The Memphis, 942 Yonge St: The 1992 Building Where Hydro Is in the Fee

The Memphis is the building I point to when a buyer tells me they want one predictable monthly number. At 942 Yonge Street, between Yorkville and Rosedale, the maintenance fee covers hydro as well as heat, air conditioning, water and parking, which very few Toronto condos still do. It is a 1992 building, and the fee looks high until you account for that. I’m Jatin Dua, RE/MAX Quantum Realty.

One fee that covers almost everything

The headline number at The Memphis is the fee. Current listings work out to roughly $1.19 per square foot, which looks expensive next to a newer midtown building quoting $0.80 to $0.95. On its own, that comparison is misleading.

The fee here includes hydro, heat, air conditioning, water and parking, on top of common elements and building insurance. In most buildings finished after about 2010, hydro and often heat and cooling are on a separate meter, and parking is either extra or bought separately. Add those back to the cheaper building and the gap closes quickly.

What you get is budget certainty. A hot July or a cold February does not change your monthly cost. The trade-off is that you are paying for the building’s overall energy use, not just your own, so an efficient owner subsidizes a careless one. If you are the type who keeps the thermostat low and the lights off, a sub-metered building rewards you more.

Ask the property manager for the building’s utility costs over the last three to five years. Bundled hydro and heat mean the corporation carries energy price risk, and that shows up in fee increases. A building that has kept increases modest while funding its reserve is a good sign; sharp jumps are a question to raise before you buy.

A 1992 mid-rise on a quieter stretch of Yonge

At 13 storeys and 268 suites, The Memphis is a mid-sized building by midtown standards. It sits on the stretch of Yonge north of Davenport, where the street is lined with low-rise shops and older apartment buildings rather than the towers clustered around Bloor.

That stretch feels different from Yorkville proper, a few minutes to the southwest. It is less polished and less busy, and the side streets toward Ramsden Park and Rosedale are residential. For many owners that is the appeal: you are close to Bloor Street without living in the middle of it.

I could not confirm the original developer or architect from a public source, and the building does not trade on its design. Buyers come here for location, square footage and the fee structure, not for the architecture.

Day to day, that means Yonge Street shops, cafés and groceries at the door, Bloor Street and Yorkville within a walk, and the parks and quiet streets of Rosedale close by. The data panel on this page covers transit, Walk Score, food and parks in detail.

Suite sizes and what 1992 means for layouts

Suites here range from roughly 441 square feet to just over 2,000. The current listings are one-bedroom and one-bedroom-plus-den suites in the 600 to 699 square foot band, which is noticeably more space than a new-build one-bedroom of 500 square feet or less.

Buildings from this era were generally designed with separate kitchens, deeper rooms and more closet space than today’s open-plan towers. The flip side is that original finishes, windows and in-suite heating and cooling equipment may be dated, and some suites will have been renovated while others have not. Two suites with the same floor plan can be in very different condition, so price the renovation into your offer.

Before you write an offer, ask for the floor plan, the exposure and a list of any renovations. In a building this age, the suite’s own history matters as much as the building’s.

Amenities that match the building’s age

The amenity list is practical rather than showy: concierge, a security guard and security system, a gym, a sauna, a media room and an underground parking garage. There is no pool, rooftop terrace or co-working lounge.

For most buyers here, that is fine. A shorter amenity list means fewer things to maintain and replace, and that matters in a building already more than 30 years old.

What The Memphis costs, and how to read the fee

The building has averaged about $787 per square foot. That is well below the newer towers around Yonge and Bloor, which regularly ask well over $1,000 per square foot, and it reflects both the building’s age and the absence of a brand-name developer.

Two one-bedroom suites in the 600 to 699 square foot band are currently asking between $574,900 and $599,900, with monthly fees between $753 and $796. Those fees include hydro and parking, so compare them against a newer building’s fee plus its hydro bill plus the cost of a parking space before deciding which is cheaper.

Leasing is a meaningful part of the picture here, with suites listed for rent alongside those for sale. For investors, the all-inclusive fee is easier to market to tenants, because there is no hydro bill to explain. For owner-occupiers, it is worth knowing that you will share elevators and amenities with renters, which is normal in a building of this size and location.

With 268 suites, there is usually enough sale and lease history to price a suite properly. The data panel on this page shows recent aggregate sale and lease figures; if you want a deeper look at what has traded, my building sold report covers it.

Building specifications

Amenities at The Memphis

The package covers the basics well: someone at the front desk, a place to work out, a sauna and secure underground parking. If a pool or a large rooftop is on your list, this is not the building for you.

Jatin’s honest take on The Memphis

The Memphis — frequently asked questions

Looking at Yorkville, the Annex and Midtown more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.