THE DETAILS:
Price: $1,399,000
Neighbourhood: Downtown
Bedrooms: 5+5
Bathrooms: 4
Taxes: $6336.23 (2016)
Basement: dug up and finished with 3 bedroom unit
Garage: none
Heat: Forced Air and Radiant in Basement
WHAT YOU'LL LOVE:
Incredible investment opportunity in stunning, renovated historic home built in 1880.
This house combines the charms of an historic home with extensive improvements in three self-contained, legal units with separate electric panels and meters. Three bedroom basement apartment was dug up and built (2013). Renting at $2100/month since 2013. Renovated (2013) two bedroom plus den renting at $2200 since 2013 (heating paid by tenants in this unit)Live or rent (estimated at $2900) in the top unit on the 2nd and 3rd floor. 3 bdrm plus large den with spacious outdoor deck. Gross: $2200+$2100 +$2900 (est) = $86,400(est). Thoughtful renovations from top to bottom to maximize style, charm and income.
EXPENSES
Hydro $1849.40
Gas $653.63 (excluding main floor who pays their own gas)
Utilities $1242.37
Water Heater Rental $358.44
Current home insurance $2080.44
Property taxes (2016) $6336.23
GROSS INCOME: 86,400 (est)
EXPENSES: $12,521
NET INCOME: $73,879 (est)
BREAKDOWN BY UNIT
LOWER LEVEL UNIT
Entirely new basement apartment with new kitchen, washroom, walk-out entrance, bedrooms and storage (2013) Heated by radiant heat through the floors, separate owned water tank for hot water and heating, fridge, stove, washer, dryer, dishwasher, 3 bedrooms, one washroom. Currently rented since 2013 at $2200 /month.
MAIN FLOOR UNIT
Redesigned unit for better flow to maximize utilization of space (2013). New kitchen. Lots of storage. Huge windows, Victorian charm, exposed brick. Gas furnace, washer, dryer, stove, fridge, hardwood floors, one washroom plus large den.
TOP UNIT
Huge unit wihttps://www.davidcoffey.ca/th main floor foyer, open concept living, dining and kitchen, all with hardwood floors. Gas fireplace in living room. Exposed brick. New granite counters in the kitchen. Separate gas furnace, shared rented water tank with main, air conditioning, washer, dryer, stove, fridge. Two washrooms. Main floor washroom recently renovated. Top floor washroom has heated floors. Recreation room on top floor with walk-out to enormous 3rd floor deck. Estimated rent at $2900/month.
THE NEIGHBOURHOOD:
The location is near perfect with a walk score of 96. It is walking distance to downtown, city parks and the Yonge subway line while still being tucked away on a quiet street. Nearby, there's regeneration all around with many new condo projects and businesses to accommodate this growing neighbourhood.