588 Ossington Avenue, Toronto, ON M6G 3T5
Palmerston-Little Italy, Toronto · Near Ossington Ave & Harbord · View map
About this home
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.
The home
- Type
- Freehold townhouse
- Style
- 2 1/2 Storey
- Square footage
- 2000-2500 sq ft
- Bedrooms
- 3
- Basement bedrooms
- 2
- Bathrooms
- 4
- Kitchens
- 4
- Rooms
- 10
- Basement
- Finished, Separate Entrance
- Lot size
- 19.1 x 127 ft
- Faces
- West
Ownership & fees
- Ownership
- Freehold
- Monthly condo fee
- None
- Exterior
- Brick
Heating & cooling
- Heating fuel
- Gas
- Heating type
- Forced Air
- Air conditioning
- Central Air
- Fireplace
- No
Garage & parking
- Garage
- Detached
- Garage spaces
- 2
- Total parking
- 2
Taxes & other
- Property taxes
- $9,637/yr
- Tax year
- 2025
- Occupancy
- Partial
- Possession
- TBD
- Cross street
- Ossington Ave & Harbord
- Neighbourhood
- Palmerston-Little Italy
More
- Price per sq ft
- ~$755 (at 2,250 sq ft)
- Listed
- May 22, 2026 · 141 days ago
- MLS® number
- C13162902
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No features listed yet.
- Mortgage
- Property tax
- Maintenance fee
Cash needed to close
Estimates only, using Canadian semi-annual compounding, Ontario land transfer tax and Toronto municipal land transfer tax. Mortgage default insurance is added when you put down less than 20%. Your lender and lawyer will confirm exact numbers.
588 Ossington Avenue, Toronto, ON M6G 3T5
Palmerston-Little Italy, Toronto · Near Ossington Ave & Harbord
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Listing history for 588 Ossington Avenue
See what this home and others at the same address were listed for, what they sold for, and how long it took.
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Frequently asked questions about 588 Ossington Avenue
Answers come straight from this home’s MLS® listing.
How much is 588 Ossington Avenue listed for, and what would it cost each month?
588 Ossington Avenue is listed for $1,699,000. With 20% down ($339,800), the mortgage payment would be roughly $6,853 a month at 4.5% over 30 years. Add property tax and the estimate comes to about $7,656 a month, all in. That figure is an illustration, not a quote.
Is 588 Ossington Avenue a freehold or a condo townhouse, and is there a monthly fee?
588 Ossington Avenue is a freehold townhouse in Palmerston-Little Italy, Toronto. Ownership is freehold: you own the home and the lot. There is no monthly condo fee, so the roof, windows, driveway, snow and lawn are yours to look after.
How many bedrooms and bathrooms does 588 Ossington Avenue have?
588 Ossington Avenue has 3 bedrooms, plus 2 more bedrooms in the basement, and 4 bathrooms. The listing gives the style as 2 1/2 storey.
Does 588 Ossington Avenue have a garage and parking?
Yes. The listing shows the garage as detached, with room for 2 cars. In total the listing counts 2 parking spaces.
Does 588 Ossington Avenue have a finished basement?
The listing describes the basement as finished, separate entrance. It counts 2 bedrooms on that level. Finished basement space is usually not counted in the square footage shown.
How big is 588 Ossington Avenue, and what is the lot size?
The listing puts the home between 2,000 and 2,500 sq ft. The board reports a range rather than an exact figure, and it usually leaves out the basement. The lot is listed as 19.1 x 127 ft.
How is 588 Ossington Avenue heated and cooled?
Heating is forced air (gas). Cooling is central air.
What are the property taxes for 588 Ossington Avenue?
Property taxes are $9,637 a year (2025), or about $803 a month.
Where is 588 Ossington Avenue?
588 Ossington Avenue is in the Palmerston-Little Italy community of Toronto. The nearest main intersection is Ossington Ave & Harbord. The postal code is M6G 3T5.
How long has 588 Ossington Avenue been on the market?
588 Ossington Avenue was listed on May 22, 2026. It has been on the market for 141 days. It is an active listing (MLS® C13162902). Listings here update from the board through the day and come down once a home sells.
What are similar townhouses near 588 Ossington Avenue asking?
Similar townhouses for sale nearby right now include 352B Harbord Street at $1,799,000 (3+1 bed), 442 Crawford Street at $1,595,000 (3 bed) and 266 Roxton Road at $1,198,000 (4 bed). These are asking prices, not sold prices. The Sold history tab shows what homes at this address went for.
What have homes at 588 Ossington Avenue sold for?
Recent sales, leases and expired listings for this home and others at the same address are in the Sold history tab, with the price and date of each. It is free for members.
How do I book a showing at 588 Ossington Avenue?
Pick a day and time with Book a Tour on this page. Tours are free, with no obligation, in person or by video. You can also call or text 647-619-2256.
Have a different question? Ask about this townhouse and get an answer, usually within the hour.
Similar townhouses nearby
More townhouses for sale near Palmerston-Little Italy, picked by type, size and price.
Freehold townhouse$1,799,000352B Harbord Street, Toronto3+1 bed · 3 bath · Palmerston-Little ItalyCourtesy of: SOTHEBY'S INTERNATIONAL REALTY CANADAView townhouse →
Freehold townhouse$1,595,000442 Crawford Street, Toronto3 bed · 3 bath · Palmerston-Little ItalyCourtesy of: ALLAN M SPIVAKView townhouse →
Freehold townhouse$1,198,000266 Roxton Road, Toronto4 bed · 2 bath · Palmerston-Little ItalyCourtesy of: KELLER WILLIAMS REFERRED URBAN REALTYView townhouse →Courtesy of: RE/MAX REALTRON REALTY INC.
Listing information comes from the Toronto Regional Real Estate Board through PropTx and is deemed reliable but is not guaranteed accurate. It is provided for consumers' personal, non-commercial use. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
*Estimated monthly cost assumes 20% down, a 4.5% rate and a 30-year amortization, plus property tax. For illustration only.