artyboy123
Senior Member
ah i just use realtor.ca data quick glance and given the development and site it's primary 1-bedroom units
again just assumptions!
Toronto 880 Eastern | 48.96m | 12s | TAS | SvN
- Thread starter UrbanAffair
- Start date
ah i just use realtor.ca data quick glance and given the development and site it's primary 1-bedroom units
again just assumptions!
1Ć0
Active Member
The math likely won't pencil out even if the land was free
Larchmount by Hullmark is around $4.25/SF rents, without factoring in incentives. W/ incentive of 1 free month, you're in the $3.9/SF range.
For an average suite size of 650 SF x $4.25/SF rents, you land around $2,750/Month. I also reckon future owner will want to secure CMHC ACLP, which will put further downward pressure on rents
PE is on the money here - this will prob sell in the $8 to $12m range
Larchmount by Hullmark is around $4.25/SF rents, without factoring in incentives. W/ incentive of 1 free month, you're in the $3.9/SF range.
For an average suite size of 650 SF x $4.25/SF rents, you land around $2,750/Month. I also reckon future owner will want to secure CMHC ACLP, which will put further downward pressure on rents
PE is on the money here - this will prob sell in the $8 to $12m range
ProjectEnd
Superstar
Art's cap is a little high - could probably compress to 4.5 or even 4.25, and construction costs are also about $100/ft higher than they are today. Conversely, aside from the rent compression 1CO notes above, there's no accounting for ~32% operational expenses which will further erode profitability. Fundamentally this isn't a $3K+/door site so even with land at next to nothing, it's not really going to work.
artyboy123
Senior Member
ADRM
Senior Member
Even $60 pbsf here is pretty aggressive in this market; there is plenty of zoned land at Yonge & Eg (which the market certainly views as premium compared to this location) you can pick up at $60.
TAS (or, I should say, their creditors...) are going to have to take a big bath here; it's just a question of how long they're willing and able to wait it out for before they bring down their ask to something that looks like "market."
TAS (or, I should say, their creditors...) are going to have to take a big bath here; it's just a question of how long they're willing and able to wait it out for before they bring down their ask to something that looks like "market."
SilverSurfer
New Member
TAS owns the houses next door, they were purchased along with the site but not incorporated into the development.
I think this will and between $40 - $60 psf, but the debt on the land is almost double that...
I think this will and between $40 - $60 psf, but the debt on the land is almost double that...
HousingNowTO
Senior Member
Northern Light
Superstar
Discussed on the previous page.