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

By Nicholas Mizera | May 26, 2014 AT 9:24 am

By Nicholas Mizera | 05/26/2014

Address: 432 Markham Street
Neighbourhood: Little Italy
Agent: Elden Freeman, Freeman Real Estate Ltd., Brokerage

The Property: This massive, three-storey Victorian semi is split into three separate, designer-quality suites, one on each of the lower and main levels, with a larger one taking up the second and third storeys. Each unit has a separate kitchen with gas appliances. The top level houses a master bedroom and sitting room with a walkout to a 460-square-foot deck. In all, the seller claims the property can generate $94,800 gross annually, but the real draw is the possibility of occupying the huge upper suite while renting out the other two.

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