As Toronto struggles with a housing crisis, a landlord decides to divide a house into 15 separate units.
The red-brick annex, designed as the “Great Old Lady,” is located at 55 Madison Avenue, near Bloor Street and Spadina Avenue.
55 Madison Avenue (Images provided by Agent Les Wallace). The three-story property is currently for sale for $ 5,395,000.
Real estate agent Les Wallace told CTV News Toronto that anyone who buys it has the potential to generate a net annual income of $ 208,782.
Wallace said four of the units in the outbuilding are one-bedroom apartments, while the other 11 are studios.
The detached Victorian-style house was first built in 1896, which was photographed in the semicircular arches of the house and a rustic stone base, according to the Architectural Conservancy Ontario.
55 Madison Avenue (Images provided by Agent Les Wallace). The ACO lists Samuel Platt as the first homeowner to serve as a city councilor from 1845 to 1851.
The property list states that eight of the units have been recently renovated with photos showing white panel boards and new kitchen appliances in these spaces.
The 50-by-126-foot plot also includes a private driveway with a separate garage.
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