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Listed 2 months ago

502 Salem Avenue N

Dovercourt-Wallace Emerson-Junction, Toronto

$1,390,000

Detached|2-Storey
3 | 3 | 10
About this home

502 Salem Ave N - A Rare West-End Gem! Offered for the first time in 50 years! This cherished, detached two-storey family home sits on a larger 25 x 120-foot lot in the coveted Dovercourt-Wallace Emerson-Junction area. Nestled on a quiet, one-way street, this property offers the perfect blend of residential charm and urban pulse-located just steps from the trend-setting energy of Geary Avenue. | THE PROPERTY & POTENTIAL: A genuine blank canvas opportunity for renovators, builders, and savvy investors looking to design a custom dream home or develop a multi-unit property. + In-Law or Rental Potential: Features separate entrances to the main floor, second floor, and basement.+ Laneway Suite Potential: A laneway report is available, highlighting the opportunity to build a secondary dwelling for multi-generational living or maximum rental income. + Rare 10-Car Parking: Includes a detached 3-car garage (two doors on the private driveway, one on the laneway) plus a private driveway that accommodates an additional 7 vehicles. || LIFESTYLE & COMMUNITY: + Unmatched Urban Living: A Walk Score of 83 puts Toronto's best artisanal cafes, craft breweries, and independent boutiques right at your doorstep. + Green Space & Recreation: Minutes from Dovercourt Park (tennis courts, splash pad, and ice rink), Bartlett Parkette, and the Wallace Emerson Community Centre. + Excellent Connectivity: A commuter's dream with three nearby bus routes offering quick connections to the Bloor subway line. Enjoy close proximity to Corso Italia, Bloorcourt, and the Junction. | 502 Salem Ave N is a great opportunity to build equity in a rapidly evolving, vibrant revitalization area. Don't miss your chance to secure a detached foothold in one of the west end's hottest pockets.

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agent
Angela Montano
(647) 283-2643
TypeDetached
Style2-Storey
Approx. AgeNot available
Size1500-2000 sq. ft.
Property Tax$5,640
Lot Size25 ft x 120 ft
mls© NumberW13477728
Listed ByRIGHT AT HOME REALTY

Listing History

  • No recent sale history for this listing.
  • No recent lease history for this listing.

Schools

Could you afford this home?

What the bank counts

This home's actual carrying costs, payment stress-tested at 6%

Mortgage, tested at 6%
$7,115
Property tax
$470
Heat allowance
$150
Housing costs
$7,735 / mo

Lenders cap these at 39% of gross income — that sets the number.

Down payment20% · $278,000
25-yr amortization

Income needed

$238,000

gross annual household income

Payment at 4%
$5,849 / mo
Cash down
$278,000

Assumes no other monthly debts · 25-yr amortization

Full affordability check

Investment Analysis

Estimated rent, cap rate and monthly cash flow for this property

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