50A Lanark Ave
Humewood-Cedarvale, Toronto, M6C 2B4
FOR SALE
$2,349,000
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7 + 2
BEDROOMS5
BATHROOMS2 + 1
KITCHENS9 + 3
ROOMSC10929883
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Property Description
Newly constructed, custom 3-unit property with primary home (main house), legal basement suite and rear coach house. The primary home has 4-bedrooms, 4-bathrooms (50B Lanark main unit rented with multiple offers in May 2024 for $5,000/month). The 3-bedroom Rear coach house is leased for $3,200/month, and the 2-bedroom basement suite, which is accessible by a separate exterior entrance at the rear, is leased for $2,300/month. Approximated annual rent of $127,800 and net operating income of $116,410 (see financials attachment to this listing). The primary home has been left vacant to provide optionality to the buyer to decide whether to live in the main unit or rent it out. Because of the unique separation between the primary home and the basement suite/coach house, Buyers can choose to live in the primary home while earning substantial income from the basement and coach house. This property is not subject to Ontario rent increase limits as it is newly constructed, and rent prices can be increased annually to levels set by the Landlord. The primary home has a Main floor Powder Room and mud-room, Custom-built eat-in kitchen with floor to ceiling pantry for ample storage. Oversized Master Bedroom With tons of natural light, His and Her Custom millwork Closets, and master bedroom ensuite with a Free-Standing Tub, Double Vanity and an oversized glass shower. Large private Third floor balcony; inverted metal standing seam roof. The property is steps to shops on Eglinton, Cedarvale Park, Leo Baeck Day School and Eglinton Station/Crosstown.
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Listing History
| List Date | End Date | Days Listed | List Price | Sold Price | Status |
|---|---|---|---|---|---|
| 2024-10-13 | 2024-10-12 | 2 | $3,200 | $3,200 | Leased |
| 2024-06-21 | 2024-07-31 | 40 | $3,195 | - | Terminated |
Extras
3 Hydro meters, 2 gas meters. Custom window coverings and closet built-in in all bedrooms.
Nearby Intersections
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Property Details
Street
Community
City
Property Type
Multiplex, 3-Storey
Approximate Sq.Ft.
2500-3000
Lot Size
18' x 120'
Lot Irregularities
### INCLUDES REAR COACH HOUSE ###
Fronting
North
Basement
Apartment, Sep Entrance
Exterior
Brick Front
Heat Type
Forced Air
Heat Source
Gas
Air Conditioning
Central Air
Water
Municipal
Parking Spaces
1
Driveway
Lane
Garage Type
Detached
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Toronto Market Statistics
Toronto Price Trend
50A Lanark Ave is a 7-bedroom 5-bathroom home listed for sale at $2,349,000, which is $699,000 (42.4%) higher than the average sold price of $1,650,000 in the last 30 days (November 3 - December 2). During the last 30 days the average sold price for a 7 bedroom home in Toronto increased by $390,000 (31.0%) compared to the previous 30 day period (October 4 - November 2) and up $155,000 (10.4%) from the same time one year ago.Inventory Change
There were 6 7-bedroom homes listed in Toronto over the last 30 days (November 3 - December 2), which is down 53.8% compared with the previous 30 day period (October 4 - November 2) and down 40.0% compared with the same period last year.Sold Price Above/Below Asking ($)
7-bedroom homes in Toronto typically sold ($119,000) (7.2%) below asking price over the last 30 days (November 3 - December 2), which represents a $80,000 decrease compared to the previous 30 day period (October 4 - November 2) and ($105,000) less than the same period last year.Sales to New Listings Ratio
Sold-to-New-Listings ration (SNLR) is a metric that represents the percentage of sold listings to new listings over a given period. The value below 40% is considered Buyer's market whereas above 60% is viewed as Seller's market. SNLR for 7-bedroom homes in Toronto over the last 30 days (November 3 - December 2) stood at 16.7%, up from 7.7% over the previous 30 days (October 4 - November 2) and up from 10.0% one year ago.Average Days on Market when Sold vs Delisted
An average time on the market for a 7-bedroom 5-bathroom home in Toronto stood at 34 days when successfully sold over the last 30 days (November 3 - December 2), compared to 98 days before being removed from the market upon being suspended or terminated.Listing contracted with Right At Home Realty
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