York Multi-Residential Renovation

York Multi-Residential Renovation & Addition

Pre Reno Rent: $2,100.00
Post Reno Rent: $6,950.00
Rental Value Increase: 231%
Project Cost: $798,577.60
Return On Investment: 7.29%

While strategizing with our client in the first quarter of 2018, she asked us where she should be investing and what asset class would we recommend.

We advised her that based on the Eglinton Crosstown LRT now looking like a reality, we would be best served to buy something close to Dufferin and Eglinton which would be a transit-friendly neighbourhood and hence an attractive location for tenants. Given the absence of any purpose-built multi-residential properties on the market, we convinced our client to buy this bungalow with the commitment that we would make it a three-unit property. The property was bought at a price that today looks like a bargain-basement price.

We applied for permits, went to the City of Toronto committee of adjustment for our third unit permission, got our three units approved and started construction. We made three units, one in the basement, one on the main and one on second. All tenants pay for their own heat and hydro. Have independent entrances. Finishes are consistent throughout with open concept kitchens, quartz counters, stainless steel appliances, pot lights through, separate HVAC systems for all units. Even the basement has two full baths just like the other 2 units. The main floor and second floor have a large deck and the back yard is enjoyed and maintained by the main floor tenants.

All in all this property once finished, provided an excellent valuation and given property prices since the acquisition, the clients are very happy with their decision to do this project.

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