Corner Building - Potential Future Re-development Opportunity

Listing Details

Description

Kay Real Estate Ltd. is pleased to present the opportunity to purchase 1219 Bloor Street West (the “Property”), a large corner building with ~80 feet of frontage on Bloor St. W. with access to the large rear laneway between Marguerette St. and St Clarens Ave in the heart of Bloordale Village. This Property is steps to Lansdowne TTC subway station and in close proximity to re-development projects in neighbouring Junction Triangle and Brockton Village with hundreds of new residential units having either recently been constructed or in the planning/approval stages. The ~10,600 sq. ft. Property (excluding the ~5,300 sq. ft. basement) is currently leased to a longstanding retail tenant and residential 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 4x-5x FSI, resulting in larger scale for either condominium or rental apartment units. Relevant highlights of the property: • Building Sq. Ft: 10,600 + 5,300 basement • Freestanding: Yes • Commercial Tenants: 1 • Residential Tenants: 8 • Residential Mix: 6 x 1 bedrooms, 2 x 2 bedrooms • Commercial Rate: $25 psf net (main incl. basement) • Holding Income: Approx. NOI $222,000 • Property Taxes: Approx. $60,000 • Rear Laneway: Full Access • VTB Available?: Yes • VTB Terms: 75% LTV / 3 years / 3.0% • Heating: Natural Gas • Pricing Guidance: 2.25%-2.35% Cap Rate

Location & nearby

This listing is located in Toronto, ON M6H 1N6