FOR SALEPremier 38 Unit Apartment Building on Large Lot
• Highly desirable multi-residential asset and development opportunity
• Well maintained building in Roncesvalles Village steps to High Park
• Lot size: 28,719 sf of land (0.66 acres)
• Just west of Downtown Toronto near the Waterfront
INDIAN ROAD109
38 Unit Multi-Residential Building with Development Potential
TORONTO, ON
Introduction & OpportunityAvison Young has been retained to advise upon and manage the sale of 109 Indian Road, Toronto (the “Property” or the “Site”). This outstanding multi-residential and commercial investment/redevelopment opportunity comprises a 38 unit multi-residential building with a park-like front yard on 28,719 sf of land.
Key Features• Well located in Roncesvalles Village, close to High Park and lakefront walking/cycling trails, transit and downtown Toronto.
• Highly desirable 38 unit multi-residential asset with excess land. Total site size approximately 28,000 sf.
• The Property is in excellent condition with significant upside in rent and future development potential.
CL A R EN CE - R O CK L A N D, O N TA R I O109 Indian Road TO R O N TO, O N TA R I O
LocationThe Property is located on the east side of Indian Road, near Roncesvalles Avenue in the City of Toronto, and represents location, convenience and lifestyle. The property is situated in Roncesvalles Village, an upscale neighbourhood known for its European vibe and small-town charm, offering a wide variety of shops, eateries, and other local amenities. It is also in close proximity to High Park and to Toronto Waterfront bicycle and walking trails, historic High Park Club, Bloor West Village, Boulevard Club, Ontario Place, and Canadian National Exhibition.
Being just west of Downtown, the location affords easy access to public transit via TTC Bloor subway and the TTC 504 King streetcar service, which welcomes scenic views and a lively atmosphere along its course. The Gardiner Expressway is easily accessible and serves to connect east to Downtown Toronto and to Billy Bishop Airport and west to Highway 427 and Toronto International Airport.
High Park
Grenadier Pond
Gardiner Expressway
The Queensway
LakeOntario
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CL A R EN CE - R O CK L A N D, O N TA R I O109 Indian Road TO R O N TO, O N TA R I O
Property SummaryMunicipal Address: 109 Indian Road, Toronto
Site: 28, 719 sf (0.66 acres)
Current Use: 8-storey multi-residential building
Year Built: 1968
Elevator: One
Official Plan & ZoningThe subject site is located in a “Neighbourhoods” area and has the zoning designation of Residential, which typically comprises residential uses in lower scale buildings, including detached homes, semi-detached homes, duplexes, triplexes and townhouses, as well as walk-up apartments up to four storeys. Furthermore, parks, small-scale local institutions, retail, services and offices, and recreational facilities are provided for in Neighbourhoods.
Suite Mix: Bachelor: 16 UnitsOne-Bedroom: 22 UnitsTotal 38 Units
Parking: Surface: 15 stallsUnderground: 23 stallsTotal 38 stalls
Potential Redevelopment Given that the total site size of the subject property is 28, 719 sf (0.66 acres), it has been estimated that almost half of that amount, approximately 15,000 sf, is considered to be excess land that could result in potential redevelopment. Since the current zoning is Residential and the height category is 10 metres or 3 storeys, potential developments may include stacked townhouses or a low-rise apartment building.
Year 1 Projected NOI
Rental RevenueTotal Rental Revenue $389,635
Vacant Allowance/Bad Debt (0.50%) $1,948
Market Rent Reversion Upside $45,041
Adjusted Rental Revenue $432,728
Miscellaneous RevenueParking Revenue $10,000
Rogers Satellite Lease $16,500
Rogers Yearly Hydro Consumption $7,635
Coinamatic Laundry $9,120
Total Miscellaneous Revenue $43,255 Total Revenue $475,983
Operating ExpensesProperty Taxes $63,780
Insurance $5,700
R&M $32,300
Wages & Benefits $17,100
Heat $13,500
Hydro $25,000
Water & Waste $17,718
Management Fee $18,825
Miscellaneous/Admin (0.50%) $2,382
Marketing (0.50%) $2,382
Total Operating Expenses $193,923
Net Operating Income $282,060
Financial Summary
Excess LandApprox. 15,000 sf
109 Indian Road TO R O N TO, O N TA R I O
The information contained herein was obtained from sources deemed reliable and is believed to be true; it has not been verified and as such, cannot be warranted nor form any part of any future contract.
Avison Young Commercial Real Estate (Ontario) Inc., Brokerage18 York Street, Suite 400, Toronto, ON M5J 2T8 T: 416.955.0000 F: 416.955.0724
PricingThe property is being offered for sale “unpriced”.
All expressions of interest may be submitted in the form of a Letter of Intent or an Agreement of Purchase and Sale (Vendor’s Form in data room) and should include the following details:
• Purchase price
• Deposit structure
• An indication of material terms or conditions required by the purchaser, if any
• Evidence of the purchaser’s financial ability to complete the transaction
• Address and contact info
avisonyoung.comavisonyoungcapitalmarkets.com
Offering ProcessOffers will be reviewed starting at 3 PM - April 5th, 2018. Please contact the listing team with any questions.
© 2018 Avison Young Commercial Real Estate (Ontario) Inc. All rights reserved.
*Broker † Sales Representative
For more information, please contact:
Avison Young Multi-Residential Group
David Lieberman†, [email protected]
Jonathan Hittner*Vice [email protected]
Neil Musselwhite†
Senior [email protected]
