Freestanding - Potential Future Re-development Assembly Opportunity

Not on MLS®

$9,750,000

For Sale: in

Freestanding - Potential Future Re-Development Assembly Opportunity

Bill Mantzoutsos

Realtor

Very responsive to messages

Listing Details

Subtype: Storefront Retail/Office

Year built: 1958

Total building size (sq. ft.): 12500

Zoning: CR 2.0 SS2

Parking spaces: 6

Floors: 2

Sale type: Ideal for both investors and owner-users

Tenancy: Multiple

Lot Size: 0.2 Acres

Financial Details

Net operating income: $239,350

Cap rate: 2.45%

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

Listing Files

Location & nearby

This listing is located in Toronto, ON M5A 3A1

405-411 Parliament Street, Toronto, ON, Canada

Ask a question

Curious about any of the details? Ask the listing owner a question and get a quick answer.

Ask the agent a question about this listing in one click

  • Can you send me more info?
  • Can I book a showing?
  • Is the price negotiable?
  • Can you tell me more about the location?
  • Ask your own question

Bill Mantzoutsos

Realtor

Very responsive to messages


Looking for the right retail listing for you?

Zonado is Canada's fastest growing commercial real estate and sale of business marketplace. Our goal is to help you buy, sell and lease better than ever before.

Need help?

support@zonado.com

Zonado combines a diverse portfolio of commercial real estate and sale of business listings with an obsessive focus on technology. It enables you to buy, sell and lease better than ever before.

Need help?

support@zonado.com

Copyright © Zonado Inc.

The REALTOR® trademark is controlled by The Canadian Real Estate Association (CREA) and identifies real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.

BESbswy