7,260 SqFt
7,260 SqFt
Key Details
Property Type Commercial
Sub Type Building and Land
Listing Status Active
Purchase Type For Sale
Square Footage 7,260 sqft
Price per Sqft $550
MLS Listing ID 40812208
Abv Grd Liv Area 7,260
Annual Tax Amount $20,361
Property Sub-Type Building and Land
Source Cornerstone
Property Description
The government-subsidized daycare tenant has recently signed a 10-year lease extension with scheduled rent increases from $32.00 to $44.00 per sq. ft. net over the lease term. All residential units are exempt from rent control, allowing annual rent increases as permitted under Ontario's post-November 2018 rules.
The property currently generates approximately $220,000 NOI with a 5.54% cap rate, increasing to approximately $230,000 NOI and a 5.78% cap rate next year through scheduled rent increases.
The seller is offering a 75% Vendor Take-Back (VTB) mortgage at 6.49% interest, fully open for two years to qualified buyers, allowing for positive cash flow while servicing debt. Simply acquire and enjoy this fully upgraded, income-producing asset. Contact us today for the full listing package!
Location
State ON
County Toronto
Area Te01 - Toronto East
Zoning CR2 (cl;r2*1573)
Direction Gerrard St E & Hiawatha Rd
Rooms
Basement Full
Kitchen 0
Interior
Fireplace No
Exterior
Parking Features Asphalt
Utilities Available Electricity Connected, Natural Gas Connected
Lot Frontage 17.53
Lot Depth 114.9
Garage No
Building
Lot Description Ample Parking, Business Centre, City Lot, Hospital, Public Transit, Rail Access, Schools, Visual Exposure
Faces Gerrard St E & Hiawatha Rd
Story 3
Foundation Block, Poured Concrete, Stone
Sewer Sewer (Municipal)
Water Municipal
Structure Type Aluminum Siding,Stucco
New Construction No
Others
Senior Community No
Tax ID 210380605
Ownership Freehold/None
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