This $2.6 million Toronto multiplex is the perfect investment property
When it comes to investing in a property in the real estate market there are many factors to consider such as location, price, expected revenue, the building condition, and the list goes on.
For 2 Chicora Avenue, it ticks all the boxes.
Listed for $2,599,000, this four-bedroom, four-bathroom semi-detached multiplex property is a gem of a find in Annex/Yorkville.
"These types of properties don’t come around every day. Multiplexes are truly underrated next to single-family home," explains Leonard Fridman, a real estate broker specializing in urban multi-unit residential investment properties.
“Living in a multiplex frees you up financially,” says Fridman, who has over 28 years experience selling multiplexes.
"Multiplexes may not seem as popular as Toronto’s single-family homes but they are some of the best properties to live and invest in. A multi-unit property, whether it has three units or eight units, gives the owner more control over the maintenance of each unit and the overall property."
This home has four units, three of which are one-bedroom units while the lower unit is a bachelor apartment.
Each unit is spacious with a good layout, hardwood floors, soaring ceilings and large windows for lots of natural light.
There are even some charming period details like stained glass windows and the original fireplaces.
If all the units are rented out at market rent, the home could pull in an annual gross income of more than $100,000.
The home also has several outdoor spaces including a private side yard and two large private decks.
Not to mention there are four parking spots, which is a luxury for a downtown location just steps from Yorkville and Avenue Rd.
And unlike many multiplexes that come on the market, this one has been well-maintained.
There have been plenty of upgrades and updates throughout the year including the roof being redone in 2020, repaving the driveway in 2014, common areas renovated in 2013 and decks rebuilt in 2015.
But perhaps the biggest selling point of this multiplex is the location.
Location wise, this home is unbeatable. It's right in the heart of the Annex, so it's close to Yorkville, downtown, public transportation and of course University of Toronto.
The latter being a big selling point if you plan on renting out the units to students.
"2 Chicora Avenue is the perfect example of the kind of property everyone in Toronto should aspire to buy," said Fridman.
"Whether you want to use it fully tenanted as an income property or subsidize your mortgage while living in one unit and renting out the rest, it has the potential to change your life."
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