A Prime Investment Property in High Park: 104 Evelyn Crescent
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Enter 104 Evelyn Cres, a prime investment triplex located in the coveted High Park neighborhood. With its unbeatable location, vacant units, and the potential for additional rental income, this property presents a unique opportunity for investors seeking a lucrative venture. In this blog, we will explore the various aspects that make 104 Evelyn Cres an excellent investment property.
Unbeatable Location:
High Park is known for its charming streets, beautiful green spaces, and proximity to downtown Toronto. Being situated in such a sought-after neighborhood automatically increases the property's appeal and market value. High Park offers residents access to top-notch schools, convenient transportation options, trendy shops, restaurants, and the stunning High Park itself. The desirability of the location ensures a high demand for rental properties, making 104 Evelyn Cres an attractive prospect for both tenants and investors.
Vacant Main and Second Floors:
One of the most significant advantages of 104 Evelyn Cres is that both the main and second floors are currently vacant. This presents a unique opportunity for the investor to handpick tenants and set market rents according to the prevailing rates. The units on these floors are spacious, boasting three bedrooms and one bathroom each. With a potential rental income of around $3,600 per month for each unit, this property offers significant cash flow potential. With a quick cosmetic update, the rents can be closer to $4,200 per month.
Opportunity To Improve Basement Suite:
In addition to the vacant main and second floors, 104 Evelyn Cres already has a tenanted basement unit. Currently renting for $1,400 per month, this one-bedroom unit provides a steady stream of income. Furthermore, there is room for expansion by adding an extra bedroom, which would allow for a rental increase upwards to $2,400 a month, and further boost the property's overall profitability.
Potential for Additional Income:
The investment potential of 104 Evelyn Cres doesn't stop there. The property offers the exciting possibility of constructing an 1100 sqft garden suite, comprising three bedrooms and two and a half bathrooms. Such an addition has the potential to generate an additional $4,800 in monthly rental income. This substantial boost in revenue further solidifies 104 Evelyn Cres as a wise investment choice.
Final Thoughts:
104 Evelyn Cres represents a remarkable investment opportunity for those looking to enter the real estate market or expand their portfolio. Its prime location in High Park, combined with the vacancy of the main and second floors, allows for full control over tenant selection and market rents. The existing basement unit provides immediate income, while the potential to build a garden suite offers the possibility of significant additional rental revenue. By investing in 104 Evelyn Cres, you not only acquire a property with strong income potential but also secure a valuable asset in a highly desirable neighborhood.
Once the main and 2nd level are rented, the property will generate $8,600 in monthly rents, and with some small improvements, that number will push north of $10,000 a month. With a completed garden suite, the rents will be about $15,000 a month. The property is currently listed at $2,050,000, however, it has been sitting on the market for 2 months. I think this is a strong buy at $1,850,000. With all the improvements to the property (Approximately $550,000) it would be worth $2,850,000 at a conservative 4.75% cap. For the full financials please view below.
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