Nestled in the vibrant heart of Little Italy, 385 Manning stands as more than just a residence; it's a promising investment opportunity waiting to be seized. Boasting a prime location surrounded by the best restaurants and shops, this single-family three-story home has the potential to evolve into a lucrative 5plex, making it an ideal candidate for investors looking to capitalize on the CMHC MLI Select program.
The Vision: Currently a single-family dwelling, the property at 385 Manning is poised for transformation. With thoughtful planning, it can effortlessly transition into a multi-unit haven, providing a diverse range of housing options to meet the demands of the market.
Unit Breakdown:
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Basement - 1000 sqft 2 Bed 2 Bath: The spacious basement holds the potential to become a luxurious 2-bedroom, 2-bathroom unit. With a generous 1000 square feet of space, this unit promises comfort and functionality, making it an attractive prospect for potential tenants.
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Main Floor - 900 sqft 2 Bed 2 Bath with Patio: The main floor is set to be a welcoming 900 square feet, offering a well-appointed 2-bedroom, 2-bathroom unit. With the added allure of a back patio, residents can enjoy a seamless blend of indoor and outdoor living.
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2nd Floor - 2 Bed 2 Bath with Terrace: The second floor presents a more intimate 2-bedroom, 2-bathroom unit, complemented by the luxury of a private terrace. This unit caters to those seeking a cozy yet stylish living space.
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3rd Floor - Spacious 1 Bed 1 Bath with Terrace: The third floor introduces a generously sized 1-bedroom, 1-bathroom unit, complete with its own terrace. This configuration caters to individuals or couples who value both space and the joy of outdoor living.
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Laneway House - 3 Bed 2.5 Bath 1200 sqft: Maximizing the property's potential, a 1200-square-foot laneway house completes the picture. With 3 bedrooms and 2.5 bathrooms, this stand-alone structure provides additional housing options, adding a layer of flexibility to the investment.
Seamless Conversion: The transition from a single-family residence to a 5plex is made easy by the property's solid structure. Cosmetic renovations and the addition of kitchens and bathrooms are the key elements needed to unlock its full potential. With these modifications, the property is poised to become a versatile and lucrative investment, meeting the growing demand for diverse housing options in the heart of Little Italy.
The Numbers At A Glance
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- $18,300 in monthly rents
- After Reno Value of $4.0M
- $2.6M Mortgage @ 4.5% amortized over 40 years
- Annual Cashflow of $49,600
Final Thoughts:
385 Manning represents not only a house but a canvas for an astute investor's vision. Its prime location in Little Italy, coupled with the prospect of a seamless conversion into a 5plex, positions this property as a strategic investment opportunity. Priced at 1.839M with some likely flexibility on price, this is an absolutely no brainer. As the cityscape evolves, this gem on Manning Street is poised to become a sought-after address, offering residents the perfect blend of convenience, style, and modern living.
Click Here to see the financials - CMHC MLI Select
