Up to four units, appraisers still work from comparable sales adjusted for rental income, so recent sales of similarly suited Grosvenor Park properties drive the number more than any city average. Above four units, value normally shifts to stabilized net operating income against a market capitalization rate, and a lender will typically want a report from an Appraisal Institute of Canada designated appraiser.
What separates two similar-looking buildings on the same block is usually what is not on file. A suite added years ago with no permit is a renovation project priced like a single-family home, not income property, even if it has been rented out for years without incident.
Joel Dyck's hand-reviewed valuation confirms what is permitted, prices the rental income that is actually defensible, and counts the conversion work that never reached a permit file, which is exactly what an automated estimate on this kind of property gets wrong.
Get your hand-reviewed valuation from Joel Dyck.