118-120 Pembroke St. Toronto

These two Toronto homes are actually an 8-unit apartment building

From the outside, 118 and 120 Pembroke St. look like just two semi-detached homes. And yet, these conjoined homes are so much more. 

This is actually a fully-tenanted eight-unit apartment building in a prime location in Central Toronto.

118-120 Pembroke St. Toronto

A living room in one of the units.

"This is an exceptional opportunity," said listing agent Ian Wilson. 

118-120 Pembroke St. Toronto

Another unit with lots of natural light and hardwood floors. 

And we can't help but agree.

118-120 Pembroke St. Toronto

Many of the units feature exposed brick walls adding to the charm and character of the building.

This rare opportunity is a blend of stability and future potential that is hard to come by in today's market.

118-120 Pembroke St. Toronto

An updated kitchen. 

With over 9,000 square feet of rentable area, this building boasts six two-bedroom units, a one-bedroom unit, and one three-bedroom unit.

118-120 Pembroke St. Toronto

An updated bathroom. 

Many of the units have also been updated, shares Wilson.

118-120 Pembroke St. Toronto

A living room and dining room. 

But, as Wilson points out, one of the most enticing features of this property is the assumable Canada Mortgage and Housing Corporation mortgage at just 2.15 per cent, maturing in early 2031.

118-120 Pembroke St. Toronto

A bedroom with a fireplace. 

This favourable financing option sets the stage for a solid investment with attractive returns.

118-120 Pembroke St. Toronto

Another unit. 

In fact, Wilson told blogTO that the mortgage offers investors a leveraged cap rate of nine per cent, which, if you know anything about cap rates, is incredible. 

118-120 Pembroke St. Toronto

The back of the house with parking. 

Some other things that make this building a pretty solid investment are the fact that there are two surface parking spots, onsite coin-operated laundry, and lockers for each unit, adding to the convenience and comfort of the residents.

118-120 Pembroke St. Toronto

Another bedroom in a unit. 

Each unit is separately metered for hydro, providing a sense of autonomy and control over utility costs.

118-120 Pembroke St. Toronto

One of the smaller apartments. 

Wilson also points out that this building has achieved ultra-low vacancy rates, which is really a testament to its desirability and stability in this bonkers rental market.

118-120 Pembroke St. Toronto

Some of the units also have balconies. 

For savvy investors looking to diversify their portfolio or enter the lucrative real estate market in Toronto, it doesn't really get better than this.

118-120 Pembroke St. Toronto

Another kitchen. 

With its solid rental history and potential for future growth, this eight-unit apartment building seems like a no-brainer.

118-120 Pembroke St. Toronto

The front of the houses. 

118-120 Pembroke St. is listed for $4,499,900.

Photos by

Frank Agostino/MyVisualListings


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