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A Five Suite Century Home On Palmerston Boulevard

A Five Suite Century Home On Palmerston Boulevard


Offered at: $1,399,000


SOLD

When you consider the multi-faceted opportunities that exist in housing, it’s kind of fascinating. You’ve got the artistic aspect, with architecture and design serving both fashionable and functional purposes. Then you’ve got the basic function of shelter that housing provides. And then you’ve got the financial potential that exists within those bricks and mortar - for asset growth or for rental income. When you find a property that not only has all of these attributes covered, but provides them all in a prominent Triple AAA location, you’ve hit the housing mark square on.

Welcome to 537 Palmerston Boulevard.

 

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Palmerston Boulevard, and its sisters Markham Street and Euclid Avenue, are a trilogy of tree-lined avenues that self-assuredly incorporate history and a quiet elegance to create much of the dynamic spirit that encircles this sought-after location. Once considered one of the wealthier pockets of Toronto, and featuring some of the oldest merchant class housing in the city, these grand homes buzz with history and charm, no doubt with stories to tell from their coveted point of view over the generations. Today, these streets radiate intellectual energy, mingling with style and panache, as reflected in its residents, in the evolution of the housing stock, and in the sublime amenities that encircle this location.

This semi-detached dwell under a canopy of mature trees is primely located just south of Bloor St. West, placing it within a stone’s throw of the effervescence of urban living, but just far enough removed from the hub-bub to create that sense of peace and calm that a quality residential area provides. Given that this dwelling houses a 5-suite income property, its location isn’t just pleasant, it’s a shrewd business move too.

It’s a well-known fact that the holy grail of real estate is “location, location, location” - meaning the formula to preserve and grow your home’s asset value is proximity to key amenities, like public transport, shopping, leisure opportunities and green space. This is even more crucial when you are talking about an investment property. Not only are you trying to grow the asset of the property, you are trying to lure tenants and provide a compelling case for charging top dollar for your rental. That is the unmistakable beauty of 537 Palmerston Boulevard. You’ve got the visual lure encased in the charm of historic housing, coupled with the necessities of life for any tenant, right at your door step.

For dining out and meeting up with friends and family, some of urbaneer’s faves are a pleasant stroll away. On Bloor Street we love to nosh at Insomnia Café while sampling from their extensive martini menu. We’ve also been known to savour a solid cup of coffee at the Green Beanery. At the bottom of the block on College Street we're fans of DaiLo Restaurant, Woodlot Restaurant, and Bar Raval for culinary excellence. And if you love board games as much as we do, there's engaging Snakes and Lattes where you can play and dine to your heart’s content, using one of the thousands of games they have in their library.

Speaking of libraries, the Palmerston Branch of the Toronto Public Library is less than a five-minute walk away. When’s the last time you indulged in the guilty pleasure of a Saturday afternoon surrounded with comfy chairs and books? This kind of leisure is just a hop, skip and a jump away.

Yearn for green space? Pick a direction, and you’ll find lovely green pockets in this urban landscape. Expansive Christie Pits Park has something for everyone: loads of wide open green space, an artificial ice rink, tobogganing hills, baseball diamonds, children’s playground, splash pad, wading pool and community garden. There is more green space for taking in the great outdoors nearby at Seaton Park as well.

Bathurst Station is less than a 5-minute walk away, a neighbourhood gateway to get wherever to need to be with little fuss.

About a 10-minute walk away is Clinton Street Junior School, serving JK through Grade Six, and offers gifted as well as special programming to accommodate children with different learning styles. The area Intermediate school, King Edward Junior School, is about a 15-minute walk away. Right around the block is Harbord Collegiate Institute, where they set a  framework of “social justice, equity and the environment for a dynamic education.”

This 1910 semi-detached solid brick vintage manse with two car laneway garage has been with the same owner since 1978. Having served as both a family residence - and an income supplement - this substantial dwelling - now comprising five rental units - has been well-tended and managed for nearly forty years. Currently containing three 1 bedroom suites, and two 2 bedroom suites, this gracious residence has been upgraded and maintained consistently over the past thirty years. This includes exterior waterproofing the east side foundation (including under the existing deck), a 200amp wiring service (including some separate electrical panels for the Lower Level Suite, Second Floor West and most of the Second Floor East suites), a 2" water line from street into dwelling, multiple newer windows, a fire alarm system with sensors, and an irrigation system front and back. In portions of the Garden Suite (main room floor), Second Floor West Suite and Living Room/Bedroom of Second Floor East suite, plus the Third Floor Suite, the sub-flooring has been replaced and sound insulation added, with new 3/4" oak floors installed. See the sales prospectus for the Historical Maintenance and Repair Summary!

