Address
588 Ossington Avenue, Toronto, ON
Price
$ 1,699,000
Property Attributes
  • ID#C13162902
  • TypeTownhouse
  • Listing Status New
  • CityToronto
  • AreaPalmerston-Little Italy
  • NeighbourhoodPalmerston-Little Italy
  • Postal CodeM6G 3T5
  • Style2 1/2 Storey
  • Taxes$ 9637
  • Price$ 1,699,000
  • Bedrooms5
  • Full Bathrooms4
  • Half Bathrooms0
  • Sqr Footage2000-2500
Data Source:
Toronto Real Estate Board (TRREB)
Property Description

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.

Price History
5/22/2026 Listed $1,699,000

General Features

Sewer Sewer
Cooling Central Air
Roof Asphalt Shingle
Architectural Style 2 1/2 Storey
Pool Features None
Construction Materials Brick
Heater Type Forced Air
Property Subtype Att/Row/Townhouse
Tax Year 2025
Lot Depth 127.0
County Toronto
New Construction No
Property Type Residential Freehold
Attached Garage No
Facing Direction West
Garage Y/N Yes
Status New
City Toronto C01
Senior Community Y/N No
Lot Size Units Feet
Property Attached Y/N No
Tax Annual Amount 9637.24
Virtual Tour https://unbranded.youriguide.com/588_ossington_ave_toronto_on/
Standard Status Active
Occupancy Type Partial
Legal Description PT LT 35 BLK P PL 329 CITY WEST AS IN CA548961; CITY OF TORONTO

Interior Features

Interior Amenities None
Basement Finished,Separate Entrance
Heat Source Gas
Basement (Y/N) No
Air Conditioning Y/N Yes
Heating Y/N Yes
Fireplace Y/N No
Total Bedrooms 5
Elevator? No
Total Baths 4
Bedrooms 3+2
Living Area Range 2000-2500

Exterior Features

Parking Features None
Total Parking 2.0
Garage Type Detached
Foundation Details Unknown
Spa No
Waterfront Y/N No
Covered Spaces 2.0

Amenities

  • Views
  • New Construction
  • Adult 55+
  • Lease To Own
  • No Strata Fees
  • Furnished
  • Pets
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Townhouse Average in M6G 3T5

Price
AVG $1.7M
$1.7M
Taxes
AVG $9,637
$9,637
Visits
AVG 116
111
Data Provided by Inside Real Estate®