Entire century-old apartment building in Toronto just hit the market for $8.5M

Toronto real estate prices might be enough to make your eyes water, but if you've got $8.5 million lying around, you could skip buying one very fancy house and become the landlord of an entire apartment building instead.

The mixed-use building at 781 St. Clair Ave. W. recently hit the market for $8,499,000.

Located in the heart of the St. Clair West area, the three-storey building has 20 residential apartments and two commercial spaces, meaning you're getting a lot more doors for your money than you would with your typical Toronto mansion.

The corner of the building. 

Originally built around 1920, the building has undergone some pretty significant upgrades in recent years.

According to the listing, more than $2.7 million has been spent on capital improvements, including new mechanical systems that are expected to substantially reduce utility costs.

The building's boilers were replaced in 2024 and are projected to cut gas bills by 25 per cent, while the roof is only five years old.

The solar panels on the roof. 

There are even solar panels that provide an energy rebate, which is not exactly something you see on every century-old Toronto apartment building.

A view of the third-floor addition. 

The biggest change came in 2021, when a third-floor addition added four new apartments with 10-foot ceilings and air conditioning.

And the rest of the building hasn't been ignored either, with 95 per cent of the residential units reportedly renovated.

The older part of the building. 

The apartments include one bachelor, 17 one-bedroom units, one one-bedroom-plus-den and one two-bedroom unit.

The front of the building. 

The average residential rent is currently $1,871 per month, which is below the current average, but when units become vacant, they can be leased at market rates.

Hydro is also separately metered, and the building has two washers and two dryers that are owned rather than leased.

Krave Coffee and Krave Juice have been at 781 St. Clair Ave. W since 2015. 

Downstairs, the building's two commercial spaces are occupied by Krave Coffee and Krave Juice.

The patio at Krave Coffee. 

Both businesses are on triple net leases that run until 2035 and include annual rent increases, providing another source of income for whoever has a spare $8.5 million and a sudden desire to get into the landlord business.

Right now, both businesses are bringing in almost $50,000 in annual rent. 

The location has a walking score of 97 and a transit score of  82.

Of course, location is also a major part of the property's appeal.

The building is located close to St. Clair West Station, giving tenants easy access to the subway, streetcar and the rest of the city.

The listing also notes that the property comes with attractive assumable financing, although buyers will presumably need a little more than the loose change to make the numbers work.

An aerial view of St. Clair Ave. W.

Still, compared to some of the single-family homes asking similar prices around Toronto, an entire building with 20 apartments, two businesses, and more than $2.7 million in recent upgrades almost sounds reasonable.

Almost.