4 houses on a Toronto street are selling for $8.5 million
Just south of the Danforth on Gerrard Street East and Main Street are four houses that are currently being used as furnished rental units.
They've now been bundled together to be sold as a package deal. They are listed for $8,500,000, which might just be a bargain, considering the rental income potential.
The buildings – 2176, 2178, 2180, 2182, 2186, 2188 & 2190 Gerrard St E. –make up approximately 30,000 square-feet of land, with a 200-foot frontage and 150-foot depth to the lot.
In total there are 45 rental units with 10 parking spots.
If those four buildings aren't enough the neighbouring lots (2172 and 2174 Gerrard St. E) are also available for purchase, according to realtor Fuji Duong.
And on the realtor's webpage 25-27 Norwood Rd. as well as 2147 Gerrard St. E are also for sale, as the buildings are all owned by the same owner, except 2174.
It's the first time these properties have been on the market publicly in almost half a century Duong told blogTO.
As for how much the other properties would cost, you'd need to ask The Weir Team. "The prices are exclusive", Duong explains adding that the neighbour is only really willing to sell if a development is going up.
The buildings are in a great location, with plenty of transport links and parks nearby.
And while normally I would say this will likely be bought up by a developer to be turned into a condo there might be a hitch in that most obvious of plans.
The thing is, 2190 Gerrard Street East is actually a heritage house. Designed in 1892 by Edwards & Webster and built in 1894, it was once home to Donald Stephenson.
Stephenson was a lumber merchant turned politician, who spent his finally months alive hiding out in this house to escape his creditors, according to The Globe and Mail writer Dave Leblanc.
But then again maybe who ever buys up the properties will do what they did to Stephenson's other home that used to be at 292 Main St. and turn it into an extension of a condominium lobby.
Either way it looks like an entire block in the Upper Beaches is going to get a makeover sooner, rather than later.
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