6 LAPP STREET · Duplex

6 LAPP STREET is a 2-unit duplex in Toronto, ON, asking $1,499,000 — $749,500 per door.

That lands inside the Toronto band of $425k - $750k per door, so the ask is not the thing that decides this deal — the rent roll is. Toronto cap rates screen 3.3% - 4.8% and average rent runs about $2,850 a door.

At 2 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.