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The Georgian-style apartment building at 28 Macpherson Ave. in Toronto.Andre Mckenzie/Andre McKenzie/SilverHouse
28 Macpherson Ave., Toronto
Asking price: $6,995,000 (April, 2023)
Selling price: $6,995,000 (April, 2023)
Taxes: $33,763 (2023)
Days on the market: N/A
Listing agents: James Warren and Alex Obradovich, Chestnut Park Real Estate Ltd.
THE ACTION
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The 17 units range from studios to a two-storey owner’s suite.Andre Mckenzie/Andre McKenzie/SilverHouse
Agents James Warren and Alex Obradovich gave colleagues and clientele a few days notice that this Georgian-style building with a total of 17 apartments would hit the market in April. Three buyers previewed the property that sits less than 100 metres from Yonge Street, and one quickly signed off to pay the full list price.
“With the lack of rental spaces in the city, something like that was pretty sexy,” Mr. Warren said. “I don’t think you’ll find that size of apartment block again.”
“When we looked around, basically our [comparables] were fourplexes, so it’s hard to find a purpose-built building like that in central Toronto on such a premium street.”
WHAT THEY GOT
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Previous owners renovated and expanded the three-storey, brick structure.Andre Mckenzie/Andre McKenzie/SilverHouse
Previous owners renovated and expanded this three-storey, brick structure. The 17 units range from studios to a two-storey owner’s suite.
There is a basement, but no elevator access or parking on the 48- by 120-foot lot.
THE AGENT’S TAKE
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The buyer recognized the building’s untapped potential.Andre Mckenzie/Andre McKenzie/SilverHouse
“I think the building was built in the 1930s to house staff – like housemaids, etc … – for the grand homes in Rosedale,” Mr. Warren said.
“The interesting thing is there was no parking,” he said. “A lot of people didn’t have cars in the 30s and it makes sense they might walk across Yonge Street to go to work, and further north to Marlborough [Avenue] where you’ve got the railway and all the cottages.”
Buyers also recognized the iconic building’s untapped potential. “There’s no question this property needs work, like new windows and a complete renovation,” said Mr. Warren.
“Most of the houses on the south side of the street were lovely Victorian, semi-detached and red brick houses built around 1880 and 1890. And two properties away, there’s a wonderful church conversion where condos are selling for $4- to $5-million plus.”
