Toronto home selling for under $2 million comes with plenty of income potential
If you're looking to become a Toronto landlord in 2025 (because we all need goals), then 35 Columbine Ave. might just be the perfect fit.
35 Columbine Ave. is a professionally maintained semi-detached triplex smack in the middle of the Beaches.
And unlike many triplexes that have hit the market lately, which are either in not-so-great shape or outrageously expensive, this is one that sits squarely in the Goldilocks zone of triplexes.
Listed for $1,689,000, 35 Columbine Ave. offers three self-contained units that are a great blend of original charm and modern updates.
The main floor unit is a one-bedroom, the basement is a studio and the upper two floors of the house are a two-bedroom apartment.
The main floor unit has original hardwood floors, a fireplace in the living room and a spacious kitchen with plenty of storage and newer appliances.
The two-bedroom unit has had the most renovations done to it.
The kitchen looks recently updated, and there are new floors throughout.
Also, while it is a two-bedroom, it could potentially be a three-bedroom as there's a small room off the kitchen that is currently being used as an office.
As for the basement unit, it is just a studio, but it is definitely one of the nicer basement units available in a city where hallways are rented out for $900 a month.
It could still use some updates, namely in the kitchen and bathroom if you wanted to get top rental dollar for it.
Currrently, the basement unit is the only tenanted unit at $1,000 a month, which, as realtor Anthony Gallippi told blogTO, is below market rate.
The other two units are vacant and could be rented out at market rate, which would be an easy lift to find tenants since the location is top-notch.
This means, according to the latest figures, you could be making $3,115 a month for the two-bedroom and $2,385 for the one-bedroom unit.
And if you did get the market rate for the basement studio, you could be looking at almost $90,000 in rental income.
It's also a good investment if you look at the bigger picture.
Semi-detached houses in this neighbourhood can sell for well over $2 million, with the average sale price hitting around $1.6 million.
Further, property values have gone up three per cent in the last 12 months.
Also, in a buyer's favour is the fact that 35 Columbine Ave. has been sitting on the market since July.
In other words, the owner is probably more willing to negotiate and sell for below asking. And who knows, 'tis the season of giving!
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