223 River Street Toronto

Toronto apartment building just dropped its asking price by $1.5 million

Nestled in the heart of Cabbagetown is this small heritage apartment building

The two-storey building is relatively unassuming at first glance, but don't let the quaintness fool you. This property is fit for royalty!

It's rumoured to have once been owned by Prince Arthur, realtor Alex Balikoti tells blogTO.

223 River Street Toronto

One of the units with exposed brick and a fireplace in the living room. 

And even if Prince Arthur didn't once own the building it's still, as Balikoti puts it, "the ultimate investment property."

223 River Street Toronto

A kitchen in one of the ground floor units. 

The low-rise building boasts 13 bedrooms and 12 bathrooms spread out through 10 units, including an owner suite that offers three bedrooms and two bathrooms.

223 River Street Toronto

Another unit kitchen and living room. 

The units have all been renovated and updated over the years as well as have the potential to generate a 5 per cent or more cap rate. 

223 River Street Toronto

The backyard parking. 

Additionally, there's plenty of parking space (six or more cars) and a Tesla charger rough-in at the back of the property. 

223 River Street Toronto

Another unit. 

Balikoti, who is listing the property with his colleague Anna Sazonova, also mentions the opportunity for redevelopment, as 223 River Street is right across the street from the Tridel Regent Park redevelopment project. 

223 River Street Toronto

A recently renovated bathroom. 

"It's on a very small block of houses and it's the largest property on that block. So there's a potential of future redevelopment of the whole block, which makes it a perfect buy [for] who's land banking" he said. 

223 River Street Toronto

A living room in the ground floor unit. 

Alternatively, it could just be a great purchase for a Toronto landlord who appreciates old architecture.  

223 River Street Toronto

A recently updated kitchen with exposed brick walls. 

Needless to say, this building is a gem waiting to be scooped up, especially after its listing price just dropped by $1.5 million. 

223 River Street Toronto

One of the lower level units. 

The low-rise apartment building was first listed in June this year for $6,499,900 but has now been relisted for $4,999,9000

223 River Street Toronto

The units are spacious and bright. 

Although, don't let the big price drop spook you. Balikoti assures it's not an indication of the building's quality.

223 River Street Toronto

A balcony off one of the second-floor units. 

"Due to the very unique nature of the building there's no comparables," he explained.

223 River Street Toronto

A bedroom with a fireplace. 

"Previously, we had this property listed exclusively and then we were testing the market at different price points." 

223 River Street Toronto

The back of the building. 

Perhaps now at a better price point, the building will find its new owner. 

Photos by

Andrea Simone

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