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.
And even if Prince Arthur didn't once own the building it's still, as Balikoti puts it, "the ultimate investment property."
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.
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.
Additionally, there's plenty of parking space (six or more cars) and a Tesla charger rough-in at the back of the property.
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.
"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.
Alternatively, it could just be a great purchase for a Toronto landlord who appreciates old architecture.
Needless to say, this building is a gem waiting to be scooped up, especially after its listing price just dropped by $1.5 million.
Although, don't let the big price drop spook you. Balikoti assures it's not an indication of the building's quality.
"Due to the very unique nature of the building there's no comparables," he explained.
"Previously, we had this property listed exclusively and then we were testing the market at different price points."
Perhaps now at a better price point, the building will find its new owner.
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