50x134 ft double-frontage corner lot in Newtonbrook West; up to 5 units as-of-right under Toronto multiplex zoning
A 50 by 134 ft double-frontage corner lot near Yonge and Steeles offering land-banking optionality under Toronto's as-of-right multiplex zoning. Current rent does not service debt at typical leverage; the thesis is land value, redevelopment, and proximity to the future Yonge North Subway Extension.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,180,000
Cap rate
+0.09%
Est. monthly rent
$1,800
Source: comparables_widened
CF at 100% cash
+$91/mo
+0.1% CoC
Hold period
60+ mo
planned
The Deal
A 50 by 134 ft double-frontage corner lot near Yonge and Steeles offering land-banking optionality under Toronto's as-of-right multiplex zoning.
Section · Financial Reality
Five ways to buy. The math, side by side.
Each column shows the actual monthly cash flow and cash-on-cash return at that leverage. Click a column for the full breakdown.
Acquisition
| Down payment | $413,000 |
| Mortgage principal | $767,000 |
| Land transfer tax | $17,700 |
| Closing costs | $17,700 |
| Total acquisition | $448,400 |
Monthly cash flow
| Estimated rent | +$1,800 |
| Operating expenses | -$1,709 |
| Mortgage payment | -$4,479 |
| Net cash flow | -$4,388/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $90/mo |
| Maintenance reserve | $983/mo |
| Insurance | $492/mo |
| Property management | $144/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_widened (67 comps).
Breakeven
This property turns cash-flow positive at 98.7% down.
Run your own scenario
Move the assumptions. See the math live.
Live result
All figures are estimates only and do not constitute financial advice. The sliders use the same math as the locked five-scenario calculator; only assumptions change. Total acquisition includes the down payment, land transfer tax ($17,700), and closing costs ($17,700).
Section · Investment Thesis
Why this property.
This is a land-value and redevelopment play, not an income property at acquisition. List price is $1,180,000 for a detached home on a 50 by 134 ft double-frontage corner lot in Newtonbrook West, steps from the Yonge and Steeles corridor. Estimated gross annual rent of $21,600 produces an estimated NOI of $1,092 and an estimated cap rate of 0.09%, which is well below typical income-property thresholds. The investment case is anchored in optionality: Toronto's current multiplex framework permits up to 5 units as-of-right (4-unit multiplex plus garden suite) with no rezoning required and development charges waived, and the 50 ft frontage supports a side-by-side configuration.
Leverage sensitivity is high and the property does not carry at conventional financing. At 20% down ($236,000), estimated monthly cash flow is -$5,422.03 against a monthly mortgage payment of $5,513.03, a -23.97% estimated cash-on-cash return. At 35% down ($413,000), estimated monthly cash flow is -$4,388.34 (-11.74% cash-on-cash). At 50% down ($590,000), estimated monthly cash flow is -$3,354.64 (-6.44% cash-on-cash). At 75% down ($885,000), estimated monthly cash flow improves to -$1,631.82 (-2.13% cash-on-cash). Only an all-cash purchase of $1,180,000 produces positive carry, at an estimated +$91.00 per month and a 0.09% cash-on-cash return. The minimum down payment that approaches neutral carry on rental income alone is 100% cash; any leveraged buyer should plan to cover negative carry from outside capital during the holding and permitting period.
The strategic value is in the lot and the zoning envelope rather than the existing structure. A separate-entrance finished basement supports dual-stream rental income during a hold-and-permit phase, and renderings for a multiplex plus garden suite configuration are referenced as available. The Yonge North Subway Extension and proximity to Centrepoint Mall, T&T Supermarket, Highway 401, and Finch Subway underpin a longer-dated appreciation thesis tied to transit-oriented intensification along the Yonge corridor.
Recommended hold period is 60 months or longer to allow the permitting, construction, or land-value realization timeline to play out. This property suits an experienced investor or builder with the balance sheet to absorb negative carry or fund a build, not a beginner seeking immediate cash flow. Sutton Group Admiral Realty can provide additional diligence on zoning, comparable land sales, and permitting timelines on request.
