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Palmerston-Little Italy · M6G 3T5
$1,699,000
MLS® #C13162902
5
Bedrooms (3+2)
4
Bathrooms
2000-2500
Sq Ft
About This Property
Welcome to 588 Ossington Avenue, a rare opportunity to own a dynamic, income-generating property in the heart of Palmerston-Little Italy-one of Toronto's most vibrant and consistently high-demand rental locations. The property is currently configured as four self-contained units, offering multiple income streams and strong flexibility for investors or end-users looking to offset carrying costs. The main floor features a spacious 1+den, 1-bath suite with additional recreational space on the lower level and direct access to a large backyard. The basement includes a separate self-contained bachelor Suite. The second level offers a bright 1+den suite with a private balcony, while the third floor hosts a well-sized 1-bedroom unit. The third-floor tenant is currently on a month-to-month basis, with the remaining units vacant-providing immediate flexibility for leasing or end-user occupancy. Based on current market conditions and rental assumptions, the property presents the potential for an attractive return profile, with cap rate performance that may approach or exceed the 5% range; buyers are advised to conduct their own due diligence. This home offers a turnkey opportunity with limited immediate capital requirements. Features include three separate hydro meters, individual climate control, updated windows, and modern interior finishes throughout. A standout feature is the two-car garage with rear laneway access, significantly enhancing both functionality and tenant appeal. Positioned just steps to Ossington's renowned restaurants, cafes, parks, and transit, this location supports exceptional walkability, strong rental demand, and long-term growth potential.An outstanding opportunity to secure a well-located downtown asset with income-generating potential.
General Information
Building & Mechanicals
Basement
Parking & Garage
Lot & Land
Interior Features
Features
Pool
Taxes
Rooms
| Room | Level | Dimensions |
|---|---|---|
| Living Room | Main | 11' 9" × 17' 11" |
| Dining Room | Main | 11' 9" × 17' 11" |
| Kitchen | Main | 11' 9" × 13' 5" |
| Primary Bedroom | Main | 12' 3" × 12' 6" |
| Den | Main | 11' 10" × 9' 8" |
| Living Room | Second | 15' 4" × 15' 4" |
| Kitchen | Second | 9' × 15' |
| Primary Bedroom | Second | 12' 1" × 12' 4" |
| Den | Second | 8' 10" × 7' 7" |
| Living Room | Upper | 12' 6" × 10' 11" |
| Kitchen | Upper | 15' 4" × 10' 8" |
| Primary Bedroom | Upper | 12' 11" × 13' 8" |
| Recreation | Lower | 11' 4" × 20' |
Mortgage Calculator
Estimated monthly payment
$8,347
Down payment: $339,800 · Loan: $1,359,200
Estimate only. Actual rates and payments vary by lender.
Virtual Tour
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Listing courtesy of:
RE/MAX REALTRON REALTY INC.
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The information provided is for personal, non-commercial use and may not be used for any purpose other than identifying prospective properties consumers may be interested in purchasing. Last updated: May 22, 2026.
Measurements, dimensions, and other property details are provided by the listing brokerage and have not been independently verified. Information is deemed reliable but is not guaranteed and should be confirmed by the buyer and their representative.