Turn-key mixed-use investment opportunity in prime downtown Toronto (1 Commercial + 5 Residential). Fully renovated building featuring a large main-floor commercial unit with a full basement plus five high-end residential apartments above. Situated on a high-exposure corner lot with over 7,000 sq. ft. of leased space and three on-site parking spaces, this is a low-maintenance, cash-flowing asset ideal for investors. The government-subsidized daycare tenant has recently signed a 10-year lease extension with scheduled rent increases from $32.00 to $44.00 per sq. ft. net over the lease term. All residential units are exempt from rent control, allowing annual rent increases as permitted under Ontario's post-November 2018 rules. The property currently generates approximately $220,000 NOI with a 5.54% cap rate, increasing to approximately $230,000 NOI and a 5.78% cap rate next year through scheduled rent increases. The seller is offering a 75% Vendor Take-Back (VTB) mortgage at 6.49% interest, fully open for two years to qualified buyers, allowing for positive cash flow while servicing debt. Simply acquire and enjoy this fully upgraded, income-producing asset. Contact us today for the full listing package! (id:61342)
| MLS® Number | 40817959 |
| Property Type | Multi-family |
| Amenities Near By | Public Transit |
| Community Features | School Bus |
| Features | Paved Driveway |
| Parking Space Total | 3 |
| Bathroom Total | 8 |
| Bedrooms Total | 11 |
| Basement Development | Partially Finished |
| Basement Type | Full (partially Finished) |
| Cooling Type | Central Air Conditioning |
| Exterior Finish | Aluminum Siding, Metal |
| Foundation Type | Poured Concrete |
| Heating Fuel | Electric |
| Stories Total | 3 |
| Size Interior | 8,075 Ft2 |
| Utility Water | Municipal Water |
| Acreage | No |
| Land Amenities | Public Transit |
| Sewer | Municipal Sewage System |
| Size Depth | 11490 Ft |
| Size Frontage | 18 Ft |
| Size Total Text | Under 1/2 Acre |
| Zoning Description | Cr2(c1;r2*1573) |
https://www.realtor.ca/real-estate/29572488/1415-gerrard-street-e-toronto
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