This entire 52-unit Toronto apartment building is listed for $ 15 million
Normally when you see a property priced at $ 15 million it’s for a Drake-worthy Bridle Path mansion or maybe a commercial building on a decent piece of land.
In fact, apartment buildings are rarely offered for sale. Probably because most of them have long been bought out by property management companies and condo developers.
But not this little gem!
Located at 231 Vaughan Road, close to TTC, shopping and parks, this 52-unit courtyard apartment complex registered for $ 14,900,000.
The building has eight two-bedroom apartments, 36 one-bedroom units and eight bachelor apartments.
According to the list, they are rented at a “moderate” price, which, if it is one of the other similar buildings in the area, would be between $ 1,500 and $ 2,500 one month per unit, depending on size.
And while the rent might not be as lucrative as some of the new condo buildings in Toronto, realtor Nick Brewerton points out that this building doesn’t have any of those expensive maintenance traps like balconies, elevators. , underground parking or swimming pool. There is not even a laundry on site.
That being said, this is an older building and, according to a reviewer on Rent or Not there are certainly some issues to be addressed, such as the water heater that turns off every six months and the windows.
“We never had our windows repaired. They were supposed to be repaired [two] weeks after we moved in. It was well over [five] years ago. They are moving away from the wall, ”the reviewer wrote in 2017.
Have they been corrected since? It is possible, but in a way I doubt it.
But whatever the possible window replacement issues, this building could be a great investment opportunity given that you could recoup around $ 1 million in rental income per year.
Not to mention that the courtyard was used as a filming location, which means you can charge between $ 1,000 and $ 3,000 one day for the cost of the filming location. Can you say cha-ching?