Sheldrake Blvd three-storey on premium 50x150 lot with severance/redevelopment optionality
A 6-bed, 5-bath detached on a 50 x 150 ft lot in Mount Pleasant East, listed at $2,875,000 with explicit two-lot severance optionality. The thesis is land value and end-user resale after renovation or redevelopment, not operating income.
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
Section · Why this passed our floor
The spread case, in concrete terms
Condition signals
3 verbatim condition signals from the listing text.
“add your own TLC”
After-repair value (est.)
$3,850,000 estimated ARV against a $450,000 all-in reno budget.
Projected spread
$656,837 estimated over a 18-month hold, after carrying and selling costs.
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.
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 |
Calculated at 4.99% mortgage over 25 years. Rent estimated from city-level rental averages (n=199).
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.
This is a fix-flip or land-banking play for an advanced investor or builder, not a cash-flow asset. The listing invites TLC and flags potential redevelopment into two lots on a premium 50 x 150 ft parcel. At a $2,875,000 ask, every leverage scenario carries deeply negative monthly cash flow, with estimated cap rate of -0.71% reflecting that rent on a single-family three-storey in this catchment cannot service acquisition cost. The return path is resale spread, not yield.
The submarket anchors the thesis. Sheldrake Boulevard sits inside the Blythwood Junior Public School, Glenview Senior Public School, and North Toronto Collegiate Institute catchments, three of the most demanded public school addresses north of Eglinton. Yonge Street retail, the Mount Pleasant village strip, and Highway 401 access feed end-user demand from move-up Toronto families and downsizers from Lawrence Park. The 50 x 150 ft lot geometry meets typical North Toronto severance thresholds for a two-lot consent application, and replacement custom builds on Sheldrake and adjacent streets trade well above the per-foot land basis implied here. The exit market is custom builders and end-user families, not tenants.
Execution requires 100% cash or equivalent, where estimated monthly carry is -$1,697.15 versus -$15,129.32 at 20% down. Realistic hold is 12 to 24 months: secure consent for severance, sell two serviced lots to builders, or renovate the existing three-storey for end-user resale. Investors targeting passive income should pass; this is a capital-deployment and entitlement play executed through Sutton Group Admiral Realty.
Key features
- 50 x 150 ft lot with two-lot severance optionality
- Three-storey, 6 bed / 5 bath layout
- Blythwood PS, Glenview SS, and North Toronto CI catchment
- Two wood-burning fireplaces, hardwood floors throughout
- Partially finished basement with 3-piece bath and rec room
- Walking distance to Yonge Street retail and transit
- Highway 401 access
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, bounded roughly by Yonge Street, Bayview Avenue, Eglinton and Blythwood, is one of the deepest end-user demand pockets in midtown Toronto. The Sheldrake stretch sits within the Blythwood Junior PS, Glenview Senior PS, and North Toronto Collegiate Institute catchments, which consistently rank among the city's strongest and drive a premium per foot on land.
Buyer demand is sustained by proximity to Yonge Line 1 stations at Lawrence and Eglinton, the Eglinton Crosstown LRT corridor to the south, Highway 401 access, and the Mount Pleasant and Yonge retail strips. The dominant exit is custom rebuilds; the lot geometry here aligns with that flow.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Every leverage scenario produces negative monthly cash flow; this is not an income property
High leverage sensitivity: monthly carry ranges from -$15,129.32 at 20% down to -$1,697.15 at 100% cash
Severance into two lots is identified as potential only; consent approval is not guaranteed and is subject to Committee of Adjustment
Renovation scope undefined; budget and timeline risk are material
Rent estimate of $2,180/month is based on city comparables and is unlikely to be achievable for a 6-bed three-storey at this address
Cap rate of -0.71% indicates the asset cannot be underwritten on yield