183 WESTMINSTER AVE., TORONTO
ASKING PRICE $1,049,000
SELLING PRICE $1,076,000
PREVIOUS SELLING PRICES $625,000 (2005); $451,366 (2001)
TAXES $6,400 (2011)
DAYS ON THE MARKET Six
LISTING AGENT Bill Mohan, Sutton Group Realty Systems Inc.
The Action: On a one-way street just east of High Park, this three-storey investment property sat on the market last year likely due to buyers’ inability to view all the tenanted units.
Another local agent, Bill Mohan, promised to sell the property within a week – and for a similar price – provided that all the tenants vacated the premises for one hour at two different times to permit private showings. The strategy not only brought out 70 interested parties, but five shoppers that submitted competing offers.
What They Got: This century-old, brick building has four levels of finished living space set up with four one-bedroom apartments and a bachelor suite, each with a living area, a kitchen with a fridge and stove, and a remodeled three-piece bathroom.
Some distinguishing features include decks off the main and third floor units and a fireplace in the second floor bachelor suite.
Additional assets consist of updated carpeting in common areas, coin-operated laundry machines in the basement and 30-by-130-foot grounds with a south-facing backyard, detached garage and mutual driveway.
The Agent’s Take: “It’s a great location and the rents are good, so it makes for a solid, long-term investment,” Mr. Mohan said. “It’s been well maintained over the years, but it was well built to begin with, so that makes it easy.”