62 Malvern Ave.
Have your home and rent it too! Amazing income opportunity in the Upper Beach.Send This Listing To A Friend
This charming duplex offers an exceptional opportunity for someone looking for an income property. The four floors of finished space are set up as two well-appointed similar-sized apartments. Which means, if you want to live in the main + lower floor suite, you’re generating solid income, vs. living upstairs and renting a less profitable lower apartment.
The space has been carefully maintained by a very hands-on owner with a design eye, currently living in one of the units. It’s easy to see the thoughtful and intentional updates that make these units feel more like owned spaces than rental apartments.
There’s a shared foyer with separate entrances. The owner suite has the main floor plus finished basement, with living, dining and home office areas plus the kitchen & pantry on the main. From here, you can walk out the large sliding doors to the backyard (130’ lot!) and parking. This unit has an electric fireplace, stained glass, big windows and lots of space. Head downstairs to the roomy bedroom, huge bathroom and walk-in closet, plus laundry area and storage.
The upstairs unit, currently tenanted, has living, modern guest bath, kitchen and den/office on the second floor, plus a spacious third floor primary bedroom with a clever floating closet/headboard and funky ensuite bath. Design reigns in this bright space with a remarkable fireplace (you’ve got to see it!), a stunning kitchen with euro-style combo laundry unit, Jatoba engineered hardwood floors and stylish office nook.
The current tenants are fantastic, currently paying market rent of $2500/mo (to Feb 2022). And buyers looking for a totally turn-key investment have the opportunity to keep the owner on as tenant, acting as property manager. A great option for an investor who doesn’t live close by!
The property has lane parking for two small cars, a car + motorcycle or one hummer, and a shed in back–even more storage.
The list of improvements is extensive! Updates have been made to roofing, flooring on second/third floors, second bathroom on second floor, new sink & toilet in third floor bathroom, 2 sets of custom handrails for second & third floor, carpeting on stairs for second and third floors, appliances for second floor kitchen & sink and new combo washer/dryer for second floor. There are new kitchen cupboards for the main floor, new built-in lighting for living room, new baseboard heaters for main floor, and new dryer unit for the lower unit unit.
5 Things We Love
1.Two super comfortable apartments with almost no compromises and good income from great tenants!
2. Well-maintained and well designed, this is a duplex you’re excited to live in from day one.
3.The possibility of a turnkey investment with a built-in property manager!
4. Great neighbourhood, with friendly neighbours—overwhelmingly single-family homes.
5. Proximity to greenspace, sandwiched between the fun of the Beach and the amenities & transit of the Danforth.
About East End Danforth
This part of the desirable Upper Beach neighbourhood is a secret jewel of the East. With the Beach a short jaunt south and the Danforth subway line a hop, skip and a jump north you have easy access to the lake, and the rest of the city too.
This leafy residential area with mature trees and fab schools is perfect for raising a family, walking dogs and strolling along, getting lost in thought. But is only a few blocks’ walk to the boutique shops & excellent restaurants and services of Kingston Rd. There’s a real community feel. Need to shop for the essentials? Loblaws, Freshco, and Metro are all close by. Shoppers World at Vic Park and Danforth has everything you can’t find on Kingston, incl. Staples, Bulk Barn, Lowes, Dollar store and more. Plus, the new YMCA on Kingston should be opening in ‘21-’22.