- What A 57-unit apartment complex is on the market in Mississauga
- Why The building has 61% rent upside potential and possible development opportunity
- What next Colliers has the assignment
A new owner is being sought for a Mississauga apartment property with future development potential.
The 57-unit building, at 1780 Bloor Street, is priced at $17m and has a projected year-one net operating income of $681,000, translating to a capitalization rate of 4%.
Colliers has the marketing assignment on behalf of Mississauga-based Hallcrest Investments. The campaign highlights rent upside potential, with in-place rents 61% below market value.
Built in the late 1960s, the complex has 23 one-bedroom units, 33 two-bedroom units and one three-bedroom suite. Amenities include a playground and shared laundry facilities.
Hallcrest has invested roughly $720,000 into the property’s infrastructure since 2013. Improvements include elevator upgrades, balcony replacements and new boiler systems. Most recently, two 200-gallon hot water storage tanks were installed.
Further improvement opportunities exist, including the potential conversion of multiple storage rooms into additional residential space, subject to approvals.
On over 2 acres, there is also development potential on the rear portion of the property, currently used as a parking lot.
Bloor Street is a main throughway in Mississauga, with an abundance of dining, shopping and transit options. The property is 7km south of Toronto Pearson International Airport and 15km west of downtown Toronto.
