Sale of the Week: the $725,000 semi that shows Kensington Market’s rental potential

Sale of the Week: the $725,000 semi that shows Kensington Market’s rental potential

Sale of the Week: 64 Wales AvenueClick to view gallery
 

Address: 64 Wales Avenue
Neighbourhood: Kensington Market
Agent: Amir Shahi, Sage Real Estate Limited, Brokerage

The Property: This starter-home-sized Kensington Market Victorian comes stocked with new kitchen appliances and granite counters. However, the relatively shallow lot leaves only just enough room for a cedar deck out back, and no parking. The house makes up for that with proximity to the neighbourhood’s shops, parks and hospital.

The History: The previous owners were a pair of young urban professionals who wed around the time they bought the house for about $550,000 several years ago. They put in new hardwood flooring, installed new windows, replaced the electrical wiring and opened up the main floor. Owing to Kensington’s uncommon economic diversity, 64 Wales shares the street with several three-storey Toronto Community Housing townhouses.

The Fate: The home was bought up by investors who saw great rental potential in the area. The semi will ultimately be leased. The future of Kensington is uncertain, though, as new shops catering to a more affluent clientele move in, buoying rents for residents and businesses alike. For their part, the new owners of 64 Wales are asking $3,500 a month.

The Sale: The property was marketed to young urban couples and investors. It was originally offered at $769,900, but softened over time to its final listing price, $737,500. After many showings during the first week, the home drew three offers. Two fell short, but the third allowed room to negotiate. The house closed at $725,000.

By the Numbers:

• $725,000
• 1,300 square feet above grade, approximately
• 98 per cent of list price
• 15 days on market
• 14.79-by-58.29-foot lot
• 10-foot ceilings
• 3 bedrooms
• 3 offers
• 2 bathrooms