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I love unique properties especially those that have a very strong historic presence. This is such a project where the building has gone through extensive renovations and restorations to a point where it’s fully occupied and generating great returns. The owners of this downtown Toronto income property for sale have also gone through the trouble of getting some studies completed to have an addition increasing the total number of units to 46 from 23 as currently laid out.
The property is two to four storey corner consisting of some 12,000 square feet of prime commercial and residential real estate which is fully tenanted. The building has ample hydro to service the commercial and residential tenants. The building is heated and cooled with a combination of hot water radiant heat and two roof top mounted units. There is an environmental and engineering report available for any prospective buyers review.
The asking price for this project is $13,000,000. Confidentiality agreement is a requirement to review any information except what’s outlined below.
The first page of the macro financial review shows what the property is currently generating. The current NOI is at $543K per year which results in a cap rate of 4.18%. There are studies completed that show that we can add an addition at the back to add 23 units which will add an additional $380K per year in gross income boosting the NOI to over $800,000 after projecting additional expenses of $70,000 to service the additional units. We’ve also accounted for a preliminary budget of $3,000,000 to construct the addition and it would be serviced from the proceeds of the rental income generated as a second mortgage.
Couple of things to keep in mind:
- This is a very preliminary review and additional review is required to map out cash flow etc… Financial reviews can be completed in many different ways and this is a very macro view of the investment. There are different strategies regarding the additional investment that can be employed depending on the client circumstances.
- You should conduct your own due diligence before making this purchase and not rely entirely on marketing information being provided including lease review, engineering reports, environmental etc…
- You will be required to sign a confidentiality agreement to review any further information about this project.
- This property isn’t listed anywhere else in the market and only available through this website.
Full Report – 23 Unit Toronto Income Property for Sale
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