Freestanding - Potential Future Re-development Assembly Opportunity

Not on MLS®

$9,750,000

For Sale: Retail in Toronto, ON

Bill Mantzoutsos

Realtor

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Listing Details

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Description

Kay Real Estate Ltd. is pleased to present the opportunity to purchase 405 Parliament Street (the “Property”), a large freestanding building with ~74 feet of frontage on Parliament St. with title to the rear laneway off of Gerrard St. E. This Property is in direct proximity to the large Daniels Regent Park Redevelopment with hundreds of new residential units having either recently been constructed or in the planning/approval stages and is a key re-development piece for a future corner assembly. The ~12,500 sq. ft. Property (excluding the ~6,250 sq. ft. basement) is currently leased to retail and office tenants with below market rents $/psf, leaving the potential to significantly improve holding income in the short-to medium term during any potential rezoning period. Surrounding development sites have upwards of 7x FSI, resulting in a significant scale for either condominium or rental apartment units. Relevant highlights of the property: Freestanding Building, Deeded Title to Rear Laneway • Lot Size: 73.97 Ft x 120 Ft • Building Sq. Ft: 12,500 + 6,250 basement • Freestanding: Yes • Commercial Tenants: 4 • Residential Tenants: None • Rental Rates: $20 psf net main, $15 psf net upstairs • Holding Income: Approx. NOI $239,000 • Property Taxes: Approx. $60,000 • Rear Laneway: Deeded Title • VTB Available?: Yes • VTB Terms: 75% LTV / 3 years / 3.0% • Heating: Natural Gas • Pricing Guidance: 2.40%-2.50% Cap Rate

Location & nearby

This listing is located in Toronto, ON M5A 3A1

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