MLS® listing
261 Grace Street: triplex for sale
$1,499,999
From the listing brokerage
This unique end-unit townhouse offers an exceptional investment opportunity, featuring three self-contained apartments, each with its own private entrance, kitchen and three-piece bathroom. The basement apartment features one bedroom and a spacious living and dining area. The main-floor one-bedroom apartment offers a private walkout to the rear deck, complete with space for a barbecue. The second and third floors form a spacious three-bedroom apartment with two balconies offering spectacular views. There is shared laundry equipment on the lower level, providing added convenience. A 2 car detached garage with direct access to the rear laneway presents exciting potential for a future laneway house, subject to approvals, offering additional income or development possibilities while maintaining the feel of a traditional residential property. Ideally situated just half a block north of College Street, in the vibrant College and Grace neighbourhood, the property is surrounded by the best of Little Italy, including popular restaurants, cafés, patios, independent boutiques and lively local shops. Enjoy easy access to public transit, parks, everyday amenities and the dynamic atmosphere of one of Toronto's most sought-after urban communities. With only the basement apartment currently rented and the main-floor and upper-level apartments vacant, this property offers investors an excellent opportunity to secure rental income, lease the vacant units at current market rates and explore its future income and development potential.
Facts on the listing
| Square feet | 1500-2000 |
|---|---|
| Style | 2 1/2 Storey |
| Basement | Apartment |
| Lot width | 17.58 |
| Lot depth | 105 |
| Lot measured in | Feet |
| Faces | West |
| Parking spaces | 2 |
| Garage | Detached |
| Heating | Forced Air |
| Cooling | Central Air, Window Unit(s) |
| Kitchens | 3 |
| Property tax | $7,021 |
| Tax year | 2025 |
| Interior features | Water Heater |
Listing courtesy of RIGHT AT HOME REALTY. MLS® C14096636.
About this triplex
261 Grace Street is a 5 bedroom triplex in TRREB's Palmerston-Little Italy community in Toronto, listed for sale at $1,499,999. The listing shows 3 bathrooms and 1500-2000 square feet. The style is given as 2 1/2 storey. The lot is listed as 17.58 by 105 feet. The listing gives the basement as apartment. It comes with 2 parking spaces and a detached garage according to the listing. The nearest main intersection given is College & Grace.
These details come from the listing brokerage through TRREB's MLS® System. Room sizes, the lot, the taxes and what is included in the sale should all be confirmed before an offer is firm.
What it costs to buy 261 Grace Street
At the asking price of $1,499,999, a buyer pays two land transfer taxes on closing: the Ontario tax and the City of Toronto's municipal tax. Both apply to every home inside the City.
| Asking price | $1,499,999 |
|---|---|
| Ontario land transfer tax | $26,475 |
| Toronto municipal land transfer tax | $26,475 |
| Both taxes | $52,950 |
| First-time buyer relief, if you qualify | up to $8,475 |
| Minimum down payment | $125,000 |
The down payment figure is the federal minimum: 5 percent of the first $500,000 and 10 percent of the rest. A lender can ask for more. These figures use the asking price, so they change if you pay more or less. Legal fees, title insurance and adjustments are extra: ask your lawyer for a written quote. This is general information, not legal or tax advice. Confirm the figures with a lawyer or accountant. You can change the price in our land transfer tax calculator and our mortgage calculator.
What it costs to own each month
| Property tax (2025) | $7,021 a year, about $585 a month |
|---|
That is before a mortgage payment, home insurance and utilities. The listing shows no monthly maintenance fee, so upkeep of the building and the lot is the owner's own cost.
What to check before you make an offer
- Book a home inspection. An inspector looks at the roof, foundation, wiring, plumbing and heating. The listing gives the heating as forced air.
- Have a lawyer search the title. A title search shows mortgages, liens and easements registered against the property. Ask whether a survey exists and whether it matches the lot on the listing, 17.58 by 105 feet.
- Ask about permits. Ask which renovations had building permits and whether those permits were closed. The listing shows 3 kitchens. If there is a second unit, ask whether it meets the municipality's rules for one.
- Confirm what is included. Appliances, light fixtures and window coverings are included only if the agreement says so. Ask whether the water heater or furnace is rented.
- Get your financing in writing. A lender looks at the property tax and heating costs as well as the price.
- See it in person. Photos do not show noise, light at different hours or the state of the street and the homes beside it.
Our first-time home buyer guide and our page for buyers walk through each step. This is general information, not legal advice. Confirm the details with a lawyer.
Toronto neighbourhoods and prices
Our neighbourhood guides set out TRREB prices by home type, transit and the housing in each area we cover.
Toronto neighbourhood guides · Toronto house prices · All Toronto homes for sale
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Questions about 261 Grace Street
How much is land transfer tax on 261 Grace Street?
At the asking price of $1,499,999 the Ontario tax is $26,475 and the Toronto tax is $26,475, $52,950 in total. A first-time buyer who qualifies can get up to $8,475 back. Confirm the final figures with your lawyer.
What is the minimum down payment for 261 Grace Street?
$125,000 at the asking price of $1,499,999, under the federal minimum down payment rules. A lender may require more.
How much is the property tax on 261 Grace Street?
The listing shows $7,021 a year for 2025, about $585 a month.
How do I book a showing for 261 Grace Street?
Use the form on this page or call us. Quote MLS® C14096636. We will confirm the listing is still available and arrange a time with the listing brokerage.
Is 261 Grace Street still for sale?
This page is refreshed from TRREB's MLS® System through the day. If the listing sells or is withdrawn the page says so. Contact us to confirm before you make plans.
The listing data is provided under copyright by the Toronto Regional Real Estate Board (TRREB). The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose. The data is deemed reliable but is not guaranteed accurate by TRREB or PropTx. Each listing shows the brokerage that listed it. Listings are updated every few minutes.
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