Here are steps to boost the value of the mixed use property:
1. Enhance Curb Appeal and Street Presence- Optimize Storefront Aesthetics: Since Roncesvalles Avenue is known for its charming, small-business atmosphere, make sure your property’s commercial storefronts are visually appealing. Invest in updated signage, clean facades, and attractive window displays. Street-level appeal is critical for driving interest from both tenants and buyers.
- Landscaping and Exterior Improvements: Small, affordable enhancements such as improved lighting, potted plants, or updated awnings can boost curb appeal significantly. These details can create a vibrant, inviting look that blends with Roncesvalles’ trendy and community-oriented vibe.
2. Boost Income Potential with Quality Tenants
- Secure Strong Tenants: Focus on filling any vacancies or renegotiating leases with quality, stable tenants before listing the property. Roncesvalles is known for its independent retailers, cafes, and boutique shops—attracting well-established businesses can increase the perceived value of the property.
- Long-Term Leases for Stability: Sign or renew leases with longer terms (5-10 years) at competitive rates. Buyers prefer properties with solid, long-term commercial tenants, as it ensures a steady income stream.
- Residential Tenants: For residential units, ensure rents are near market value. If any units are vacant, rent them out quickly to avoid presenting a partially vacant property. Given Toronto's strong rental market, finding tenants for Roncesvalles residential spaces should be straightforward, and an experienced real estate broker can help you with this.
3. Maximize Rental Income
- Gradually Increase Rents: For both commercial and residential tenants, consider increasing rents within the allowable limits under Ontario’s rent control laws. Roncesvalles Avenue is a desirable location, and rents can reflect the property’s premium location.
- Add Value with Amenities: Consider quick updates such as installing modern appliances, improving heating and cooling systems, or adding security features to justify slightly higher rent rates. This can enhance tenant satisfaction and increase income before the sale.
4. Optimize the Commercial Space
- Upgrade Commercial Interiors: Simple interior renovations like updating flooring, lighting, or fixtures in the commercial units can make the spaces more attractive to both current and prospective tenants. Clean, modern, and functional retail or office spaces are in high demand.
- Flexible Space for Tenants: Ensure that the commercial spaces are flexible and can accommodate a variety of tenant types (e.g., retail, office, or food service). Having versatile commercial space makes the property more appealing to a wider range of buyers.
5. Leverage Roncesvalles’ Neighborhood Appeal
- Promote Roncesvalles’ Culture and Community: This area is known for its European charm, vibrant cultural scene, and thriving small businesses. Highlight the neighborhood's appeal to potential buyers—emphasizing foot traffic, proximity to transit (such as TTC streetcars), how the business community is maintaining the neighbourhood through the Roncesvalles Village BIA, and community events like the Roncesvalles Polish Festival.
- Focus on Walkability: Roncesvalles is highly walkable, with access to parks, cafes, schools, and local shops. Use the property’s prime location in a neighborhood with a high walk score as a selling point. It appeals to both commercial tenants (seeking foot traffic) and residential tenants (who value convenience).
6. Streamline Property Management and Operations
- Reduce Operating Costs: Look for ways to reduce the building’s operational costs, such as by installing energy-efficient systems (LED lighting, smart thermostats) or upgrading the building’s HVAC system. Buyers are more likely to pay a premium for a property with lower running costs.
- Professionalize Management: If you manage the property yourself, consider hiring a professional property management company that can streamline operations, increase tenant satisfaction, and create a hands-off investment opportunity for buyers. If you're looking for property management firm recommendations, let me know.
7. Energy Efficiency and Sustainability
- Green Upgrades: If you have the budget, invest in energy-efficient upgrades such as improved insulation, solar panels, or energy-efficient windows. Toronto’s buyers are increasingly interested in sustainability, and this could justify a higher sale price.
- Government Incentives: Investigate any available energy-efficiency incentives or grants that could be used to make green improvements, increasing both the property’s value and its appeal to environmentally conscious buyers.
8. Prepare Financial Documents and Lease Agreements
- Long-Term Leases for Stability: Sign or renew leases with longer terms (5-10 years) at competitive rates. Buyers prefer properties with solid, long-term commercial tenants, as it ensures a steady income stream.
- Residential Tenants: For residential units, ensure rents are near market value. If any units are vacant, rent them out quickly to avoid presenting a partially vacant property. Given Toronto's strong rental market, finding tenants for Roncesvalles residential spaces should be straightforward, and an experienced real estate broker can help you with this.
