31
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$3,999,990
Est. payment /mo
7,260 SqFt
Price Dropped by $195K
1415 GERRARD Street E Toronto, ON M4L1Z5
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Key Details
Property Type Commercial
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Approx. Sqft 7260
Square Footage 7,260 sqft
Price per Sqft $550
Subdivision Tegc - Greenwood-Coxwell
MLS® Listing ID 40812208
Property Sub-Type Freehold
Property Description
Turn-key mixed-use investment opportunity in prime downtown Toronto (1 Commercial + 5 Residential). Fully renovated building featuring a large main-floor commercial unit with a full basement plus five high-end residential apartments above. Situated on a high-exposure corner lot with over 7,000 sq. ft. of leased space and three on-site parking spaces, this is a low-maintenance, cash-flowing asset ideal for investors. 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! (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Exterior
Parking Features No
View Y/N No
Attached Garage No
Garage No
Private Pool No
Building
Story 3
Sewer Municipal sewage system
Others
Ownership Freehold
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Listed by Realty Network
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