- What A 61-unit Toronto apartment building is on the market
- Why Car Park Management is seeking around $230,000 per unit
- What next The offer date is Nov. 27
Car Park Management is shopping a value-added Toronto apartment building that could fetch over $14m, Green Street News can reveal.
Price guidance on the 61-unit building, at 2275 Weston Road, is $230,000/unit. Avison Young is marketing the property, with an offer date set for Nov. 27.
Average rent at the three-storey building is just over $1,000, making the potential rental upside very high – over 100%. The building comprises 54 one-bedroom units and seven studios.
Although built in the 1950s, it is a lower-maintenance building as there are no elevators or balconies. The property has an onsite laundry room and 43 surface-level parking spots.
There is redevelopment potential for the property. Marketing materials include designs by WND Associates for a possible 15-storey building with 286 units.
The property is in a desirable location, just over 1 km from the Weston UP Express and GO station and 1 km south of Highway 401. It is also close to the Humber River and local attractions including the Weston Golf & Country Club and Cruickshank Park.