Key features
- 50 x 134 ft double-frontage corner lot on a cul-de-sac
- Up to 5 units as-of-right under Toronto multiplex zoning (4-unit multiplex plus garden suite)
- No rezoning required; development charges waived on multiplexes up to 6 units; no parking minimum
- Separate-entrance finished basement supports interim dual-stream rental
- Steps to Centrepoint Mall, T&T Supermarket, and the future Yonge North Subway Extension
- Quick access to Highway 401 and Finch Subway
Original MLS description
**ARGUABLY THE BEST LOT IN THE AREA - RARE investment for Investors, Builders, or Families. This 50 X 134 FT DOUBLE-FRONTAGE CORNER LOT offers THREE OPEN SIDES AND ONLY ONE ADJACENT NEIGHBOUR - instead of the typical three - with NO REAR NEIGHBORS and absolute privacy. Unlike typical busy corners, this unique property sits on a QUIET PRIVATE CUL-DE-SAC offering a peaceful, "no-traffic" sanctuary with prominent dual street presence for a future rebuild.*** INVESTORS/BUILDERS: Perfect canvas for a luxury detached residence or a high-yield MULTIPLEX + GARDEN SUITE. The dual street frontage enables flexible site planning and multiple unit entrances - rare in this area. Under Toronto's current multiplex zoning: UP TO 5 UNITS AS-OF-RIGHT (4-unit multiplex + garden suite), NO REZONING REQUIRED, development charges fully waived (Toronto waives DCs on multiplexes up to 6 units), and NO PARKING MINIMUM. Wide 50ft frontage supports side-by-side townhouse configuration for maximum architectural impact and significant ROI. Renderings available on request.*** READY TO RENT: SEPARATE ENTRANCE finished basement for immediate dual-stream income. Hold and rent while permitting, or live in while planning your build.*** FAMILIES: 100% turnkey, meticulously maintained home. Move right into a safe, serene neighborhood near top-rated schools. The deep, private backyard is a rare park-like retreat featuring an Amazing Outdoor Space & a Large Covered Patio - perfect for quiet entertaining with neighbor-free views. Separate entrance provide perfect potential for Multi-Generational Living.*** AMAZING LOCATION: Prime Yonge & Steeles position - steps to Centrepoint Mall, T&T Supermarket, Galleria, the FUTURE Yonge North Subway Extension. Quick access to Highway 401 and Finch Subway. **THIS ISN'T JUST A HOME; it's a GENERATIONAL ASSET in a rapidly appreciating transit-oriented hub. Land value and lifestyle converge here. Don't miss this true strategic investment! Pictures are artist concepts. (42863034)
Section · Neighborhood
Where it sits.
Newtonbrook West
Newtonbrook West sits at the Yonge and Steeles node on the North York/Vaughan border, one of the GTA's most active transit-oriented intensification corridors. The future Yonge North Subway Extension, currently in delivery by Metrolinx, is the primary long-dated demand driver, with additional access via Finch Subway and Highway 401. Day-to-day retail anchors include Centrepoint Mall, T&T Supermarket, and Galleria Supermarket along Yonge.
The immediate pocket is characterized by mid-century detached homes on deep lots, with active redevelopment activity into custom builds, multiplexes, and garden-suite configurations under Toronto's updated as-of-right zoning framework. Quiet interior streets combined with proximity to a major transit and retail spine support both end-user and investor demand.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Estimated cap rate of 0.09% is well below income-property thresholds; this is a land/redevelopment play, not a cash-flow asset
High leverage sensitivity: estimated monthly cash flow is negative in all financed scenarios (20%, 35%, 50%, 75% down) and only marginally positive at 100% cash
Redevelopment thesis depends on permitting, construction costs, and Toronto multiplex policy remaining in force; timelines and outcomes are uncertain
Yonge North Subway Extension is a future infrastructure project subject to delivery risk and schedule changes
Listing references 'Pictures are artist concepts'; physical condition and finishes should be verified through inspection
Estimated monthly rent of $1,800 reflects the existing structure and may not justify carrying costs during a long permitting hold
Reported interior size of 102 sqft appears anomalous in the data feed and should be verified