Welcome To
641 Ossington Ave
Income First. Flexibility Baked In. Location That Holds Its Value.
Send This Listing To A Friend641 Ossington Ave is a fully operational, three-unit property that works from day one — and keeps its options open for the long term. With strong in-place rent, two vacant units ready to be activated, and a long list of meaningful upgrades already handled, this is a building that’s been run properly, not left to chance.
Set on a 19′ x 126′ lot in Palmerston–Little Italy, this semi-detached home combines immediate income with the kind of adaptability buyers look for when they’re thinking beyond the next year or two.
The Income Is Real — and Already Proven
The upper unit is leased to excellent tenants at $3,569.50/month, paying market rent and keen to stay. It’s a renovated three-bedroom, two-bath suite with hardwood floors, a private rooftop deck, keypad entry, central air, and parking — the kind of unit that rents well and stays rented.
Below, the main-floor one-bedroom and basement one-bedroom units are both vacant, giving buyers immediate control. Rent them out, occupy one while generating income from the others, or hold them strategically for future use. Each unit has its own private entrance, which matters — operationally and long-term.
Upgrades That Reduce Risk (and Future Spend)
This isn’t lipstick maintenance. The seller has focused on the systems and building envelope — the work that protects cash flow and avoids expensive surprises.
Key improvements include:
- Exterior waterproofing along the north wall, plus a sump pump installation
- Redone side-yard concrete to improve drainage
- Extensive masonry and tuckpointing (2024)
- Exterior window sealing (2025)
- Spray foam insulation and new drywall in the basement
- Reinsulated walls and ceilings on the main floor
- Updated kitchens and appliances across units
- New lighting, paint, and flooring where it counts
- Professional keypad locks on exterior doors
- Replaced garage door opener and components
- Serviced furnace with an active maintenance contract
This is the kind of upgrade profile investors care about — less deferred maintenance, fewer unknowns, and smoother ownership.
A Rare Bonus: Two-Car Detached Garage
At the rear of the property sits a detached two-car garage — a genuine asset on Ossington. Whether used for tenant parking, owner storage, or simply held as long-term optionality, it adds utility and value that’s hard to replace in this neighbourhood.
Why Ossington Still Works
Ossington isn’t just busy. It’s durable. Strong tenant demand, low vacancy, and a location that continues to attract renters and owners alike. TTC, bike lanes, and major routes are right outside the door, making the address as functional as it is desirable.
The Bottom Line
641 Ossington Ave is for buyers who think in systems, not just finishes. It offers:
- Immediate income with proven rent
- Vacant units ready to generate or occupy
- Solid upgrades already completed
- A two-car garage — rare and valuable
- Long-term flexibility in a location that holds its ground
It’s a straightforward, well-run asset in a part of the city where demand doesn’t need to be manufactured.
See the complete list of improvements and financial details here.
5 Things We Love
- Control from Day One. This is a rare mix: strong in-place income and immediate flexibility. The upper unit is leased at market rent to excellent tenants who want to stay, while the main and basement units are vacant and ready to activate. Rent them, occupy one, or hold strategically. The property adapts to how you want to run it.
- The Hard Work Is Already Done. The seller focused on the unglamorous but critical upgrades that protect cash flow and reduce future spend: waterproofing, sump pump, masonry and tuckpointing, insulation, window sealing, and drainage improvements. Inside, kitchens, appliances, lighting, and finishes have been updated where it counts. This is ownership with fewer unknowns.
- A Real Ossington Asset: The Two-Car Garage. A detached two-car garage at the rear of the property adds genuine value — whether for tenant parking, owner use, or long-term optionality. On a street where space is at a premium, this isn’t a nice-to-have; it’s a differentiator.
- Income That’s Proven With Upside Built In. Market rent is already in place upstairs, and the vacant units allow buyers to set rents based on current conditions. High tenant demand, multiple self-contained units, and a layout that functions independently at each level make this a clean, scalable income property.
- Ossington, for the Right Reasons. This isn’t about trendiness. It’s about durability. Ossington Ave consistently attracts renters and owners because it works: transit access, bike lanes, daily amenities, and a destination-level food and retail scene. That combination supports low vacancy today and long-term value tomorrow.
Floor Plans
3-D Walk-through
About Palmerston-Little Italy
Palmerston–Little Italy feels like the part of Toronto that never forgot how to enjoy itself. Centered around College Street and stretching north to Bloor, it’s a neighbourhood where espresso still matters, neighbours still wave, and weekends unfold over long lunches that turn into late-night music sets.
