You can buy an entire Toronto apartment building for $4.25 million (PHOTOS)

For the price of a luxury home, you can buy an entire 10-unit apartment building.

Listed for $4,250,000, 415 Wilson Avenue is what you’d call a perfect long-term investment opportunity.

“It’s for someone wanting to invest for the future,” said realtor Vito Marchese.

And the reason it’s geared more towards long-term plans is because the building is currently fully tenanted and the rents are well below market rate.

“They’re all long-lasting tenants,” Marchese said. “Some of them have been there for 40 to 50 years.”

This also explains why Marchese wouldn’t share the capitalization rate or rent roll with blogTO, because these details likely wouldn’t make the investment look very promising at first glance.

However, if you’re looking for somewhere that could eventually be a solid income property, this place has a ton of potential.

The building is in a good location close to highways, shops, and transit, and has been well-maintained.

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There’s no need for immediate repairs, according to Marchese. He mentions that the roof and boiler are relatively new (10 years old).

As for future rental income potential – once the very established tenants leave – there are some positives there, too.

For example, since it’s an older building, the units are quite large, so you could charge a premium for that.

There are six two-bedroom units and four one-bedroom units. With market rate rent being an average of $2,538 a month for a one-bedroom and $3,286 a month for a two-bedroom, that’s roughly a $360,000 gross yearly income.

Marchese also says that this area has a high demand for rentals, so you’ll probably never have trouble finding a new tenant.

Other things to note about the multiplex are its coin-operated washers and dryers, a heated garage with a total of 14 parking spots, separate hydro meters, and terrazzo floors throughout.

The only problem? You’ll need the capital to be able to hold out long enough to see that return on investment, and if we’re being honest, most people probably don’t have that kind of coin lying around.