Apartment

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.

The building has 52 refrigerators, 52 stoves, gas boiler, gas water heater.

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.

231 Vaughan Road Toronto

There are only street parking spaces in this building.

The building has eight two-bedroom apartments, 36 one-bedroom units and eight bachelor apartments.

231 Vaughan Road Toronto

The gardens and common areas such as the corridors are well maintained according to the tenants.

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.

231 Vaughan Road Toronto

According to the tenants, there is no controlled access to the building except for a building key.

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.

231 Vaughan Road Toronto

A view of the building from the street.

“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.

231 Vaughan Road Toronto

The annual property taxes are $ 85,152.70.

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.

231 Vaughan Road Toronto

The yard is well maintained with lots of greenery.

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?


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