49 Morningside Avenue

Introducing a remarkable opportunity to acquire a Multi-Family Home for sale in Toronto , located at 49 Morningside Avenue, Toronto. This stunning legal triplex is situated in the highly sought-after High Park-Swansea community, an area renowned for its vibrant atmosphere and proximity to various amenities. This property boasts a unique blend of space and functionality, making it ideal for large families, multi-generational living, or savvy investors looking to capitalise on the rental market.

The building itself is a well-maintained multiplex that spans three storeys, constructed with a combination of brick and stucco (plaster) for an attractive exterior. The dimensions of the lot are 17 X 100 feet, providing ample space for the building while maintaining a manageable footprint. This Multi-Family Home for sale in Toronto features a total of four bedrooms, along with an additional two den spaces, making it versatile enough to accommodate a variety of living arrangements.

Inside, the property is designed with comfort and convenience in mind. The triplex comprises a total of eight rooms, including a single kitchen and two additional kitchens that enhance the functionality of the living space. Each unit is equipped with modern amenities, including central air conditioning, ensuring a comfortable environment throughout the year. Although the property does not feature a fireplace or a family room, the layout allows for flexible living arrangements, whether for personal use or as rental units.

The bathrooms in this Multi-Family Home for sale in Toronto are plentiful, with a total of six bathrooms available across the units. This is particularly advantageous for larger families or tenants, as it reduces wait times during busy mornings. The property is unfurnished, allowing new owners to personalise the space to their liking. The heating system is forced air, providing efficient warmth during the colder months.

The basement of the property is fully finished and above ground, featuring a separate entrance, kitchen, two bedrooms, and a full bath. This layout is perfect for use as an in-law suite or as a rental unit, adding to the income potential of this exceptional property. The current rental situation is impressive, with the upper unit leased for $3,500 per month, the main floor unit at $3,000 per month, and the basement unit generating $1,890 per month. This results in a total monthly rental income of $8,390, translating to an annual income of approximately $100,680, with a cap rate of 4.31. Such figures highlight the financial viability of this Multi-Family Home for sale in Toronto.

The property is strategically located near Rennie Park, an area that is experiencing high demand and low supply, making this a rare income property opportunity. All units are separately metered for gas and hydro, while the water costs are divided at 33% per unit, ensuring fair billing for all tenants.

While there is no garage space or designated parking, the property’s location offers convenient access to public transport and local amenities, making it an attractive option for potential tenants. The absence of a central vacuum system and pool may be seen as limitations; however, the extensive features and income potential of this Multi-Family Home for sale in Toronto more than compensate for these aspects.

In summary, 49 Morningside Avenue, Toronto, presents an exceptional opportunity for those looking to invest in a well-located, multi-family property. With its impressive rental income, spacious layout, and desirable community, this triplex is a must-see for anyone interested in the Toronto real estate market. Don’t miss your chance to explore this Multi-Family Home for sale in Toronto and envision the possibilities it holds for your future.

High Park-Swansea is a charming and picturesque neighbourhood in Toronto, renowned for its lush green spaces and vibrant community spirit. Nestled alongside the expansive High Park, one of the city’s largest and most beloved parks, this area offers a delightful blend of natural beauty and urban convenience. Residents enjoy easy access to scenic walking trails, serene lakes, and recreational facilities, making it ideal for outdoor enthusiasts. The neighbourhood boasts a variety of quaint shops, cafes, and restaurants, alongside a strong sense of community, where neighbours often come together for local events. With its excellent schools and family-friendly atmosphere, High Park-Swansea is an attractive option for those seeking a tranquil yet connected lifestyle in the heart of the city.

Schools in the Neighbourhood

This property is conveniently located near several educational institutions, making it an ideal choice for families. Within a short distance of 0.6 km, Poplar Road Junior Public School offers a solid elementary education for grades JK to 6, boasting a commendable school rating of 7.7. Jack Miner Senior Public School, located 0.8 km away, serves grades 7 to 8, although it currently has a rating of 0. For secondary education, Sir Wilfrid Laurier Collegiate Institute is just 1.6 km from the property, catering to students in grades 9 to 12, but also has a rating of 0. Additionally, William G Miller Public School, approximately 1.9 km away, provides a French-language curriculum for grades JK to 8 with a rating of 5.6. St. Martin de Porres Catholic School, 1.4 km from the property, offers a Catholic education for grades JK to 8 and has a rating of 5.3. Lastly, St. John Paul II Catholic Secondary School, situated 4.1 km away, serves grades 9 to 12 with a rating of 7.3. Overall, the area boasts a variety of educational options, ensuring families have access to quality schooling.

Key Statistics of the Neighbourhood

The demographic profile of the area surrounding the property reveals a small, mature community with a population of 958 residents and an average household size of 1.8. The average age of residents is 57.2 years, indicating a predominantly older demographic. The average household income stands at $86,800, with a relatively low percentage of low-income households at 7.4%. The real estate market is characterized by high property values, with an average price of $1,180,000. The community has a significant proportion of single individuals, comprising 55.56% of the population, while households with children make up 25.49%. Notably, 39.89% of residents are immigrants, contributing to the area's cultural diversity. A majority of the population, 68.63%, are renters, with no condos available in the market. Educational attainment is high, with 54.86% of residents holding a college or university degree. However, a significant portion of the population, 61.71%, is not in the labor force, suggesting potential challenges in employment opportunities. Overall, this area offers a unique blend of demographics that may appeal to specific buyer profiles, particularly those seeking a quieter, more established community.