This Toronto quadplex is only $1.5 million

Twenty-two years ago a lovely couple named John and Madelon bought 47 Grant St. as an investment for their retirement, listing agent Joanne Lake told blogTO. 

Lake told blogTO that when the couple bought the classic semi-detached Toronto Victorian it was really run down.

But John and Madelon fixed it up – redoing plumbing, electrical, joists and more – rented it out and have since kept it in great shape, even replacing the windows and roof just a couple of years ago. 

The main floor apartment. 

However, now retirement has come and John and Madelon are looking to sell their retirement nest egg. And it's a pretty great nest egg.

Nestled in the heart of Toronto's vibrant Riverdale neighbourhood this charming multiplex boasts four legal apartments, each with its own distinct charm and functionality.

The main floor kitchen. 

The first apartment spans the main and lower levels and offers a comfortable 1+1 bed layout complemented by not one but two baths—a four-piece and a convenient two-piece option—alongside in-unit laundry facilities.

One of the second floor apartments. 

Upstairs, the second and third studio apartments occupy the second floor, while the fourth apartment sits atop on the third floor.

The powder room in the main floor apartment. 

All the units are currently tenanted by long-term residents who are all hoping to stay. And it's easy to see why they wouldn't want to leave their homes.

A bedroom with a cat. 

One, John and Madelon kept rent extremely reasonable for Toronto standards.

The charming living room in the main floor apartment. 

According to the financials Lake shared with blogTO, the two-bedroom apartment is under $1,500 a month and two of the other studios don't go above $1,000 a month. 

A bathroom. 

But the appeal of 47 Grant St. extends beyond its walls. Situated on a serene, tree-lined street within a bustling community, it strikes the perfect balance between tranquility and vibrancy.

A fireplace in one of the units. 

Residents revel in the area's fantastic amenities, including an array of restaurants, charming cafes, trendy shops, and inviting patios just moments away.

Another studio apartment. 

Commuting? It's a breeze.

The lovely backyard. 

With an excellent walking score, the 24-hour Queen E streetcar plus the upcoming Riverdale/Leslieville TTC station at Queen & DeGrassi, and major routes like the DVP, Lakeshore, and Gardiner, getting anywhere is easy. 

The third floor apartment with a skylight. 

All the above make this quadplex an enticing investment opportunity, especially when the house is listed for a reasonable $1,550,000. 

An office space that could also be a bedroom. 

"I would love an investor to come and take over where John and Madelon left off," said Lake.

"It's a lovely handsome multiplex to add to your portfolio."

The studio on the third floor. 

The only downside to this is that because the tenants have been there for so long, and John and Madelon charged such reasonable rent, the cap rate is only 2.5 per cent.

Tall ceilings and original wood floors add to the charm of the unit. 

But Lake has said all the tenants are aware that they may have to move out if the property is sold and the buyer wants to turn it back into a single family home. 

A kitchen in one of the studios. 

But even if you could be turned into a single family home it would be a shame to lose such affordable housing, especially with how grim the rental market has been recently.

The back of the house. 

So here's hoping whoever buys this charming quadplex is as generous as John and Madelon. We could use more landlords like them in this city.