5 & 7 Foxwarren Drive Toronto, Ontario M2K 1L1
$2,299,000
Prime Redevelopment Opportunity in a Coveted NeighbourhoodPresenting an exceptional opportunity to acquire a substantial parcel of land at 5 & 7 Foxwarren Drive, currently featuring one building with two assigned street numbers. This property is ideal for demolition and redevelopment into a fourplex and a separate garden suite.Potential Redevelopment Plans:Main Building (Fourplex): Can be designed to accommodate four spacious units, each featuring over 2,000 square feet with 3 bedrooms and 4 bathrooms. Includes the option to add an underground garage with a car lift for parking 6 vehicles.Garden Suite: A separate, two-level building with 3 bedrooms, 3 bathrooms, and a rooftop garden, covering approximately 1,100 square feet.Key Features:Large Land Area: The property spans 7,252 square feet, offering ample space for redevelopment.Versatile Design Potential: The existing building is currently furnished and decorated for 16 occupants, suitable for licensed short-term rentals or large families.Prime Location: Only 2.5 minutes walking distance to Bayview Shopping Mall and steps from the Subway Station.Cost Efficiency: No minor variance, committee of adjustment, or development fees required for the five legal units.Convenient Amenities: Proximity to shopping, dining, and public transportation.Immediate Rental Income: The seller will rent back the property for $7,800 per month for one year, providing the perfect timeline for final design, city zoning permits, and building permits. This arrangement offers significant rental income, facilitating easier mortgage acquisition for the buyer.This property offers a rare combination of substantial land area, redevelopment potential, and a prime location. Seize the opportunity to design and build a high-yield investment in a desirable neighbourhood. **** EXTRAS **** This property is being sold for lot value only and Performa value. No interior showings will be available. A link to a YouTube video showcasing the house is provided. (id:27910)
Business
| Business Type | Residential |
| Business Sub Type | Residential |
Property Details
| MLS® Number | C8421362 |
| Property Type | Vacant Land |
| Community Name | Bayview Village |
| Parking Space Total | 8 |
Building
| Bathroom Total | 3 |
| Cooling Type | Fully Air Conditioned |
| Heating Fuel | Natural Gas |
| Heating Type | Forced Air |
| Size Interior | 7252 Sqft |
| Utility Water | Municipal Water |
Land
| Acreage | No |
| Sewer | Sanitary Sewer |
| Size Irregular | 75 X 121 Ft |
| Size Total Text | 75 X 121 Ft |
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademark DDF® is owned by The Canadian Real Estate Association (CREA) and identifies CREA's Data Distribution Facility (DDF®)
June 09 2024 09:25:43
Toronto Real Estate Board
Zen Home Realty