Mount Pleasant Apartment Building Sells for $10.6M

A 38-unit apartment building known as Prince Rupert Villa, at 727 East 7th Avenue in Mount Pleasant has sold for $10,640,000.

The 3-storey wood frame building was constructed in 1972 on a 17,729 SF (0.41 acre) lot with 145.5 feet of frontage on East 7th Avenue. The suite mix comprises 23 one-bedrooms, 12 studios, and 3 two-bedrooms, with 26 underground parking stalls. Based on a reported net operating income of $526,841, the transaction reflects a going-in cap rate of 5.0%.

Details:

• Purchase Price: $10,640,000
• Price per Unit: $280,000
• Cap Rate: 5.0%
• Number of Units: 38
• Building Type: 3-storey wood frame (1972)
• Site Area: 17,729 SF (0.407 acres)
• NOI: $526,841
• Zoning: RM-3

The $280,000 per unit result is notable in the context of recent Mount Pleasant apartment activity. In November 2025, a 23-unit walkup in the same neighbourhood sold for $7,550,000 ($328,261 per unit) at a 4.0% cap rate. Earlier, a 20-unit building at 2575 Windsor Street traded at $6,600,000 ($330,000 per unit) at a 3.2% cap rate. At $280,000 per unit, the East 7th Avenue sale reflects a wider cap rate (5.0%) and correspondingly lower per-unit pricing — likely a function of the building’s unit mix, which is heavily weighted toward studios and one-bedrooms.

The property is located within the Broadway Plan’s Mount Pleasant North Apartment Area — Area B, which designates the site for mid- to high-rise residential use and is eligible for rezoning. Several significant rezoning applications have been filed in the immediate area, including a 22-storey, 273-unit rental tower proposed at East 2nd and Brunswick Street and a 19-storey, 175-unit rental tower at 523-549 East 10th Avenue, both being considered under the Broadway Plan.

The sale was brokered by Goodman Commercial Inc.