Bungalow with easy 2nd Suite Potential in Toronto Assigned

  • $970,000
  • 3 beds
  • 1 baths
Assigned

Summary:

Take advantage of this amazing undervalued property with NO bidding wars in one of the prime locations in the Toronto. The subject property (address not included for security reasons, but will be shared with serious buyers) is located in the Alderwood community of Etobicoke and is close to many amenities. The property is a 4 minute drive to Sherway Gardens, a 1 minute drive to Sir Adam Beck Rink, and walking distance to many restaurants and stores. There are many developers purchasing properties in Etobicoke for lot value with plans to re-build in the future and this area is prime for future development potential. There are already new builds in the area on smaller lots fetching north of 1.65M

The exterior of the house is beautiful and in good condition. Photos of the facade will be shared with serious buyers.

This property has over 7ft basement height and separate basement entrance, making it prime for a secondary dwelling unit. There is also already a kitchen and bathroom in the basement. The main unit boasts 3 bedrooms and 1 bathroom with approximately 1200sqft of living space.  The main unit was fully renovated/updated in 2010; however now needs some cosmetic renovations in some areas. The upper unit also has a large master bedroom with walkout deck and fully fenced yard. Roof has recently been replaced in the past couple of years; however, there was a leak in the living room because the roofer did not tarp it properly. The roof itself is fine now, but there is damage to the ceiling. This property will serve as a great property for a developer, BRRRR investor in the GTA with the potential value-add, and long-term buy and hold investors.

The most recent sale in this area is a semi-detached property on the same street, a 2 minute walk, and sold in January 2021 for +$1.2mil

The suburban detached market in the GTA is hot, with average prices hitting over the million. Get your hands on a detached property with an easy secondary suite potential with no bidding wars!

Property Features:

  • Large Main Unit: 3 Bedrooms, 1 Bathroom
  • Upstairs unit remodelled in 2010, however requires cosmetic renovations now
  • Basement: 1 Kitchen, 1 Bathroom
  • Basement height over 7ft
  • Partially finished basement
  • Separate basement entrance
  • Large backyard deck
  • Roof updated <2 years ago
  • Stucco siding and stone
  • Shed in backyard
  • Lot size: 37.5×125
Potential Property Upgrades:
  • Creating 2 bedroom basement unit
  • Cosmetic renovations in upper unit
  • Deal with water damage in dining room ceiling in upper unit
  • Remodel bathroom upper unit
  • Remove wall between kitchen and living/dining rooms to create an open concept space

Photos/Videos: Here

Current Comparable Listings on MLS
Very few listings on the MLS as there is a huge supply shortage in this area.

124 Foch Ave – $1,260,000 

  • Fixer upper property
  • 25×125 lot size, smaller than subject property
655 Brown Line – $1,599,000
  • Better condition
  • Brick exterior
  • 2 story property
  • Large detached garage
  • Metal roof

Comparable Sales

Most recent comparable is 88A Foch Ave as it is only a 2 minute walk from the subject property. This property sold for $1.2million in January 2021 and it is a semi-detached house.  All other comparable houses in this area sold in November 2020. All properties in this area sell for over 1.1million minimum if renovated and without a secondary unit. Even a townhouse nearby sold for $935,000.  Appreciation for detached bungalows in the GTA are double digits, meaning there is currently a >1% in growth Month over Month.

88A Foch Ave – $1,200,888 (Jan 2021)

  • Semi-detached house (subject property is detached)
  • Only 2 minute walk (190m) from subject property
  • 25ftx125ft lot
  • 3 bed above grade + 1 bed below grade
  • 4 bathrooms
  • 1 garage
110 Foch Ave – $1,000,000 (Sep 2020)
  • Semi-detached house (subject property is detached)
  • Only 1 minute walk (Less than 100m) from subject property
  • 25ftx125ft lot (50% smaller lot size)
  • Outdated interior- requires full interior renovation
  • 2 bed+3 bath
  • 1 garage
21 Fulham Dr – $1,100,000 (Nov 2020) 
  • 2 bed upper + 1 bed below grade bed
  • 1 bath
  • Newly renovated
  • Garage detached
15 Thames Ave – $1,070,000 (Nov 2020)
  • 3 bedrooms + 2 bathrooms
  • Outdated interior, requires full cosmetic renovations
  • 1 garage
244 Hallmark Ave – $1,165,000 (Nov 2020)
  • 3 bedrooms + 1 bedroom below grade
  • 2 bathrooms
  • Renovated interior
  • 1 garage
452A Horner Ave – $935,000 (Nov 2020) 
  • TOWNHOUSE, not a detached home
  • 3 bed + 3 bath

If you’re interested, please call/text:
Austin at 647-933-5598 or email at austin@ontariopropertydeals.ca

Price:
$970,000
Address:
Bedrooms:
3
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home

Call 647-933-5598 for more details