Sheldrake Blvd 50x150 lot in Mount Pleasant East: renovation or two-lot redevelopment play at $2,875,000
A three-storey, six-bedroom detached on a premium 50 x 150 ft lot in Mount Pleasant East, listed at $2,875,000 with renovation or two-lot redevelopment optionality. Rental economics are negative across all leverage scenarios; the thesis here is land value and end-use appreciation, not cash flow.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$2,875,000
Cap rate
-0.71%
Est. monthly rent
$2,180
Source: comparables_city_avg
Est. net spread
+$657K
6mo hold
Annualized ROI
+45%
preliminary
The Deal
A three-storey, six-bedroom detached on a premium 50 x 150 ft lot in Mount Pleasant East, listed at $2,875,000 with renovation or two-lot redevelopment optionality.
Fix-and-flip projection
The spread, before the buy-and-hold math.
Preliminary · adjust scope & uplift
Renovation scope
Projection
Preliminary estimate. Renovation costs use 6Yield default per-sqft figures. Post-renovation value is modeled as a multiple of list price — replace with comparable post-renovation sales for higher precision. Carrying costs include property tax, condo fees if any, and insurance; financing costs not yet modeled.
Section · Buy-and-hold backup
If you held instead. The carrying 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 | $1,006,250 |
| Mortgage principal | $1,868,750 |
| Land transfer tax | $43,125 |
| Closing costs | $43,125 |
| Total acquisition | $1,092,500 |
Monthly cash flow
| Estimated rent | +$2,180 |
| Operating expenses | -$3,877 |
| Mortgage payment | -$10,914 |
| Net cash flow | -$12,611/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $109/mo |
| Maintenance reserve | $2,396/mo |
| Insurance | $1,198/mo |
| Property management | $174/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_city_avg (199 comps).
Breakeven
Negative carry at every scenario. Rent does not cover operating expenses; mortgage adds further drag.
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 ($43,125), and closing costs ($43,125).
Section · Investment Thesis
Why this property.
252 Sheldrake Boulevard is a land-and-location play in the Mount Pleasant East pocket of midtown Toronto. The list price is $2,875,000 for a three-storey detached on a 50 x 150 ft lot, with the listing explicitly describing "An exceptional opportunity for renovation or potential redevelopment into two lots." The existing structure offers six bedrooms and five bathrooms over three levels plus a partially finished basement, providing interim livability while an end-user or developer plans next steps. Estimated land transfer tax and closing costs total $43,125 each, bringing all-in acquisition above sticker.
Rental fundamentals do not support this property as a cash flow asset. Estimated monthly rent of $2,180 against monthly operating expenses of $3,877.15 produces an estimated annual NOI of -$20,365.80 and an estimated cap rate of -0.71%. Across the leverage stack, every scenario is negative carry: estimated monthly cash flow is -$15,129.32 at 20% down, -$12,610.79 at 35% down, -$10,092.26 at 50% down, -$5,894.70 at 75% down, and -$1,697.15 even on an all-cash basis. Cash-on-cash returns range from -27.46% at 20% down to -0.69% at 100% cash. There is no down-payment scenario that reaches breakeven on rent; minimum recommended down payment for the smallest monthly bleed is 100% cash, and investors should expect to fund operating shortfalls from outside capital.
Leverage sensitivity is high in absolute dollar terms (a roughly $13,400 monthly mortgage payment swing between 20% down and all-cash) but uniformly negative in sign. The investment case therefore rests on appreciation and redevelopment, not yield. A buyer underwriting the two-lot severance path should validate severance feasibility, zoning, setbacks, and tree protection with the City of Toronto Committee of Adjustment before firming. A buyer underwriting a renovation-to-end-user-resale exit benefits from the existing footprint, hardwood floors, two wood-burning fireplaces, and proximity to Blythwood Junior Public School, Glenview Senior Public School, and North Toronto Collegiate Institute.
Hold period should be sized to the chosen strategy: 24 to 36 months for a renovate-and-resell or severance-and-build exit, longer if held as a primary residence with future redevelopment optionality. This is an advanced, capital-heavy file; Sutton Group Admiral Realty recommends buyers stress-test carrying costs and pair acquisition with a defined exit plan.
Key features
- Premium 50 x 150 ft lot on Sheldrake Boulevard
- Three-storey detached with 6 bedrooms and 5 bathrooms
- Listed renovation or two-lot redevelopment opportunity
- Two wood-burning fireplaces, hardwood floors, wainscoting
- Primary suite with walk-in closet, 4-piece ensuite, and tandem home-office room
- Partially finished basement with rec room, games room, 3-piece bath, and cold storage
- Top-ranked school catchment: Blythwood JPS, Glenview SPS, North Toronto CI
- Access to transit, Highway 401, upscale shops and dining
Original MLS description
Welcome to this wonderful three-storey family home, filled with character and charm, add your own TLC. Situated on a premium 50 x 150 ft lot on coveted Sheldrake Boulevard. An exceptional opportunity for renovation or potential redevelopment into two lots. The elegant living room features a wood-burning fireplace, hardwood floors, and a large picture window that fills the space with natural light, while the dining room showcases classic wainscoting, hardwood floors, and expansive windows, creating a bright and inviting space. The kitchen offers ample storage, stainless steel appliances, a paneled refrigerator, and is combined with the family room, highlighted by large windows overlooking the backyard. The primary suite features hardwood floors, a walk-in closet, a 4-piece ensuite, and a tandem room with floor-to-ceiling windows and a separate thermostat, ideal for a home office. The second level also includes a 4-piece bathroom and two additional bedrooms with hardwood floors and large windows. The third level offers three additional bedrooms and a 4-piece bathroom, providing excellent flexibility for family or guests. The partially finished basement includes a spacious recreation room with a second wood-burning fireplace and pot lights, as well as a 3-piece bathroom, games room, laundry area, cold room/storage, and an instant hot water tank. Ideally located near top-ranked schools, including Blythwood Junior Public School, Glenview Senior Public School, and North Toronto Collegiate Institute, as well as prestigious private schools, with convenient access to transit, Highway 401, upscale shops, fine dining, and private clubs. (42885808)
All photos
42 additional · click any to expand
Section · Neighborhood
Where it sits.
Mount Pleasant East
Mount Pleasant East is an established midtown Toronto enclave bounded by Yonge Street and Bayview Avenue, anchored by the North Toronto school catchment. The listing cites proximity to Blythwood Junior Public School, Glenview Senior Public School, and North Toronto Collegiate Institute, along with prestigious private schools, which are durable demand drivers for end-user buyers and underpin land values on streets like Sheldrake Boulevard.
The location offers convenient access to transit, Highway 401, upscale shops, fine dining, and private clubs per the listing. The combination of school catchment, lot depth, and infill redevelopment activity in the surrounding blocks supports the renovation or two-lot severance optionality embedded in the listing.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Negative monthly cash flow in every scenario including 100% cash; not a rental yield play
Estimated cap rate of -0.71% means operating expenses exceed estimated rent before debt service
High leverage sensitivity: monthly mortgage payment ranges from $0 (cash) to $13,432.17 (20% down), all scenarios remain negative
Two-lot redevelopment is described as potential only; severance approval is not confirmed and requires Committee of Adjustment review
Listing notes the home needs TLC; renovation budget and timeline are buyer-underwritten and not quantified in the listing
Reported sqft of 232 appears to be a data error and should be verified
Advanced investor file with $2.96M all-in at cash scenario; concentration risk for most portfolios
No recent sold comparables provided to triangulate land value or ARV