Sale of the Week: The $2.3-million Casa Loma five-plex
Address: 36 Austin Terrace
Neighbourhood: Casa Loma
Agent: Valérie Benchitrit and Josie Stern, Sutton Group Associates Realty Inc., Brokerage
An older home, split into five rental-ready units.
There’s a nice big porch out front:
The owner’s suite takes up the entire main floor. Here’s the living room:
The dining room:
And the kitchen:
There are three bedrooms in the owner’s suite. Here’s one:
There’s also a sunroom, which faces the backyard:
The second floor is split into two rental suites. Here’s the living room in one of them:
And the modest kitchen:
And the bedroom, with fireplace:
Here’s the living room in the other second-floor suite:
The kitchen, with balcony access:
And the bedroom:
There’s a loft suite on the third floor:
It has its own rooftop deck:
And there’s another suite in the basement:
Plus a fairly roomy backyard:
The house is about 95 years old, and has been a multi-unit income property for decades, at least. The seller lived in the owner’s suite. He waited for all his tenants to wrap up their leases before putting the property on the market.
The buyers have plans to do some substantial renovations. They’ll likely keep the house split into several rental units.
There were no open houses because the house was tenanted, but there were many showings. Some potential buyers were contemplating the possibility of converting the place back into a single-family home. Though there were several offers, the buyers’ offer was the highest, and it was unconditional, so it won out.
By the numbers
• $9,051.13 in taxes (2016)
• 3,185 square feet
• 1,135-square-foot basement
• 22 days on MLS
• 5 units