Get $3,750 Cash Back
261 GRACE STREET, Toronto (Palmerston-Little Italy) — listed at $1,499,999. Earn buyer cashback at closing. No catches, just more money in your pocket.
This unique end-unit townhouse offers an exceptional investment opportunity, featuring three self-contained apartments, each with its own private entrance, kitchen and three-piece bathroom. The basement apartment features one bedroom and a spacious living and dining area. The main-floor one-bedroom apartment offers a private walkout to the rear deck, complete with space for a barbecue. The second and third floors form a spacious three-bedroom apartment with two balconies offering spectacular views. There is shared laundry equipment on the lower level, providing added convenience. A 2 car detached garage with direct access to the rear laneway presents exciting potential for a future laneway house, subject to approvals, offering additional income or development possibilities while maintaining the feel of a traditional residential property. Ideally situated just half a block north of College Street, in the vibrant College and Grace neighbourhood, the property is surrounded by the best of Little Italy, including popular restaurants, cafés, patios, independent boutiques and lively local shops. Enjoy easy access to public transit, parks, everyday amenities and the dynamic atmosphere of one of Toronto's most sought-after urban communities. With only the basement apartment currently rented and the main-floor and upper-level apartments vacant, this property offers investors an excellent opportunity to secure rental income, lease the vacant units at current market rates and explore its future income and development potential. (id:60164)
What are the ongoing costs beyond the mortgage?+
Budget for annual property taxes of $7,021, heating is forced air, natural gas. Always verify the latest figures with your agent before making an offer — these change yearly.
How is the home heated? Is it efficient?+
Heating is forced air, natural gas. Gas heating is generally the most cost-efficient option in Ontario winters.
Is there air conditioning?+
Yes — central air conditioning, window air conditioner cooling is in place.
Could this work as an investment property?+
The basement description mentions: Apartment in basement, N/A. If it has a separate entrance, there may be rental income potential — but verify zoning and whether a legal second unit is permitted in Toronto (Palmerston-Little Italy) before counting on it.
How is the space laid out across floors?+
This is a 2.5-storey multi-family. The 5 bedrooms and 3 bathrooms are typically split with living areas on the main floor and bedrooms above — confirm the exact layout during a showing.
What makes this a luxury property?+
At $1,499,999, standout features include 3 bathrooms. In this price range, expect higher-end finishes — verify during a showing.
Ask About This Property
Nearby Places
Searching nearby places…
Benchmark price · Updated 2026-09
Year over year
Past 10 years
Similar listings
For Sale16 days20
For Sale45 days40
For Sale28 days22
For Sale9 days16The listing data above is provided under copyright by the Canadian Real Estate Association. While the information is considered reliable, its accuracy is not guaranteed by the Canadian Real Estate Association or getsetsold.ca. Neither getsetsold.ca nor its affiliates make any representations or warranties, express or implied, regarding the accuracy or completeness of the information presented here.















