Transforming Potential: A CMHC MLI Select Investment Gem in Dufferin Grove
In the dynamic landscape of Dufferin Grove, a prime investment opportunity awaits at 332 St Clarens. This detached single-family home, nestled on a generous 25.5x140 lot, beckons forward-thinking investors to consider its potential transformation into a multi-unit haven under the CMHC MLI Select program. With the prospect of creating five luxurious units within the existing structure and the added bonus of a 1300 sqft laneway house, this property stands as a strategic investment poised to capitalize on the area's growth.
The Neighborhood's Allure:
Dufferin Grove, an up-and-coming neighborhood, sets the stage for 332 St Clarens' promising future. Positioned mere steps from the redevelopment at Dufferin Mall and the master-planned community at Galleria On The Park, the property benefits from the area's urban renewal. Beyond these developments, the neighborhood boasts proximity to outstanding restaurants, stores, and seamless access to the subway, enhancing its appeal to potential tenants.
Versatile Unit Configurations:
The true allure of 332 St Clarens lies in its potential to accommodate various lifestyles. Each floor, including the basement, can seamlessly transition into a luxurious 2-bedroom, 2-bathroom unit. Ensuite laundry, dishwashers, independently controlled thermostats, and private outdoor spaces elevate the living experience for residents, ensuring comfort and convenience at every turn.
Laneway House Addition:
Adding an extra layer to its investment potential, 332 St Clarens allows for the construction of a 1300 sqft laneway house. This stand-alone structure can become a spacious 3-bedroom, 2.5-bathroom haven complete with parking, providing an additional housing option and further enhancing the property's overall value.
Strategic Investment Proposition:
With a listing price of $1,000,000 and an upcoming offer night, 332 St Clarens presents a unique and time-sensitive investment opportunity. The potential to secure this property for under $1,300,000 could result in highly lucrative returns, given the strategic location, the versatility of unit configurations, and the addition of a laneway house.
The Numbers At A Glance
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- $17,600 in monthly rents
- After Reno Value of $3.95M
- $2.25M Mortgage @ 4.5% amortized over 40 years
- Annual Cashflow of $59,900
Final Thoughts:
332 St Clarens emerges not just as a property but as a canvas for strategic investment in the thriving Dufferin Grove neighborhood. Its potential to become a multi-unit dwelling, coupled with the flexibility offered by a laneway house, positions this property as a standout opportunity in the realm of real estate investment. Seize the moment, envision the possibilities, and consider 332 St Clarens as your gateway to success in the ever-evolving landscape of Dufferin Grove.
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