increasing to approximately $230,000 NOI and a 5.78% cap rate next year through scheduled rent increases.
The seller is offering a 75% Vendor Take-Back (VTB) mortgage at 6.49% interest, fully open for two years to qualified buyers, allowing for positive cash flow while servicing debt. Simply acquire and enjoy this fully upgraded, income-producing asset. Contact us today for the full listing package!
Location
Province ON
County Toronto
Area Te01 - Toronto East
Zoning CR2(c1;r2*1573)
Direction Gerrard St E & Hiawatha Rd
Rooms
Basement Full, Partially Finished
Kitchen 0
Interior
Interior Features Separate Heating Controls, Separate Hydro Meters
Heating Electric
Cooling Central Air
Fireplace No
Appliance Dryer, Refrigerator, Stove, Washer
Laundry In-Suite
Exterior
Parking Features Asphalt
Roof Type Flat
Lot Frontage 17.53
Lot Depth 11490.0
Garage No
Building
Lot Description Rectangular, Business Centre, City Lot, Public Parking, Public Transit, School Bus Route, Subways
Faces Gerrard St E & Hiawatha Rd
Story 3
Foundation Poured Concrete
Sewer Sewer (Municipal)
Water Municipal
Level or Stories 3
Structure Type Aluminum Siding,Metal/Steel Siding
New Construction No
Others
Senior Community false
Tax ID 210380605
Ownership Freehold/None
Nearby School & Business
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