You probably think I’m in a killer loft or Toronto condo downtown.
Do you know what this is?
This is a garage in the back of an investment property that I sold my client a few months back. Initially he had thought of turning this into a parking pad or tearing it down and turning it into a lawn for his tenants, but when we looked at the bones and saw what was here and there was enough space to do it, he decided that he would turn this into a functional space.
Check out the stairs in the video. Aren’t they great? These are by a company called ARTE. You can find a link on my website. This is a totally modular stair system. You can make it in a spiral, you can do it on an angle, you can do a lot of things with this staircase. You can use it in very small spaces like my client has done here. Initially when we bought my client this house, he had thought about tearing this structure down. He thought about maybe making pad parking or potentially putting a lawn back here for his tenants to enjoy during the summer. Once we took a look at the footprint and realized it was a solid brick building, he thought maybe with a little bit of ingenuity and a little bit of money, he could renovate it and turn it into an income producing portion of his property. As of this afternoon I know that he is interviewing a potential tenant who’d like to use it for an office and I believe his asking price right now is about $650 a month.
The total cost of this improvement to this particular structure was about $10,000, so if he does manage to get his $650 a month that he plans on renting it out for, this structure will pay for itself in less than two years and after that it’s all gravy. $650 is a much as a part time job to most people, so that’s quite a bit of money and in my mind it was a great investment for him.
Now, there’s no kitchen in here, but you can see in the video that what he has done is added a simple bathroom so this space now functions perfectly for maybe a recording space, someone who’s got a small business to run can do it in here no problem and actually there’s free parking out there on the streets, so even though this is in the east end, it’s way more cost effective than renting out a space downtown Toronto.
If you have any questions, or you’re looking for a great Toronto condo, Toronto real estate investment, or office space, call me at 416-486-5588 or email email@example.com.