Welcome to our April 2017 Home of the Month! This feature provides a snapshot of what Urbaneer.com's Buyers have recently purchased in the City of Toronto.
This month we share the acquisition of a legal duplex with an additional lower level suite in The Danforth Village, purchased by an investor with a long term view to building his financial portfolio. Looking to spend under $1million, and generate a reasonable return on investment, this semi-detached dwelling on a corner lot with two car garage and four car parking near Mortimer and Coxwell Avenues offered a turn-key dwelling in a location that boasts a 'small-town' emanating from this tight-knit community-centric neighbourhood.
We're fans of Danforth Village! Located in East York, this funky borough has its share of flavourful window front shopping, mostly along Pape, Donlands, Greenwood, Coxwell, and Woodbine Avenues. There are numerous bakers, butchers and fruit markets, conveniently located throughout the neighbourhood. East York is also convenient for downtown commuters, about a 15-minute drive to Toronto centre. Running north from The Danforth east of Pape to Victoria Park Avenue, the area was incorporated as a borough in 1967, amalgamating the former East York Township and Leaside. Today, the residents are mixed, with seniors comprising some of the original residents and - over the past 15 years - the arrival of young families drawn by the affordability and easy access to downtown Toronto. Given the extended time span over which much of the construction happened in East York, the housing stock is varied, made up mostly of two-storey detached and semi-detached homes, as well as numerous bungalows. In the 1960s through 1990s, the area has seen the arrival of mid and high-rise buildings and, more recently, an emerging trend which signal a new life cycle for this neighbourhood. Increasingly, East York is seeing the reconstruction of the original bungalows being topped up and expanded into larger single family homes, along with a movement to tear down the original obsolete small bungalows for newly constructed luxury executive custom homes. Unfortunately, this has strained the availability of rental housing stock which doesn't bode well for renters, although it does for landlords.
We chose this property for our investor because of its convenient location, its good school district, and because it is well-suited to those with pets - which is a market niche whom can be challenged finding rental accommodations, in particular those with dogs. Located a a hop-skip and a jump away with bus service on Mortimer Avenue, and one on Coxwell which connects quickly to the Bloor-Danforth Subway Line, it's an appealing location for renters who work downtown. The property is also steps from the Michael Garron Hospital at Mortimer and Coxwell, so we felt it would appeal to care workers where shift work is part of their daily life. And for tenants with kids, the residence is just a short walk away from reputable RH McGregor Elementary School, which offers programming from JK to Grade 5 and Cosburn Middle School, which services Grades 6 through 8. And kids in this area can even finish out High School within walking distance from home; East York Collegiate is under a 15-minute walk, door-to-door, which offers diverse and dynamic programming from Grades 9-12.
Check out this video on one of our favourite neighbourhoods!
Here's a synopsis of the three suites and their rents:
The Garden Suite - $1950 Per Month + Hydro (but including heat)
The Garden Suite features two bedrooms and one bath, with ensuite laundry. Finished in gleaming parquet floors and with fresh paint, this well-maintained suite is drenched in light with north, east and west exposures. Well-proportioned and immaculate, the suite is well-suited for sharing or for a family. It includes four appliances (fridge, stove, washer and dryer), and has a door off the rear bedroom which connects to the side entrance to access the garden and one of the garage spaces. The rear yard is a fenced common area perfect for those who love to garden or barbecue.
The Upper Suite - $2150 Per Month + Hydro (and including heat)
The Upper Suite is similar to the Garden Suite, except it’s slightly larger. Having two bedrooms and one bath, as well as ensuite laundry, the open concept entertainment area and the hall have two skylights which flood the suite in light. The larger back bedroom has a walk-out to a new deck that has a spiral stair which connects to the common rear garden and garage. It includes four appliances (fridge, stove, washer and dryer).
The Lower Level Suite - $880 per month (inclusive - the hydro panel for this suite also serves common areas)
This spacious one bedroom lower level suite has its own entrance from the side of the property and laundry. It's been substantially renovated and featured high end finishes including wood floors, and a shaker kitchen with stone counters. The long term tenant was delighted to stay in residence.
Here are some snaps of this dwelling:
Main Level Suite
Upper Level Suite
Lower Level Suite (Tenant Assumed On Closing)
Listed at $779,000, our buyer secured this in competition for 26% over the list price. Despite the significant bid over the list price, with reasonable operating expenses of around $10,000 per annum, this property generates a net income over $48,000 per annum, or a 5% cap rate. The suites were quick to rent to tenants who welcomed collectively sharing in snow removal, garbage pick up and garden maintenance, making it a great purchase for our investor!
Are you an investor seeking an income property?
Here's some of our past blogs that will help steer you:
Serving first, second and multi-time buyers, young families, down-scaling Zoomers, renovators and those building their investment property portfolios, our mandate is to help our clients strategically secure the best real estate on offer, while ensuring their purchase best serves their practical needs and their dream of 'Home'. We identify a property's best qualities, features and insouciant charm in the context of the future target market while meeting your own wishes, wants and desires.
Are you considering purchasing east of the Don Valley? Here's Why Toronto’s East Side Real Estate Has Historically Been Cheaper.
If you, or someone you love, has specific real estate needs, wishes and desires, and would enjoy the personalized service of someone Celebrating Twenty-Five Years As A Top-Producing Toronto Realtor who subscribes to a pressure-free approach - and a specialty in unique urban homes - please know my team and I are here to help!
~ Steven and the Urbaneer Team
earn your trust, then your business
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
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