Modern and trendy listings asking well below the city's current average price are often lacking in Toronto, especially near Kensington Market.

But this one-bedroom condo that is about to hit the market in the Kensington-Chinatown neighbourhood is proof that these listings do exist.

READ: 5 Condos You Can Buy in Toronto Below the Current Average Price

Price: $550,000

Address: 297 College Street, Penthouse 6

Brokerage: Harvey Kalles Real Estate Ltd. Brokerage

Agents:Zack Fenwick

Asking $550,000, the cozy 475-square-foot condo has a welcoming and light-filled living room area, one bathroom, wide-plank white oak floors, and 10-foot ceilings. Taxes for the property are $2,427.59 and condo fees come in at $399.66/month.

Image courtesy of Zack Fenwick

Not only is it the only penthouse in the building with direct southern exposure, it also comes with an oversized balcony where you can sit out and take in the postcard-worthy views of the CN Tower and the city skyline.

Image courtesy of Zack Fenwick

The bedroom can comfortably fit a queen-size bed and features floor to ceiling windows, which fill the room with natural sunlight.

Image courtesy of Zack Fenwick

Take a look at the stunning custom three-piece bathroom that has charming gold accents and a Restoration Hardware vanity for a luxe look.

Image courtesy of Zack Fenwick

Plus, the unit comes with a parking spot, a subzero fridge, a Wolf countertop oven, a Cuisinart stove, coffee market, and toaster, all dish-ware, all-new pots and pants, an LG washer/dryer, and electric blinds.

Image courtesy of Zack Fenwick

Image courtesy of Zack Fenwick

The unit is located in The College Condo at Spadina, which is equipped with a concierge, games room, guest suites, a gym, party and meeting rooms, and a rooftop deck with a garden.

And in case you needed any more convincing to consider making an offer, you'll also be living steps from several delicious restaurants and cafes.

Floor plan courtesy of Zack Fenwick