204 SHEPPARD AVENUE W · Triplex

204 SHEPPARD AVENUE W is a 3-unit triplex in Toronto, ON, asking $2,680,000 — $893,333 per door.

That sits above the Toronto band of $425k - $750k per door. A price above the band has to be earned by rents, condition, or upside that the listing has not yet shown. Toronto cap rates screen 3.3% - 4.8% against average rent near $2,850 a door.

At 3 units this finances as residential, not commercial — MLI Select starts at five units. The qualifying rate still applies: federally regulated lenders test a 1–4 unit rental at the greater of your contract rate plus two points or 5.25%.

Toronto has unmatched rental depth but income yields are thin and diligence must focus on carry, policy, and execution. Investor demand reads very high, vacancy structurally tight.