1415 GERRARD Street E

About this home

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:66966)

Details

Type

Other

Size

7260 sq ft

Basement

Full

Property tax

$20,361

Neighbourhood

TEGC - Greenwood-Coxwell

Municipality

Toronto

Interior

Fireplace

No

Heating, cooling and services

Water and sewer

Municipal sewage system

Utilities

Natural Gas, Electricity

Building and exterior

Foundation

Poured Concrete

Outdoor

Stucco, Aluminum siding

Building area

7,260 square feet

Location

Location is approximate. See nearby homes on the map