- What 1018 Finch Avenue West is on the market
- Why The valuation works out to $379/sq ft
- What next RE/Max Realtron Realty has the assignment
A boutique office building in the North York district of Toronto is on the market for $11.6m.
The property, built in 1991, is at 1018 Finch Avenue West in York University Heights. The valuation for the roughly 31,000 sq ft building comes out to $379/sq ft. RE/Max Realtron Realty has the marketing assignment.
The Class-B asset is 79% leased. Tenants include Bazyar Law, Benjamin Law and Bergel Magence.
The elevators and heating and cooling systems were recently upgraded, and the underground driveway has been newly asphalted and heated. There are 35 above-ground parking spaces and 20 underground spots.
The five-storey office building is near the intersection of Dufferin Street and Finch Avenue West, 16 km from downtown Toronto.
Finch West subway station and Downsview GO Station are within 3 km, and several TTC bus routes, including the 104, 105 and 107, service the property as well. It’s also close to G Ross Lord Park, Downsview Park and Yorkdale mall.
According to Colliers, the office vacancy rate in the Dufferin-Finch submarket was 4.2% in Q2. The figure was among the lowest in the Greater Toronto Area, where the average vacancy rate was 12.6%.
There are 32 office buildings in the Dufferin-Finch submarket. The weighted average asking net rent in the node was $12.87/sq ft in Q2, compared with the Central North average of $20.95/sq ft. Weighted average asking gross rents were $28.85/sq ft and $42.72/sq ft.
