Three four-storey apartment buildings in Toronto’s The Beaches neighbourhood just hit the market, and they’re actually surprisingly nice.
Normally, when a row of buildings go up for sale, they’re in terrible shape and being priced for a developer to come in, tear it down and build a massive condo.
But 2402, 2404, and 2406 Queen St. E are the kind of apartment buildings Toronto needs more of.
The front entrance of 2402 Queen St. E.
Originally built in the 1930s, these buildings have seen a lot over the decades, but they’ve certainly kept up with the times.
A hallway in on of the apartment buildings.
The buildings have had $1.9 million spent on renovations and upgrades. That’s not just a fresh coat of paint — we’re talking significant upgrades that make these homes as comfortable as they are stylish.
A living room in one of the units.
And if you, look at some of the pictures of the available apartments to rent they’re really, really nice offering a blend of old-world charm and contemporary living.
An updated kitchen in one of the units.
According to the listing, 74 per cent of the units have been modernized to meet today’s standards.
A bathroom in one of the units.
In total, there are 54 units in a mix of one-bedroom and two-bedroom apartments.
A view from the kitchen into the living room.
The units are an average size of 617 square feet, so while not massive, they are definitely decent and easily rentable.
The bedroom in one of the units.
Not that the units would ever be hard to rent when they feature things like hardwood floors, big bright windows, arched doorways, fireplace mantels and charming built-ins.
Plus, being just steps away from vibrant greenspaces, the beach, and everything Queen St. has to offer, the location really can’t be beat.
The exterior of the apartment buildings.
As for investment potential, these apartment buildings are a pretty solid bet.
The foyer of one of the apartment buildings.
The property spans a generous 0.5-acre site area and the listing notes a 30 per cent market rent upside, so there’s potential to significantly increase revenue.
Currently, units are being rented out for anywhere from $2,099 to $2,812 a month, depending on the size of the unit.
The back of the apartment buildings with parking.
Additionally, the listing mentions that there are limited near-term capital expenditures required. Or in less jargony terms, you don’t have a money pit on your hands, so it’s a low-maintenance opportunity with a high reward.
The covered parking at the back of the buildings.
The three buildings are currently being listed for $17,000,000.
