Sale of the Week: the $1.35-million home that proves buyers will jump on investment properties

Sale of the Week: the $1.35-million home that proves buyers will jump on investment properties

Listed At
Sold For

Address: 307 Mutual Street

Neighbourhood: Church-Wellesley Village

Agent: Donald Nadeau, HomeLife/Realty One Ltd., Brokerage

The property: This three-storey semi comprises two rental units, along with an owner’s suite. Inside, old architectural details, like wooden beams and exposed brick, coexist with a modern chef’s kitchen and completely upgraded bathrooms.

The history: Built in 1893, the house is one of only a few old Victorians in the area that haven’t been torn down. The previous owners, a couple in their 30s, moved into the home in 2007 and gutted it, renovating the owner’s suite into a loft-style space and updating the second and third floors to appeal to higher-income renters.

The fate: The new owners, a couple, plan to live in the owner’s suite. They’ll rent out the other two units to help with their mortgage and expenses. (Each unit tends to rent for around $1,700 per month.)

The sale: A week after the open house, there were three offers, all of them close to asking price. The sellers chose the offer that seemed safest: the buyer had a bank draft ready to go and was willing to negotiate the closing date.

By the numbers:

  • $1,350,000
  • $4,974 in property taxes (2015)
  • 122 years old
  • 100 per cent of list price
  • 7 days on the market
  • 4 bathrooms
  • 4 bedrooms
  • 3 rental units
  • 0 parking spaces

The owner’s suite takes up the entire main floor. This storage unit/desk nook makes good use of the foyer.

This wood beam is original to the house.

Just put a little San Pellegrino on the counter and: voila!

The dining area is on the small side, but a round table makes it seem bigger.

There’s also a basement rec room—the perfect place for your walking stick collection.

The basement bathroom.

The owner’s bedroom is on the second floor.

It has an en suite bathroom.

The first of the house’s two rental units occupies the other half of the second floor. It has a pretty sweet little kitchen, but no dining area to speak of.

Cool coffee table.

And the apartment’s bathroom.

The bedroom has a sliding door that leads to a small patio.

The patio.

The other apartment has the third floor to itself.

An Ikea Karlstad two-seater fits neatly into the living area.

The bathroom.

Nice video game collection.

And the apartment has its own little rooftop patio.

The view from the rear.