Neighbourhood: Garden District
WHAT YOU'LL LOVE:
| Amazing investment opportunity in stunning historic home built in 1880! This house combines the charms of an historic home with extensive improvements in three self-contained units. All units have separate gas meters and furnaces. Incredible style and charm combined with a healthy income and minimized expenses.
MAIN FLOOR UNIT
SECOND FLOOR UNIT Three bedroom apartment with exposed brick, huge windows, pot lights and new kitchen (2015). New flooring throughout including hardwood in living room. Updated washroom including new vanity. Walk-up to large outdoor desk on top floor among the tree tops. Includes fridge, stove, dishwasher. Separate furnace with own thermostat. Currently rented at $2550/ month. Lease month to month.Tenants pay heating and hydro.
THIRD FLOOR UNIT Charming unit with open concept living, dining and kitchen and exposed brick. Kitchen renovated in 2015 with stainless steel fridge and stove and a quartz counter. Separate gas furnace, and dishwasher. Sliding glass doors to walk-out deck. Separate furnace with own thermostat. Rented at $1500/month plus owner pays for own hydro. Lease expires December 1, 2016
50 PEMBROKE BY THE NUMBERS 4 Electric Meters (Owner pays the house meter, tenants pay the others) 4 Gas Meters(Owner pays house meter and 3rd floor unit) 3 foot right of way in back of house to access laneway to Pembroke St. INCOME $2550 x 12 =$30,600 $2400 x 12 = $28,800 $1500 x 12 = $18,000 $100 x 12 = $1200(coin laundry est) TOTAL= $78,000 EXPENSES Hydro paid by landlord: $464.10/yr Gas paid by landlord(3rd floor unit and common areas): $1259.92 Water: 1336.78/yr Property Taxes: 5751.45 Insurance: $876.96 TOTAL = $9689.21 NET INCOME = $68,910.79 or $5742.56/month
The location is near perfect with a walk score of 96. It is walking distance to downtown, city parks and the Yonge subway line while still being tucked away on a quiet street. Nearby, there's regeneration all around with many new condo projects and businesses to accommodate this growing neighbourhood.