- What A 25-unit rental building on Toronto’s College Street is for sale for $14m
- Why The private investor who developed the building eight years ago is looking to offload the asset
- What next Value Insight Realty has the listing
A midrise rental building on a major Toronto throughway is on the block for $14m.
The eight-year-old building at 335 College Street, just 200 m west of Spadina Avenue, contains 25 rental units. A vape shop rents the 400 sq ft retail space on the ground floor. At the listed valuation of $560,000/unit, the capitalization rate is 4.33%.
The building is fully tenanted and has a net operating income of approximately $455,000. The property has an assumable mortgage of $6m with a 2.37% annual interest rate on a five-year term.
The seller, who also developed the four-storey building, is a private investor. Value Insight Realty is handling the listing.
Recent rental listings for the building price studios around $2,000, one-bedrooms around $2,500 and two-bedrooms over $3,000.
The building is centrally located, with Kensington Market to the south and the University of Toronto to the north. The College Street streetcar passes. It is also 1 km from the Queen’s Park subway station.
