PRIME ANNEX INVESTMENT

Licensed Rooming House with 8 self-contained apartments and 4 two-room bachelor units ("dwelling rooms") with private kitchens.

OVERVIEW

  • Prime Annex location one block north of Bloor Street and two blocks west of Spadina.
  • Purchased by the current owner in 1997 and substantially and continuously upgraded.
  • Below-market rents permit the operator to select from multiple applicants, often from a waitlist.
  • Popular with young professionals and responsible graduate students.  
  • 24 years with no evictions or N4's.

MECHANICAL

  • Roofing twenty 23 years or newer.
  • Boiler approximately 20 years.Vintage radiators.
  • Hot water heater (owned) new 2022.
  • Windows approximate 20 years, most fully operating double-hung.
  • 2" copper water service. 
  • 200 amp electrical service. (All self-contained units have ensuite sub-panels).

THE NUMBERS

INCOME
Gross rental income

Laundry income (Approx)

Tenant surcharges (re A/C) 

​

​
$206,844

​$3,700

$600


​
EXPENSE
Electricity

Natural gas

Water, sewer, garbage

Taxes

Insurance (estimated)*

Maintenance (proforma)
$4,326

​$5,508

$4,955

$10,734

​$10,000

​$12,000
* current insurance packaged with two other properties
GROSS INCOME

EXPENSE

NET INCOME

CAP RATE @ $3,900,000
$2111,144

47,923

Apartment 36-1

This two-bedroom unit occupies parts of the second and third storeys and has been completely renovated. The apartment has a deck off the kitchen facing Dalton Road and a west-facing deck off the third floor. At $2,200 per month the apartment represents exceptional value in today's market.  

Apartment 36-2
Picture
Like all of the basement bachelor units, this apartment has laminate wood flooring in the bedsitting area, an Ikea kitchen and LED track lighting. Luxury touches such as undercounter lighting and in-cabinet lighting behind a glass doors permit the apartment to attract self-respecting tenants who take excellent care of their apartments. The current tenant has occupied the apartment for eleven years.

BASEMENT BACHELOR UNITS

All of the apartment have two rooms and private kitchens. Two bathrooms are shared. Apartments have 8' ceilings and modern double-hung windows. Tenants have access to a shared patio at the rear of the building. 

These are popular with university students due the proximity to U of T and the Spadina subway (which extends to York University). Students often remain long after graduation, as the affordable rents permit them to quickly pay down student debt or save for home ownership. As such, these apartments enjoy some of the longest tenancies in the building. 
Tenant has been resident for eleven years and is employed in a professional capacity.
Tenant has been resident for six years and is employed in a professional capacity.

JR ONE BEDROOM APARTMENTS

These apartments are at the rear of the building and have basic appliances (typically 24" stoves, 17 cu. ft. fridges, and microwave ovens). Most flooring bamboo laminate. Most apartments have decks. 

2nd floor units can be accessed from an interior stair or via the woodend exterior staircase. Ground floor apartments are accessed directly from the outdoors. 
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36-1 Dalton is a 2-bedroom unit on two floors with decks on each level.  Current rent 
APT 40  1 BDRM @ $1,750