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Real Estate News

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

By Erica Lenti
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The house that sold at 307 Mutual Street
Listed At
$1,350,000
Sold For
$1,350,000

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.

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

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

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

This wood beam is original to the house.

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

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

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

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

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

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

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

The basement bathroom.

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

The owner’s bedroom is on the second floor.

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

It has an en suite bathroom.

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

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.

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

Cool coffee table.

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

And the apartment’s bathroom.

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

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

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

The patio.

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

The other apartment has the third floor to itself.

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

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

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

The bathroom.

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

Nice video game collection.

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

And the apartment has its own little rooftop patio.

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

The view from the rear.

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