148 Glenlake Ave

Purchase Price: $1,850,000
Lot Size: 120ft x 57ft
Closing Date: April 8th, 2021
Deposit: $90,000

The opportunity

The subject property is a single family dwelling with an in-law suite in a residential area zoned for multiple units and apartment buildings. This is a unique corner lot with 120 foot frontage and great access. This property will be torn down and rebuilt as a brand new, 8 unit rental building. Additional value and revenue will be created by adding a laneway suite at the rear of the property. The property is in livable condition and will be tenanted for approximately a year to help carrying costs while waiting for city approvals and permits.

The project

Complete Tear Down and Rebuild
Minor Variance Required
Large Laneway Suite w/ Parking
8 x 2 Bedroom, 1 Bath Units
12 Month Permit Timeline
9-12 Month Build Timeline
3 Month Lease Up & Refinance
3 Year Hold Term Following Stabilization

The location

This property is located in the highly desired area of High Park in Toronto. The location is ideal for rental housing as it is one street north of Bloor on the corner of Keele and steps from the subway. Close proximity to great schools, high park, restaurants, banks, cafes and easy access to the Gardiner Expressway make this the optimal development site.

The investment

Capital Raise

$1,200,000

Minimum Investment

$100,000 (Cash Only)

Projected Return

12-16% Annually

Investment Type

Equity Partnership
*Accredited Investors*

Length of Investment

5-6 years

Deal Structure

GP(30%)/LP(70%)
General Partner/Limited Partner

Cash Flow Distribution

100% to limited partner until initial investment is repaid

The Financing

$1.85M

$2.6M

The acquisition will be financed using a private lender at approximately 5.99% interest and 65% LTV. After all permits and approvals are secured from the city, we will secure construction financing for the build in the amount of $2.6M. Construction financing will be secured at approximately 75% LTV at 5% interest-only and will be done on a draw schedule.
Following construction we will pursue take-out financing with CMHC at a targeted rate of 75-85% LTV, an amortization of 25-40 years and an interest rate of 2-4%.

The team

Darren Voros

General Partner
[email protected]

Ilona Koziol