61 Madison Avenue and 63 Madison Avenue - ANNEX
I like this listing.
Not only is it one great gutter opportunity in the Annex, but two.
These houses are being sold as a package. They are currently set up as 5 rentals in each building, with one apartment being owner occupied.
The annual income for 2012, minus expenses, was $119,076.
Not too shabby if you want to keep it as a rental, especially since they are all currently rented out!
Even the apartment with the urinal sink...
Sure, the tenant has cats...
Loves playing Zeppelin and Hendrix on their Fender...
Drinks half a bottle of Jameson while playing video games...
And has a great collection of hookahs...
But they are putting up with that sink/toilet!
I'm kind of surprised they don't have one of these in that collection...
(If you want one, you can go to this Etsy shop and buy one. Unfortunately, this one is sold but they also sell the parts to make your own!)
If dealing with tenants is your thing, this is a great opportunity to buy great property with occupied rentals.
But when you consider the price, maybe it makes more sense for a developer (who isn't going to mess it up!) to buy these and turn them into single family homes.
The asking price is $3,250,000.
Or $1,625,000 each.
A house just a few doors down at 75 Madison Avenue that doesn't need NEARLY as much work and has more character just sold for $1,770,000.
So, the price is probably a little high but not super insane.
But to convert these, they probably need $800,000+ each to do it properly. Will you see a return on that? When the detached houses at 82 Madison Avenue and 78 Madison Avenue sold for $3,025,000 and $3,150,000 respectively? When it will cost $2,450,000 just to finish each project not to mention fees and taxes? Can they sell for high $2's once done?
I don't think so, but definitely mid $2s.
The price might be a little high (though not by much), but it is a GREAT opportunity to own some amazing real estate in Toronto.
This won't sit for long, especially if they are willing to split up the listing!
PS. Love that fireplace in the kitchen even if it doesn't work!
