Two tiny derelict Toronto houses selling for cheap but you have to buy both
A rare Toronto real estate opportunity has hit the market on Eastern Ave. between Laing and Knox, and it's serving up double trouble.
Dubbed "The Twins" (yes, like The Shining, but make it real estate), these side-by-side semi-detached homes are being marketed not just as houses, but as a vision.
Primarily because of their current state of disrepair.
A utility room.
874 and 876 Eastern Ave. are tiny one-bedroom half houses that are as scary as the twins from The Shining.
Exposed insulation in the basement.
The roof is sagging, the floorboards are missing, the ceilings are coming down, there's mould on the walls, and there's exposed wiring and insulation.
A living room.
But since 874 and 876 Eastern Ave. are zoned as "legal non-conforming residential," a term for grandfathered properties that would not be up to code if built today, they're due for a makeover.
A bathroom.
These two homes are now being marketed as a "never-before-seen" opportunity for builders, investors, or that one friend who's always talking about "urban intensification" over beers.
The kitchen.
Why? Because over 1,500 new homes are being developed in the immediate area, and 200-plus new homes will be built right next door.
A bedroom.
Add in the City's full-throttle push for density on major roads, and it's no wonder the listing describes this moment as a "cup of opportunity overflowing."
A living room.
So what exactly can you do with "The Twins"?
Missing floorboards in the kitchen.
Under the current Industrial 1, Density 2 zoning, this plot of land can be anything from a public park to a parking lot.
A bathroom.
According to the listing, there is space for a 14-metre-tall, four-storey industrial building that can be turned into one of a select few things, including a brewery, coffee shop, a manufacturing plant, daycare, etc.
A satellite image of the neighbourhood.
And with almost 1,500 new units being added to the immediate neighbourhood in the coming years, plus the proximity to the heart of Queen St. E., this could be a serious money-maker of a spot.
A bedroom.
Also, if you wanted to, you could get the current zoning amended to a mixed-use site, giving you even more options and potential.
A room in the basement.
874 and 876 Eastern Ave. are listed for $749,900 each (or in other words, $1,499,800), and they must be sold together.
The basement.
Now, I know what you're thinking, that seems like a lot for a knock-down project in a tanking real estate market.
The backyard.
But when you consider you can make over $1 million a year off a single parking lot, 874 and 876 Eastern Ave. might actually be the deal of the year.
