Sale of the Week: the $1.7 million Victorian that shows the changing nature of Little Italy’s rental stock

The History: The home was built in 1883, and some of its Victorian features survive, including high ceilings and door mouldings. Over the years, it was converted from a single-family home into a rooming house, and eventually into the three existing units. About $160,000 has been spent on improvements since 2011; among other things, the owner upgraded the lower-level eat-in kitchen and fitted the second-storey kitchen with granite counters.

The Fate: According to the selling agent, area owners are increasingly converting split-up homes like this one, fairly common on Markham Street, back into single-family homes. That’s the eventual plan for the new owners, who will take over the upper suite and rent the lower two apartments for now. As more owners renovate, the character of the neighbourhood is slowly shifting from rental to owner-occupied properties.

The Sale: The sellers took a look at similar recent sales in the area (some with as many as 10 units) and extrapolated a favourable asking price from there. After a very active showing period and 21 days on the market, there were four serious offers.

By the Numbers:

• $1,748,000 • $160,000 spent on upgrades • 4,727.2 square feet • 128 years old • 97 per cent of list price • 21 days on market • 4+1 bedrooms • 4 bathrooms • 4 offers • 3 suites • 3 storeys