This character dwelling offers a multitude of options. It could be purchased by a Buyer seeking to occupy the Garden Suite while generating an income supplement from the other suites. Alternatively, it could be a terrific multi-generational or co-ownership residence where 3 individuals might occupy their own separate suites on the upper level while the Garden Suite becomes a 'collective common living space' and the lower suite generates income to offset the operating expenses. And, for those with an eye to a long term investment (or seeking a place for the university-aged children to live), this residence is a great addition to an investment portfolio.

Tenants have full use of the garden, and store bicycles and a few personal belongings in the north garage. Rents include utilities but exclude communication costs and contents insurance. All tenancies are on a month-to-month basis.

Here's a synopsis of each of the five suites:

Apartment A - Lower Level Suite - This tidy one bedroom unit of around 604 square feet has renovations dating about 25 years. Currently renting for $1150 per month inclusive. the young couple in residence has been in occupancy since November 2015. It can be accessed from both the main staircase side entrance and its own rear entrance.

Apartment B - Garden Suite - This ground floor residence offers 949 square feet of living space, with exclusive use of the pretty rear deck and the south facing garage. Renting for $1980 per month inclusive, the 2 tenants have lived here since July 2009. Comprising two bedrooms and one bath, this unit has undergone extensive renovations including exposed brick walls, oak floors, replacement bay window, an upgraded kitchen and a wood-burning fireplace. The vintage details, including wood doors, bronze hardware and the charming front porch and bay window are remarkable. The Garden Suite has access from the front door, a side door into the main stair, and from a sliding glass door in the kitchen to the deck at the rear of the house.

Apartment C - Second Floor West - Recently renovated, this fresh one bedroom pied-a-terre boasts 353 square feet of sun-drenched living. It's an adorable suite, with a west exposure, bay window, wood floors, stylish kitchenette and four-piece bath. Well-proportioned with an intelligent space plan, this suite hints at the potential of this character dwelling. Renovated about four years ago (including installing sound batts in the floors), the suite is currently vacant but was renting for $1250 per month inclusive. Access to the suite is from the side door staircase.

Apartment D - Second Floor East - This garden view perch is about 559 square feet of quirky charm. Having 1 bed / 1 bath, this well-maintained suite has a character kitchen and a sweet entertainment space. Renting for $1370 per month inclusive, this suite has been occupied by one tenant since November 2013. It has an insouciant charm and pretty garden view. Access to the suite is either from the side door staircase or thru the fire escape staircase at the back of the house.

Apartment E - Third Floor - Tucked under the eaves, this attic atelier has been occupied since 1980 by the same resident. Having 941 square feet, this 2 bed/den, 1 bath suite has had some upgrades but its real potential is ready to be unharnessed by an owner-occupant. Envision installing skylights and opening up the space plan to create a magical airy oasis. Currently renting under market for $800 per month inclusive (we believe it would generate closer to $1600 a month today), this vintage space offers unlimited opportunities for transformation. Access to the suite is from either the side door staircase or thru the fire escape staircase at the back of the house.

In addition to the 5 suites, on the lower level there's common laundry, a utility room, and a separate office/storage room with a 4-piece washroom and plumbing for a kitchen. Although the south garage is a workshop included in the Garden Suite rent, the north garage is available to the owner exclusively, though at the moment tenants do park their bicycles and miscellaneous items.

Generating a Gross Income of $78,900, the total Operating Expenses of $18,258.64 (Taxes $6549.76; Gas $3254.11; Hydro $2742.28; Water/Waste Management $2598.19 and Insurance $3114.30) leaves a Net Income of $60,641.36.

When you have the opportunity to be a homeowner of a property in a sought after location, with huge upside in income potential - both because of that location and because of the uniqueness of the home itself, it’s an ideal must-see!

Wanna see this unique urban home? Contact steve@urbaneer.com to view!

Want to learn more about Palmerston Boulevard and it’s fab amenities? Here’s our Neighbourhood page on College Street/Little Italy including flavour video, city census data on the area plus our blogs, or check out our other Neighbourhood Pages! We LOVE Toronto real estate!

SOLD