Real Estate

2 Choices...What would you prefer to do with floorplan?

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  • May 21st, 2020 10:43 am
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[OP]
Deal Addict
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Jun 6, 2007
1046 posts
53 upvotes
Toronto

2 Choices...What would you prefer to do with floorplan?

This is solely about the lower unit in this floorplan.
Assuming city permits both choices. Which would you pick?

Option 1:
Convert both garages to bedrooms and turn the lower unit to a 3bedroom+ den apartment.

Option 2: Convert both garages to a functional 1 bedroom apartment with entrance from back. Thereby turning the Triplex to a Fourplex. The bbd apt would model the second floorplan attached below (Minus the balcony of course) .


If it helps, Its a Triplex around Yorkdale area (in case location influences your choice).


Anyone have any idea of what kind of numbers each option might run?
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  • rise floorplan.jpg
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6 replies
Deal Addict
Nov 13, 2013
2412 posts
1189 upvotes
Ottawa
Some thoughts: Probably a one bedroom will Bring in more rent than the additional bedrooms on the bottom unit. Is the back street busy? Those ground level bedrooms might be undesirable. Reno will be more complicated and expensive of course. Also having four tenants is that much more hassle. Generally and probably in that area larger units attract more stable tenants. Finally while parking might bring in less revenue it also changes the mix of tenants. Granted in that area being car free might be very normal.
Member
Oct 21, 2013
284 posts
140 upvotes
waterloo, on
Option 2 will generate more rent. So thats what i would do.
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Jan 15, 2017
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How will these units be heated? Is this a shared furnace situation?
[OP]
Deal Addict
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Jun 6, 2007
1046 posts
53 upvotes
Toronto
fogetmylogin wrote: Some thoughts: Probably a one bedroom will Bring in more rent than the additional bedrooms on the bottom unit. Is the back street busy? Those ground level bedrooms might be undesirable. Reno will be more complicated and expensive of course. Also having four tenants is that much more hassle. Generally and probably in that area larger units attract more stable tenants. Finally while parking might bring in less revenue it also changes the mix of tenants. Granted in that area being car free might be very normal.
The backstreet is not busy at all. I don't think four tenants are bad at all. Plus there is additional parking for the other tenants already. the garage would just be vacant.
Stumbled upon RFD by mistake, best mistake of my internet life i must say...... :D
[OP]
Deal Addict
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Jun 6, 2007
1046 posts
53 upvotes
Toronto
Yea. I would imagine shared utility with the lower unit would be the best way for the conversion.
Stumbled upon RFD by mistake, best mistake of my internet life i must say...... :D
Deal Fanatic
Feb 22, 2011
9544 posts
11744 upvotes
Toronto
Definitely the extra unit. The baseline for rent is very high so the marginal benefit of extra rooms will not hit the benefit of another apartment.

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