501 Palmerston Blvd

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Listing Description

Historic Palmerston Boulevard: A Rare Investment or Restoration Opportunity! Set on Toronto's iconic Palmerston Boulevard, complete with stately gates and classic lamp posts, this spacious property offers endless potential. This almost 35-ft wide lot features a deep backyard (138 ft) , detached garage, and space for five additional cars all with an open, tree-free layout. Currently configured as a three-unit income property, it boasts generously sized apartments on each floor, with the main level offering a 3-bedroom layout, the second floor providing a spacious 2/3-bedroom unit, and the third floor featuring an updated 1-bedroom apartment. Additional highlights include high ceilings, original stained/leaded glass details, bay windows, wood paneling, and fire safety measures. The unfinished basement, with its high ceilings and exposed brick/stone, awaits your vision. Current tenants enjoy shared laundry facilities and a rear staircase servicing all units for secondary access. Positioned on a charming, historic street with schools, parks, shops, and public transportation just steps away, this 4,100 square-foot property offers both a rare investment, excellent passive income for a buyer who wants to move into one of the units, and the potential to restore it to its grand single-family heritage. A feasibility report suggests the possibility of adding a garden suite at the rear an excellent enhancement for long-term value. Possibility for a 7% cap rate for an entrepreneurial investor with a vision. Dont miss the chance to own a piece of Torontos architectural legacy!
Walk to nearly completed/redeveloped Mirvish Village, U of T, Quaint Harbord Village - B in the Heart of Toronto's famous Little Italy.