Ultima II - South — Rental Market Data

Ultima II – South has four active rental listings as of August 31, 2026, with asking rents ranging from $2,300 to $2,600 per month, an average of $2,438 per month, and a median of $2,425 per month. The average suite size across these listings is 600 square feet at an asking rate of $4.08 per square foot. Inventory is split evenly between one-bedroom and one-bedroom-plus-den layouts, with no two-bedroom or larger units available, so the current offering leans toward compact entry-level and small executive suites rather than family-sized floor plans.

The dominant active layout at Ultima II – South is the one-bedroom, with two listings representing 50 percent of available inventory. One-bedroom suites average $2,375 per month across 550 square feet at $4.32 per square foot, while the two one-bedroom-plus-den units average $2,500 per month across 650 square feet at $3.85 per square foot. Both tiers carry a small-selection sample size of two units each, and no other bedroom categories are currently listed.

Ultima II – South's active asking rents span from a minimum of $2,300 per month to a peak of $2,600 per month, a dollar spread of $300 or 13 percent. The median asking rent sits at $2,425 per month. The entry-level suite is a one-bedroom at 550 square feet priced at $4.18 per square foot, while the peak listing is a one-bedroom-plus-den at 650 square feet asking $4.00 per square foot, meaning the larger den unit actually carries a lower per-square-foot rate despite the higher monthly figure.

At Ultima II – South, adding a den to a one-bedroom adds an average of $125 per month for an additional 100 square feet of space, equating to a marginal cost of $1.25 per square foot for the extra den area. Active parking premiums cannot be reliably isolated from the current listing sample due to insufficient paired data, though historical closed leases show a verified parking add-on of $58 per month.

Ultima II – South's active asking rent of $2,438 per month and rate of $4.08 per square foot compare to the North York City Centre submarket averages of $2,753 per month and $3.84 per square foot for active listings. The building's nominal monthly rent is lower than the submarket average, but that gap is explained by a more compact 600-square-foot suite profile versus the broader submarket mix; on a per-square-foot basis, Ultima II – South asks 6.3 percent above the submarket asking benchmark. The building currently represents four out of 216 available listings in the North York City Centre submarket, or roughly 1.9 percent of total active inventory.

Ultima II - South's all-time average realized lease rent of $2,536 per month sits $6 above the four-comp benchmark of $2,530, placing it squarely in line with its immediate Yonge Street and Hollywood Avenue neighbours. Ultima I - North (4978 Yonge St, 0.02 km, 21 closed leases) averaged $2,468 per month at $3.55 per square foot across 707 square feet, meaning the subject commands a $68-per-month higher rent. Pearl Place (4955 Yonge St, 0.08 km, 27 closed leases) averaged $2,543 per month at $4.13 per square foot over 628 square feet, so the subject trades at a $7-per-month lower rent. Platinum Towers I (23 Hollywood Ave, 0.12 km, 14 closed leases) realized $2,773 per month at $3.51 per square foot across 811 square feet, placing the subject at a $237-per-month lower rent. Broadway II (155 Beecroft Rd, 0.13 km, 18 closed leases) averaged $2,336 per month at $3.69 per square foot over 638 square feet, with the subject commanding a $200-per-month higher rent.

Ultima II - South leases at $3.59 per square foot across an average 713-square-foot suite, offering a lower per-square-foot rate than the submarket leased benchmark of $3.75 per square foot while delivering more interior space than three of its four active competitors. Against Ultima I - North, the subject trades at a $0.04-per-square-foot (1.1%) premium while providing 6 more interior square feet, a near-identical footprint with a slightly higher rate. Versus Pearl Place, the subject trades at a $0.54-per-square-foot (13.1%) discount and provides 85 more interior square feet, so the $7-per-month lower nominal rent reflects a genuinely cheaper per-square-foot rate rather than a smaller unit. Against Platinum Towers I, the subject commands a $0.08-per-square-foot (2.3%) premium but provides 98 fewer interior square feet; the $237-per-month lower nominal rent is driven entirely by the smaller footprint, not a discount in asset valuation. With Broadway II, the subject trades at a $0.10-per-square-foot (2.7%) discount while providing 75 more interior square feet, meaning the $200-per-month higher rent is a function of the larger suite rather than a rate premium.

Ultima II - South offers a ten-item amenity suite anchored by a Business Centre, Golf Simulator, and Dining Room & Kitchen that collectively differentiate it from three of its four nearby competitors. The Business Centre and Golf Simulator are absent from Ultima I - North, Pearl Place, Platinum Towers I, and Broadway II, giving the subject a distinct remote-work and recreational edge. Conversely, Pearl Place adds a Hot Tub & Jacuzzi, Rooftop Terrace, BBQ Area, Library & Reading Room, and Media & Theatre Room that the subject does not carry, while Platinum Towers I includes a Bowling alley and Library & Reading Room, and Broadway II offers a Hot Tub & Jacuzzi. Ultima I - North matches the subject on most core features but substitutes a Media & Theatre Room and Rooftop Terrace for the subject's Business Centre and Dining Room & Kitchen. This amenity mix—pairing aquatic wellness (indoor pool, sauna, steam) with dedicated business infrastructure and a golf simulator—best serves professional tenants in the 28-to-45 range who prioritize a functional home-office environment and structured recreation over open-air rooftop social spaces.