Description

 Price: $ 829,000.00 MLS^®: X13050852         Location : 473 Vernon Avenue, Overbrook - Castleheights and Area, ON K1K 1A8

Well-maintained triplex on an oversized lot with over 84 ft of frontage, offering a rare opportunity to blend immediate cash flow, owner-occupancy potential, and long-term redevelopment upside. The property generates $48,192 annually with a net operating income of $31,582, featuring a spacious upper-level 3-bedroom unit ideal for an owner-occupant, complemented by two lower-level studio apartments to help offset carrying costs. Unit 1 and Unit 2 are currently on month-to-month leases, while Unit 3 is leased until July 31, 2026. This property has been meticulously maintained by long-term ownership, with clear pride of care throughout and very little deferred maintenance, allowing a new owner to step in and operate with confidence and minimal immediate capital requirements. Major capital improvements include a new roof (2014), driveway expansion and repaving, landscaping and regrading, masonry repairs, and a PVC privacy fence. For investors, this is a balanced asset with solid in-place income and clear upside. For end users, it presents a unique opportunity to live in a larger unit while generating meaningful rental income. The 84 ft frontage further enhances the property with strong future potential for redevelopment, severance, or expansion, making this a versatile acquisition in a market where opportunities like this are increasingly rare.

Location Description

Vernon & Cote

Property Details

• Community: 3503 - Castle Heights
• Property Type: Tenant/Residential Freehold
• Bedrooms: 5
• Bath: 3
• Garages: None

Building Features

• Foundation Type: Concrete
• Construction Material: Brick
• Total Parking Space: 6

Features

• Heating: Radiant Gas
• Sewer: Sewer ,