A Character Duplex On Lakeview Avenue In Little Portugal

offered at $619,000

The real estate mantra of location, location, location holds true for any property, but carries particular import when it comes to property investing. Where your property is, and what it is near, is what will ultimately dictate the ease by which you can generate income (and how much), and support the long term asset growth of the investment.

This vintage legal duplex is wrapped around by desirable amenities and geography, located off Dundas West near Ossington, regarded as Toronto’s current epicentre of hip and cool.

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Welcome to 8 Lakeview Avenue.

Set among mature trees and homes with history, this duplex is not only pleasant in its setting, but pragmatic as well. It will widely appeal to property investors or to first time homebuyers looking to generate income with their property purchase. This century home is well-maintained, with the plumbing, wiring, heating system, roof – and kitchens and baths – having been upgraded since 2004.

Both Dundas and Ossington are dotted with character shops, bars and restaurants, donning clever names and hip patrons.  On Ossington, there is Philip Sparks Tailored Goods, Inc. offering both men and women beautifully crafted quality clothing and accessories, many of which derive inspiration from found photographs Canada’s great outdoors, fabrics from yester-year and period tailor’s notions.

There are gathering places galore within close proximity. Also on Ossington, dining, drinking and general social backdrop get a definite shape from trend and style, with local hot spots like Sweaty Betty’s, Pizzeria Libretto or the Crooked Star. We love Union and The Ossington, and the 24 hour Lakeview Diner.  Dundas West boasts retailers, galleries, funky purveyors and eclectic eateries.

This century home offers proximity to green space (just west of Trinity Bellwoods Park, with its acres of greenery, walking paths, playgrounds and spots for quiet, natural respite) and to public transport (505 Dundas Streetcar Line), opening up possibilities with convenience and choice for residents, both major checkmarks in the plus column for potential tenants.

Accessed from the side laneway, the main and lower level one bedroom and den suite enters to a bright clean tiled kitchen with a newer electric stove. The living/dining area opens itself up to welcome natural light from an enormous window. Downstairs, the sizeable bedroom includes an ample walk-thru closet, which will be a major draw to potential tenants or will work well to house all of your personal treasures.

The main and upper suite, which is vacant, is a charming two level suite. The main level has a well-proportioned bedroom or home office with loads of storage, ideal for the self-employed seeking a space away from the living space. On the second level, fitted with new oak flooring, an open living/ dining area flanks the island kitchen offering lots of room to unwind and commune at the end of the day.  This suite has a good-sized bedroom on the upper level, making the split bedrooms a great option for those who are sharing.

The potential exists to deconvert this into a single family residence, reconfigure it to add a basement apartment, or even make it three units!

Having upgraded major building components renovated under permit in 2004, oodles of charm and a dreamy location, this duplex is a stellar opportunity for those seeking an income property or residence with income supplement!

Current Income:

Upper suite: Was paying $1600.00 per month (plus half the house’s hydro bill)

Lower suite: $1350.00 per month (plus half the house’s hydro bill) on lease.

2012 Hydro$1453.08  (paid by tenants)

2012 Property Tax (total 2013):  $3290.61

2012 Gas: $1228.63

2012 Water/Sewage/Garbage: $620

2013 Building Insurance: $785.00

Survey Available

– You can download the feature sheet by clicking the link below.

Questions? Email steve@urbaneer.com