This entire 52-unit apartment building in Toronto is listed for $15 million
Normally when you see a property priced at $15 million it's for some Drake-worthy Bridle Path mansion or maybe a commercial building on a decent chunk of land.
In fact, apartment buildings rarely go on sale. Probably because most of them have long since been bought up by property management companies and condo developers.
But not this little gem!
Located at 231 Vaughan Road close to TTC, shopping and parks, is this 52-unit courtyard apartment complex listed for $14,900,000.
The building has eight two-bedroom apartments, 36 one-bedroom units and eight bachelor pads.
According to the listing, they're rented out at a "moderate" price, which if it's anything like some of the other similar buildings in the area would be between $1,500 - $2,500 a month per unit, depending on size.
And while rent might not be as lucrative as some of the newer condo buildings in Toronto, realtor Nick Brewerton points out that this building doesn't have any of those expensive maintenance pitfalls such as balconies, elevators, underground parking or a pool. There isn't even laundry on-site.
That being said it is an older building and according to one reviewer on RentItOrNot there are definitely some issues that need addressing, such as the water heater which goes out semi-annually and the windows.
"We never got our windows fixed. They were supposed to be fixed [two] weeks after we moved in. That was well over [five] years ago. They are pulling away from the wall," the reviewer wrote back in 2017.
Have they been fixed since then? Possibly, but somehow I doubt it.
But regardless of possible window replacement issues, this building could be a great investment opportunity considering you stand to make back roughly $1 million in rental income a year.
Not to mention the courtyard has been used as a filming location, so that means you can charge between $1,000 to $3,000 a day for filming location fees. Can you say cha-ching?
Join the conversation Load comments