A five-unit Annex Semi Detached property with the kind of envelope and location that is not being built at today's replacement cost. Legal four-plex above grade plus a legal non-conforming lower suite across five thousand two hundred twenty-five plus square feet on Walmer Road, one of the most tenured income streets in central Toronto. In-place rents sit well below current Annex benchmarks. Income reflects long-tenured tenancies rather than today's market. The unit mix is differentiated - not five interchangeable bachelors. Unit two on the main floor is a one thousand three hundred ninety-six square feet parlour-floor residence with a twenty-one foot living room, fireplace, oversized kitchen, and a seventeen foot principal bedroom. Unit five on the third floor (one thousand one hundred seventy-one square feet) is configured with two kitchens, two four-piece bathrooms, two primary bedrooms, an office, and a dining room - lives as one generous suite today. Unit four (seven hundred fifty-eight square feet) has a four-piece ensuite, walk-in closet, and living space. Unit three (seven hundred ten square feet) is a full one-bedroom with fireplace, kitchen, and dining. Unit one in the lower level (one thousand one hundred ninety-one square feet, legal non-conforming) reads as a proper apartment: one-bedroom plus fifteen-foot den, full kitchen, three-piece bath, and private utility room. Three distinct buyer paths converge here. For the investor, five legal income streams on a single folio; a demand floor set by University of Toronto, downtown professionals, and the Dupont / Spadina subway corridor. For the owner-investor - multiple units are suitable and are amongst the most substantial owner's suites found inside a purpose-built Annex income property; live in it and let the other four units carry the debt while optionality is preserved. For the long-view buyer planning a single-family reversion - five thousand two hundred twenty-five plus square feet of interior envelope is a credible footprint for a top-of-market Annex restoration; and the existing plumbing stacks, kitchens, and floor plates make either path possible without starting from zero. Walking distance to Bloor Street, Casa Loma, the University of Toronto,and the Spadina subway line.