Top floor 1,100+ sqft 2-bed condo near Warden Station with 2 parking spots and Eglinton LRT access
Top floor 2-bedroom, 2-bathroom Clairlea-Birchmount condo priced at $650,000 with over 1,100 sqft, two underground parking spots, and a 7-minute walk to Warden Subway Station. Estimated cap rate is 3.16% with positive monthly cash flow emerging at the 75% down payment scenario.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$650,000
Cap rate
+3.16%
Est. monthly rent
$2,900
Source: comparables_widened
Est. net spread
+$147K
6mo hold
Annualized ROI
+45%
preliminary
The Deal
Top floor 2-bedroom, 2-bathroom Clairlea-Birchmount condo priced at $650,000 with over 1,100 sqft, two underground parking spots, and a 7-minute walk to Warden Subway Station.
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 | $227,500 |
| Mortgage principal | $422,500 |
| Land transfer tax | $9,750 |
| Closing costs | $9,750 |
| Total acquisition | $247,000 |
Monthly cash flow
| Estimated rent | +$2,900 |
| Operating expenses | -$1,190 |
| Mortgage payment | -$2,467 |
| Net cash flow | -$757/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $145/mo |
| Maintenance reserve | $542/mo |
| Insurance | $271/mo |
| Property management | $232/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_widened (173 comps).
Breakeven
This property turns cash-flow positive at 54.9% 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 ($9,750), and closing costs ($9,750).
Section · Investment Thesis
Why this property.
This top floor unit at 684 Warden Avenue offers a relatively rare GTA combination: over 1,100 sqft of interior space, a split 2 bedroom / 2 bathroom layout, ensuite laundry with extra storage, and two underground side by side parking spots, all listed at $650,000. The building backs onto Warden Woods ravine and sits a 7 minute walk from Warden Subway Station, with the newly operational Eglinton Crosstown LRT adding a second rapid transit option through the Golden Mile corridor. Estimated monthly rent of $2,900 (drawn from 173 widened comparables) produces an estimated annual NOI of $20,526, a cap rate of 3.16%, and a gross yield of 5.35%.
Leverage sensitivity on this asset is high. At 20% down ($130,000), the monthly mortgage payment of $3,036.84 against operating expenses drives estimated monthly cash flow to -$1,326.34 and a cash-on-cash return of -10.65%. Moving to 35% down narrows the gap to -$756.93 per month (-3.68% cash-on-cash), and a 50% down position lands near breakeven at -$187.52 per month (-0.65% cash-on-cash). The property reaches positive carry only at the 75% down scenario, generating an estimated +$761.49 per month and a 1.80% cash-on-cash return. An all-cash purchase produces +$1,710.50 per month and a 3.07% yield on the $669,500 total acquisition cost.
The minimum recommended down payment for neutral to positive monthly cash flow is 75%. Investors using conventional 20% to 35% leverage should underwrite this as a hold-for-appreciation play with monthly carry costs, supported by the Warden subway / Eglinton LRT transit story, proximity to the Golden Mile redevelopment corridor, and the ravine-adjacent setting. Upcoming building improvements (lobby renovation, new roof, common area updates) are noted as covered by existing reserve funds, which reduces near-term special assessment risk but does not eliminate it.
The investment case here is best framed as a low-leverage yield play or a longer-horizon appreciation hold tied to GTA transit infrastructure. Buyers seeking immediate positive cash flow at conventional leverage should look elsewhere; buyers with substantial equity or all-cash capacity can capture a low-but-positive yield in a transit-connected Scarborough node.
Key features
- Over 1,100 sqft top floor unit with east-facing views
- Split 2 bedroom, 2 full bathroom layout
- Two underground side by side parking spots (rare for the price point)
- Ensuite laundry room with additional storage
- Updated kitchen with quartz counters and stainless steel appliances (fridge 2025)
- Private balcony backing onto Warden Woods ravine
- 7 minute walk to Warden Subway Station (Line 2)
- Eglinton Crosstown LRT and Golden Mile retail nearby
- Upcoming lobby, roof, and common area improvements funded by existing reserves
- Rent estimate supported by 173 widened comparables
Original MLS description
Top floor living with east facing views in a tranquil setting! With over 1100sqft this unit offers a smart split 2 bedroom layout, 2 full bathrooms, 2 yes 2 underground side by side parking spots!, a spacious & private balcony, and a rare ensuite laundry room/extra storage. The updated functional kitchen features quartz counters, SS appliances (fridge '25) as well as a bar height peninsula great for quick meals on the go. The building offers tons of surface Visitor parking for guests and backs on to beautiful Warden Woods ravine & trails. This peaceful escape from the chaos of the city is also super connected as it's just a 7min walk Warden Subway station! Nearby Golden Mile offers all the shopping and restaurants you could wish for and the finally running Eglinton LRT offers even more commuting options. The last top floor unit we listed in this condo sold in just 4 days...come see for yourself why this building is such a gem. ***Upcoming Condo improvements include a lobby renovation, new roof and updates to some common areas, all covered by existing funds. (42904467)
All photos
41 additional · click any to expand
Section · Neighborhood
Where it sits.
Clairlea-Birchmount
Clairlea-Birchmount sits in southwest Scarborough at the intersection of two meaningful transit corridors: the existing Line 2 Warden Subway Station (approximately a 7 minute walk from the building) and the now-operational Eglinton Crosstown LRT, which connects the Golden Mile retail and redevelopment corridor through midtown Toronto. The Golden Mile itself is undergoing long-term intensification with new mixed-use development planned along Eglinton Avenue East.
The building backs directly onto Warden Woods ravine and trail system, a green-space amenity that supports both end-user demand and long-term resale appeal. Nearby retail at the Golden Mile (SmartCentres, Eglinton Square) and the broader Scarborough employment base provide steady tenant demand for 2 bedroom units, particularly from commuters who value direct subway and LRT access without downtown pricing.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
No risks flagged by the QA agent.