Dream Building Opportunity Near High Park - 317 High Park Avenue

Are you searching for a property that offers numerous possibilities for investors to maximize their returns and add substantial value? Look no further than 317 High Park, an exceptional lot situated just north of High Park, boasting dimensions of 40x180. With its highly desirable location, this property has the potential to generate impressive monthly rents, potentially reaching a staggering $35,000. Allow me to guide you through the exciting prospects this property presents.

Currently, a 2.5-storey detached home functioning as a Duplex, this property can be effortlessly transformed into a triplex or even a fourplex. The existing home is in good condition, laying a solid foundation for contractors to convert it into a modern masterpiece.

However, considering the size of the lot, the current footprint of the house appears relatively small. To optimize the land's potential, it is advisable to explore the option of severing the property into two 20x180 lots. This strategic move would allow for the demolition of the existing home, making way for the construction of two spacious three-storey semi-detached homes. Depending on the committee of adjustments' regulations, each home could boast an impressive size of approximately 2000-2500 sqft, taking advantage of the deep lot. By examining similar properties in the neighborhood, it seems plausible to achieve closer to 2500 sqft homes. Moreover, obtaining the lot severance would enable the addition of two garden suites, one for each lot, further enhancing the property's appeal.

By increasing the density from two units to an impressive eight or even ten units, this approach demonstrates a significantly more efficient use of the land. Each semi-detached home can function as a triplex, complete with an elegant two-storey owner's suite on the 2nd and 3rd floors, alongside a garden suite. Alternatively, constructing a fourplex within each semi, while retaining the garden suite, would maximize rental income for both properties.

Undoubtedly, this ambitious project requires substantial expertise, making it less suitable for the average investor. However, for builders seeking their next venture, I wholeheartedly recommend exploring the potential of this property. Our projections indicate that with two 2400 sqft semi-detached homes, including a basement apartment and two 1100 sqft garden suites, this property has the potential to generate an astonishing $35,000 in monthly income. Nevertheless, it is crucial to acknowledge the challenges involved. The estimated total project cost, including land and soft costs, amounts to approximately $5 million. However, with a conservative 4.75% cap rate, the property's value is expected to reach around $7.7 million—an impressive return on investment.

In summary, this opportunity offers a remarkable chance to add substantial value and acquire over 8000 sqft of rentable square footage on the land. Given the shortage of high-quality rentals in the area, this property is poised to experience low vacancies and substantial rental growth for years to come.

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