CHMC MLI Select Opportunity at 239 Evelyn Ave: A North High Park Gem

$1,790,000

6 Beds | 1 Bath | - SqFt

239 Evelyn Ave, Toronto, ON M6P 2Z8

Active

Nestled in the charming North High Park/Junction neighborhood of Toronto, 239 Evelyn Ave stands as a beacon of investment potential. This large detached home, sitting on an expansive 33x160 lot, is a property investor's dream. With nearly 2500 sqft above grade and the possibility to build a 1300 sqft garden suite, this property has all the makings of a lucrative real estate investment.

The Property Overview

At its core, 239 Evelyn Ave is a single-family home waiting to be transformed into a multi-unit investment property. Here's a glimpse of the incredible potential it offers:

1. Prime Location: Situated in a sought-after neighborhood, this property enjoys the best of both worlds – a serene residential setting and proximity to urban amenities, parks, and transportation hubs.

2. Size Matters: The lot's impressive dimensions provide ample space for expansion, including the construction of a 1300 sqft garden suite, which could significantly boost rental income.

3. Current State: As it stands, this house boasts a spacious above-grade area that includes 3 bedrooms and 2 bathrooms on both the main floor and the second floor, and a 500 sqft one-bedroom unit with a large rooftop deck on the third floor. The basement, with 3 bedrooms and 2 bathrooms, has great income potential.

4. Income Potential: The property can be converted into four separate units, including the garden suite. With such a setup, you can anticipate monthly rental income of approximately $18,900, with each unit offering modern amenities and ample living space.

5. Future Value: After a total renovation investment of roughly $1,000,000, the property's value is expected to soar north of $4,000,000, even at a conservative 4.75% cap rate.

6. Cashout Refinance Opportunity: Here's where the investment magic happens. Through CMHC MLI Select, you can tap into the property's newfound value with a cashout refinance of $2,625,000 at an attractive 4.4% interest rate, amortized over 40 years.

7. Monthly Cashflow: With the cashout refinance in place, you're looking at a monthly cash flow of approximately $5,000. This recurring income can help you reinvest in other opportunities or simply enhance your financial stability.

Unlocking CMHC MLI Select

CMHC MLI Select is a game-changer for real estate investors, offering favorable terms that can turbocharge your investment portfolio. With a longer amortization period and competitive interest rates, you can optimize your cash flow and see your investment grow over time.

Final Thoughts

239 Evelyn Ave in the North High Park/Junction neighborhood represents a remarkable investment opportunity. Its potential to generate substantial rental income, combined with the allure of a cashout refinance through CMHC MLI Select, makes it an investment gem in Toronto's real estate landscape.

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