3. Maximize Rental Income
- Gradually Increase Rents: For both commercial and residential tenants, consider increasing rents within the allowable limits under Ontario’s rent control laws. Roncesvalles Avenue is a desirable location, and rents can reflect the property’s premium location.
- Add Value with Amenities: Consider quick updates such as installing modern appliances, improving heating and cooling systems, or adding security features to justify slightly higher rent rates. This can enhance tenant satisfaction and increase income before the sale.
4. Optimize the Commercial Space
- Upgrade Commercial Interiors: Simple interior renovations like updating flooring, lighting, or fixtures in the commercial units can make the spaces more attractive to both current and prospective tenants. Clean, modern, and functional retail or office spaces are in high demand.
- Flexible Space for Tenants: Ensure that the commercial spaces are flexible and can accommodate a variety of tenant types (e.g., retail, office, or food service). Having versatile commercial space makes the property more appealing to a wider range of buyers.
5. Leverage Roncesvalles’ Neighborhood Appeal
- Promote Roncesvalles’ Culture and Community: This area is known for its European charm, vibrant cultural scene, and thriving small businesses. Highlight the neighborhood's appeal to potential buyers—emphasizing foot traffic, proximity to transit (such as TTC streetcars), how the business community is maintaining the neighbourhood through the Roncesvalles Village BIA, and community events like the Roncesvalles Polish Festival.
- Focus on Walkability: Roncesvalles is highly walkable, with access to parks, cafes, schools, and local shops. Use the property’s prime location in a neighborhood with a high walk score as a selling point. It appeals to both commercial tenants (seeking foot traffic) and residential tenants (who value convenience).
6. Streamline Property Management and Operations
- Reduce Operating Costs: Look for ways to reduce the building’s operational costs, such as by installing energy-efficient systems (LED lighting, smart thermostats) or upgrading the building’s HVAC system. Buyers are more likely to pay a premium for a property with lower running costs.
- Professionalize Management: If you manage the property yourself, consider hiring a professional property management company that can streamline operations, increase tenant satisfaction, and create a hands-off investment opportunity for buyers. If you're looking for property management firm recommendations, let me know.
7. Energy Efficiency and Sustainability
- Green Upgrades: If you have the budget, invest in energy-efficient upgrades such as improved insulation, solar panels, or energy-efficient windows. Toronto’s buyers are increasingly interested in sustainability, and this could justify a higher sale price.
- Government Incentives: Investigate any available energy-efficiency incentives or grants that could be used to make green improvements, increasing both the property’s value and its appeal to environmentally conscious buyers.
8. Prepare Financial Documents and Lease Agreements
- Clean Financial Records: Ensure all financials are up to date and well-organized. Buyers will want to see clear and accurate rent rolls, expense reports, and financial performance metrics. Properties with transparent and profitable financials are more likely to attract higher bids.
- Ensure Legal Compliance: Verify that the property complies with Toronto’s zoning, bylaws, and building codes, especially for any renovations or changes made to the property over the years. Buyers will appreciate properties with no pending compliance issues.
9. Utilize Toronto’s Strong Market for Mixed-Use Properties
9. Utilize Toronto’s Strong Market for Mixed-Use Properties
- Understand Current Market Trends: Toronto’s mixed-use properties are in high demand due to their flexibility and ability to generate multiple streams of income. Stay informed about the current pricing trends for similar properties on main streets like Roncesvalles.
- Work with a Local Real Estate Expert: Contact brokers with experience selling mixed-use properties in the city before you choose the one who would be the best fit for your needs. A competent and experienced commercial real estate broker will have valuable insights to share about what buyers are looking for and can guide you in pricing the property to attract competitive offers.
10. Stage the Property for Sale
- Stage Commercial Spaces: If a commercial space is vacant, consider staging it with furniture or temporary displays to demonstrate its potential. Buyers often have difficulty visualizing how a space can be used, so presenting a staged space can create a more attractive, turn-key opportunity.
- Maintain Common Areas: Keep common areas, hallways, and entrances clean and inviting. A well-maintained building leaves a good first impression on potential buyers and can positively influence the perceived value.
11. Prepare for Market Conditions
- Flexible Sale Terms: Be prepared to offer flexibility in the sale terms (e.g., flexible closing dates or terms for current tenants). This could be especially appealing to local investors looking to keep the existing tenant base intact.
- Flexible Sale Terms: Be prepared to offer flexibility in the sale terms (e.g., flexible closing dates or terms for current tenants). This could be especially appealing to local investors looking to keep the existing tenant base intact.
By following these strategies, you can maximize the sale price of your mixed-use property and create a compelling investment opportunity for buyers in Toronto’s competitive real estate market.