Yonge & Steeles 50x134 corner lot zoned for up to 5 units, steps from future subway extension
A 50 by 134 ft double-frontage corner lot in Newtonbrook West listed at $1,180,000, positioned for a multiplex-plus-garden-suite build under Toronto's as-of-right zoning. Current rents do not support carry at any leveraged scenario; the thesis is land value and entitlement, anchored by the 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
36-60 mo
planned
Section · Why this passed our floor
The catalysts behind this listing
Named catalysts
Two distinct named catalysts in the listing text: transit expansion, zoning change.
Transit expansion
The Yonge North Subway Extension is a named, funded TTC/Metrolinx project that will push Line 1 north past Steeles, directly serving the Yonge & Steeles node.
“the FUTURE Yonge North Subway Extension”
Zoning change
Toronto's multiplex bylaw permits up to 5 units as-of-right on this lot with development charges waived, a specific regulatory uplift to land value.
“UP TO 5 UNITS AS-OF-RIGHT (4-unit multiplex + garden suite), NO REZONING REQUIRED”
Every property published on 6Yield clears a multi-stage screen — universal financial floor, per-tier quality gate, and an editorial review on listing evidence. These bullets summarize the specific facts that cleared this property’s tier. Estimates only; not financial advice.
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 |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=67).
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.
Target investor is a builder or land-banking appreciation investor with cash or deep equity reserves. The strategy is entitlement and redevelopment on a 50 by 134 ft double-frontage corner lot, not operating income. At the $1,180,000 list price, the estimated cap rate of 0.09% and gross yield of 1.83% confirm this is a land play priced on future density, not in-place rent. The existing two-bed dwelling holds the lot while plans, permits, and a build timeline are sequenced.
The submarket is the Yonge and Steeles node in Newtonbrook West, where the future Yonge North Subway Extension will carry TTC Line 1 north past Steeles toward Richmond Hill, with new stations adding rapid-transit access to this corridor. Under Toronto's multiplex framework the lot supports up to 5 units as-of-right (a 4-unit multiplex plus garden suite) with no rezoning required, no parking minimum, and development charges waived on multiplexes up to 6 units. The 50 ft frontage and dual street presence support a side-by-side townhouse configuration. Finch Station on Line 1 and Highway 401 sit a short drive south, with Centrepoint Mall and T&T Supermarket anchoring nearby retail.
Recommended structure is 100% cash, the only scenario producing positive carry at an estimated $91 monthly cash flow and 0.09% cash-on-cash. Even a 75% down position carries an estimated $1,631.82 monthly shortfall. Hold the existing home with its separate-entrance basement through permitting (12 to 24 months), then execute the multiplex-plus-garden-suite build or sell entitled land. Total hold of 36 to 60 months aligns with subway extension construction milestones.
Key features
- 50 by 134 ft double-frontage corner lot
- Cul-de-sac position with only one adjacent neighbour
- As-of-right zoning for up to 5 units (4-unit multiplex plus garden suite)
- No rezoning required; development charges waived; no parking minimum
- Separate-entrance finished basement for hold-period income
- Steps to future Yonge North Subway Extension alignment
- Quick access to Finch Station on Line 1 and Highway 401
- Existing turnkey 2-bed, 2-bath dwelling
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 in north Toronto, a corridor in transition from postwar single-family stock to higher-density transit-oriented development. The future Yonge North Subway Extension will carry TTC Line 1 north past Steeles, materially upgrading the area's rapid-transit profile. Finch Station on Line 1 and Highway 401 anchor existing access.
Retail and daily-needs amenities cluster at Centrepoint Mall, T&T Supermarket, and the Galleria. Toronto's multiplex bylaw permitting up to 5 units as-of-right with development charges waived has shifted the underwriting on wide-frontage lots in this submarket toward small-scale infill development.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Negative carry at every leveraged scenario; only 100% cash produces positive monthly cash flow, and only marginally at an estimated $91 per month
High leverage sensitivity: cash flow swings from an estimated -$5,422.03 monthly at 20% down to +$91 at 100% cash
Estimated cap rate of 0.09% is well below market; thesis depends entirely on land entitlement and redevelopment, not in-place rent
Yonge North Subway Extension timeline is subject to provincial funding and construction risk; opening dates may shift
Multiplex build economics depend on construction costs, financing rates, and absorption at completion
Listing notes pictures are artist concepts; existing improvements should be verified on site
Rent estimate sourced from widened comparables, not direct subject-property comps