Sale of the Week: the $1.7 million Victorian that shows the changing nature of Little Italy’s rental stock
Sale of the Week: the $1.7 million Victorian that shows the changing nature of Little Italy’s rental stock
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
Read More
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- The house looks like a normal Victorian from the outside, but there are actually three separate apartments in there, and all of them are pretty big
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- Here's the living room in the main-floor apartment
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- And this is the main-floor apartment's dining room
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- The main floor also has this den
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- And here's the main-floor bedroom
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- The main-floor washroom
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- The upper-level apartment occupies both the second and third floors. This is the second-floor living room
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- And here's the second-floor kitchen. The granite countertop is new
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- Outside the second-floor breakfast area, there's this smallish balcony
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- This bedroom is also on the second floor
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- And here's the second-floor washroom
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- The upper-floor apartment's master bedroom, seen here, is on the third floor
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- Next to the master bedroom is this sitting area
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- The master bedroom's en-suite washroom
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- And here's the rooftop deck
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- The lower-level apartment would work great as a rental
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- The recently upgraded lower-level kitchen
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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- And there's some parking in the rear
- Sale of the Week: 432 Markham Street
- Sale of the Week: 432 Markham Street
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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
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Originally, Toronto houses had two kitchen for two families, one on each floor, unfinished basement. Converting the houses to single family also reduces the population of Toronto, unless they convert the basement to a separate apartment.