A new commercial listing from Colliers was made public last week, and it offers an enticing rental investment opportunity in the neighbourhood of Markland Wood in Etobicoke. The property is owned by Hazelview Properties who acquired approvals for a two-building infill development for the site in 2023.
Located at 4340 Bloor Street West, the 2.49-acre property is situated in close proximity to Highway 427, Kipling GO Station, key amenities, and retail, including Cloverdale Mall and CF Sherway Gardens.
Currently, the site is occupied by a 15-storey, 86-unit, rental apartment building constructed in the 1960s. Since 2018, Hazelview has invested over $4.6 million in upgrades in the property, including the renovation of 36 units, building system enhancements, structural upgrades such as a 2024 roof replacement and 2019 balcony restoration, as well as common area repositioning, with the lobby and hallways recently updated.
Specs:
- Address: 4340 Bloor Street West
- Lot size: 108,464 sq. ft
- Zoning: Residential Apartment
- Occupancy rate: 96.5% within existing 86-unit apartment
- Approvals: OLT-approved for a 13 & 4 storey development with a GFA of 245,116 sq. ft
- Sales inquires: Colliers (Steve Keyzer, Alex Holiff)
On top of that, the building is 96.5% occupied, “reflecting strong tenant demand and stable in-place cash flow,” reads Colliers’ listing. Average rents in the building are also $1,911, or 43.5% below the market rate of $2,743, providing ample opportunity for income growth as units turn over.
“Over the past seven years, we’ve invested meaningfully in building systems, in-suite improvements, and energy retrofits at this property, while also securing entitlement for future infill development opportunities,” Michael Tsourounis, Chief Investment Officer at Hazelview Investments, tells STOREYS. “4340 Bloor St. West offers a well-located, income-producing property with the ability to pursue future densification without displacing existing residents. With its proximity to major transit at Bloor and Highway 427, it’s a rare opportunity to combine steady performance with long-term potential to expand much-needed housing supply.”
4340 Bloor/Colliers
While the existing building offers an attractive investment opportunity as is, Ontario Land Tribunal-approved intensification plans for the Residential Apartment-zoned site offer the potential for even greater returns via the delivery of nearly 300 new units.
The now-approved plans envision a 13- and four-storey development with a total of 245,116 sq. ft of Gross Floor Area and 297 apartment units. The dwellings would divided into three studio units, 133 one-bedroom units, 119 two-bedroom units, and 42 three-bedroom units, with a total of 462 parking spaces across three levels of underground parking.
Hazelview struggled to gain approvals for the proposal amid community pushback due to concerns surrounding a lack of larger unit sizes and the building’s height, amongst other complaints. But in October 2023, the proposal was approved by the OLT, three years after the application was first filed in December 2020.
The property is being listed by Colliers’ Steve Keyzer and Alex Holiff and interested parties are welcomed to submit an offer to purchase the property via a Letter of Intent.