They say real estate is all about location, and this heritage townhouse in Toronto’s Moss Park area doesn’t just check the box—it owns it.
But sometimes, price is even more important than location, and with 37 Mutal St. listed for only $1, I obviously couldn’t resist talking about it.
Now, of course, this three-storey end-unit triplex isn’t going to actually sell for $1.
A living room in one of the units.
Townhouses in this area typically sell for $1.5 million to $1.7 million, but it could potentially go for a lot more.
As listing agent Mojgan Mortazavi told blogTO, “This type of property is very unique, and there’s not much comparison, so we are open to the offers in the purchasers’ perspective.”
And from a purchaser’s perspective, this could be a great investment.
The bathroom in the basement unit.
Currently operating as a fully tenanted six-unit rental property, but vacant possession is also an option, this historic townhouse is brimming with opportunities.
One of the upper floor units with big windows and exposed brick walls.
Whether you maintain it as an income property, convert it into a dream residence, or reimagine it as a chic boutique hotel, the possibilities are only limited by your imagination.
And there are some cool historic elements that could make this place stunning.
Another unit with a fireplace and a stained glass window.
There are exposed brick, hardwood floors, and stained glass windows. In short, there’s plenty to fall in love with.
However, even if you kept it as a rental property, it’s probably a safe bet.
The basement unit.
With six units renting at anywhere between $900 a month for a basement unit or studio, to current market rate of a one-bedroom at $2,290 a month, you could be making anywhere between $70,000 to over $150,000 gross per year.
Although, with figures not disclosed, the buyer would have to ballpark the potential income.
One of the units.
And since 37 Mutual St. is located just steps away from Toronto Metropolitan University and George Brown College, there will never be a shortage of renters.
Another unit with hardwood floors.
Students and professionals flock to this area for its proximity to trendy restaurants, boutique shops, and every amenity imaginable.
And if that wasn’t convincing enough, the listing mentions that the seller is willing to offer a vendor take-back mortgage, adding a layer of financial flexibility to sweeten the deal.
A view of the row of townhouses.
Either way, I’m excited to see what this place actually sells for and what it possibly turns into.
