FOR SALE 581 MOUNT PLEASANT ROAD

Transcription

1 FOR SALE 581 MOUNT PLEASANT ROAD

2 INVESTMENT HIGHLIGHTS The pro-forma annual net operating income is $65,908, presenting future upside potential as the second level residential apartment is currently vacant and the commercial level rent is below market. Current zoning permits a variety of retail and professional service uses. INVESTMENT DETAILS Location East Side of Mount Pleasant Road South of Eglinton Avenue East Zoning CR 3.0 (c2.0; r2.5) SS2 (x2302) Lot Size 1,665 SF Frontage Feet on Mount Pleasant Road GFA 2,000 SF* NOI $33, Pro-Forma $65, OFFERING SUMMARY 581 Mount Pleasant Road is a 2,000 square foot mixed-use retail property currently demised into two units. The ground floor commercial unit features a world-renowned indigenous restaurant, Kūkŭm Kitchen, which has been featured in Toronto Life, Toronto Star and many other reputable publications. The second level is a vacant newly renovated, spacious residential single bedroom apartment. There is a private parking pad that can accommodate 3 cars at the rear of the property. ASKING PRICE $1,795,000 *To be independently verified 1

3 NEIGHBOURHOOD CHARACTERISTICS Surrounding businesses include local retailers and service professionals, along with niche restaurants and cafes. The 2016 median household income in a three kilometer radius is well above the municipal and national averages. NEW MOUNT PLEASANT LRT STATION $122,531 _ Total Population* 161,484 _ Projected 10-Year Population Growth* +5.2% *Source: CoStar, km radius. NEIGHBOURHOOD CHARACTERISTICS The subject property, 581 Mount Pleasant Road, is situated along a major arterial road, the first major thoroughfare east of Yonge Street in the affluent neighbourhood of Mount Pleasant Village. The property is located a short distance from the major development node of bustling Yonge & Eglinton with over 10,000 new residential units currently in various stages of development. The area is a densely populated transit friendly location, with close proximity to the new Mount Pleasant Crosstown LRT Station (2020). The subject property is also within walking distance of both the Eglinton & Davisville Subway Stations. Average Household Income* 2

4 Soudan Avenue Hillsdale Avenue East Manor Road East Subject Property Manor Road East Millwood Road SURROUNDING RETAILERS Eglinton Avenue West Davisville Avenue 3

5 ) Whitehaus Condos 358 Units 17) E Condos 854 Units 2) 55 Broadway Ave 1,044 Units 18) 1 Eglinton East 660 Units 3) 75 Broadway Ave 336 Units 19) The Madison 696 Units 4) 85 Broadway Ave 322 Units 20) The Eglinton 437 Units 5) Citylights on Broadway 908 Units 21) Lillian Park 742 Units 6) Broadway 990 Units 22) 83 Redpath Ave 212 Units 7) Minto 30 Roe 397 Units 23) Art Shoppe Condos 657 Units 8) E2 at E Place 632 Units 24) 2161 Yonge 288 Units 9) 70 Roehampton 420 Units 25) Plaza Midtown 492 Units 10) 89 Roehampton Ave 236 Units 26) Distinction Condos 159 Units 11) 150 Redpath Ave 573 Units 27) 71 Redpath 176 Units 12) 155 Redpath Ave 452 Units 28) Uovo Boutique 67 Units 13) 150 Eglinton Ave E 429 Units 29) Allure Condos 197 Units 14) 808 Mt. Pleasant 457 Units 30) J. Davis House 191 Units 15) 305 Roehampton 210 Units 31) 1951 Yonge 450 Units 16) 55 Eglinton Ave E 455 Units 32) 2221 Yonge 631 Units A TON AST E VE IN EGL M O U N T Y O 18 N G E S T 26 P L E A S A N T R D AREA DEVELOPMENTS IS LE VIL DAV VE DRI 31 4

6 EGLINTON CROSSTOWN LRT In September 2008, Metrolinx launched a regional transportation plan - The Big Move - a 25-year, $50 billion plan for coordinated, integrated transportation and transit in the Greater Toronto and Hamilton Area. One of the first wave of projects currently underway is the Eglinton Crosstown, which represents an investment of $5.3 billion (2010$) toward better transit in toronto. Mount Pleasant will be an underground station located at the intersection of Mount Pleasant Road and Eglinton Avenue East. There will be on-street connections to TTC buses, as well as 30 outdoor bicycle parking spaces. Fun Fact: The main entrance will fit inside the existing heritage building (once a bank and now retail space) on the northwest corner of Eglinton and Mount Pleasant Road. The interior will be repurposed to support transit usage. EGLINTON CROSSTOWN LRT The Crosstown is a light rail transit (LRT) line that will run across Eglinton Avenue between Mount Dennis (Weston Road and Kennedy Station. This 19-kilometer corridor will include a 10-kilometer underground portion, between Keele Street and Laird Drive. 5

7 Tenant Snakes & Lattes Inc. TOTAL Monthly Rent Monthly TMI Reimbursement Total Annual Rent Lease Start Date Lease Maturity Date Renewal Options Notes $3, $1, $53, Apr Mar-19 1 x 5 years (1), (2) $3, $1, $53, FINANCIAL STATEMENT Current Pro Forma Commercial tenant base rent $38, $48, (4) Commercial tenant TMI reimbursement $15, $15, Residential tenant nil $25, (5) Property Tax $14, $14, (2) BIA levy $ $ Insurance $3, $3, HVAC maintenance $1, $1, (3) Utilities nil nil $33, $65, Income Expenses Net Operating Income (2) RENT ROLL & FINANCIALS RENT ROLL NOTES (1) (2) (3) (4) (5) Commercial tenant is responsible for separately metered hydro, gas, and 100% of water consumed in the building. Commercial tenant is responsible for 75% of property taxes and building insurance, and 100% of BIA fees included in property taxes Commercial tenant is responsible for a monthly HVAC maintenance fee of $101.53, which is included in the above TMI reimbursement Assuming market Net Rent of $4,000 per month Assuming market rent of $2,100 per month 6

8 INTERIOR PHOTOS 7

9 FLOOR PLANS Ground Floor Retail Basement 8

10 SURVEY 9

11 Built on Connections. 626 King St West Suite 302 Toronto, ON M5V1M CONTACT: Urban Commercial Advisory Group Amir Nourbakhsh* x252 Anthony Martino* x244 Jesse Roth* x243 *Sales Representative