In the heart of Toronto’s iconic Annex neighbourhood, two detached homes right next to each other, 575 and 577 Huron St, just went up for sale.
And if you know anything about Toronto real estate, it could mean a teardown and a new development proposal are on the way.
The houses have been owned by the same family since the 1970s and, from the outside, look like grand historic homes.
One of the apartments in 575 Huron St.
But Huron St. is right in the heart of the University of Toronto, frat-kid alley, so to say the homes have seen better days might be an understatement.
A bedroom in one of the homes.
575 Huron St. is classified as a residential property with three self-contained units.
Another one of the units.
The second and third floors are currently rented on a month-to-month basis, while the main floor and basement are vacant.
The entrance/foyer to 577 Huron St.
Right next door, 577 Huron St. is currently licensed as a rooming house with seven rental units on month-to-month tenancies.
A basement apartment.
Both homes are being sold in “as is” condition, which, in realtor terms, means you’ll need to do some hefty renovations.
A unit in 575 Huron St.
This will likely include things like new electrical, plumbing, HVAC, and possibly even a full gut job.
A basement unit in one of the houses.
Although, the listing does mention a refreshed roof and some mechanical upgrades.
Original fireplaces can still be found in the homes.
But you only have to worry if these properties are a money pit if you want to keep the historic homes.
Another unit in 575 Huron St.
If you don’t care about them, then the houses become an opportunity for reinvention, especially for a developer.
The deep backyard.
575 and 577 Huron St. both sit on deep, unobstructed 178-foot lots with a combined 50-foot width, and the listing notes their “significant developmental potential.”
Another unit in 575 Huron St.
So whether transforming the properties into luxury residences, modern townhomes, or a mixed-use development, there’s plenty of space to work with.
A patio off one of the units at 577 Huron St.
Also, The Annex’s vibrant community and prime location ensure that any project will attract significant interest.
A kitchen in one of the units at 577 Huron St.
Additionally, according to the listing, the depth of the lots offers the feasibility of adding a garden suite, pending a Limiting Distance Agreement with neighbours.
The back of the houses.
Properties like 575 and 577 Huron St. don’t come along often.
A kitchen in 575 Huron St.
Their deep lots, versatile zoning, and prime location make them a blank canvas for creativity and innovation.
A unit in 577 Huron St.
As is often the case in the Annex, demand for such properties will be high.
A bedroom in 577 Huron St.
And it likely will be a sought-after property since the combined properties would cost just over $5.5 million, and considering the average detached house in the Annex is over $3.2 million, it’s actually favourable to the buyer in this instance.
A view of the scale of the land 575 and 577 Huron St. are sitting on.
Each house is currently listed for $2,795,800, after dropping from the initial listing prices of $2,998,000.
