Nestled in the heart of Cabbagetown is this small heritage apartment building. 

The two-storey building is relatively unassuming at first glance, but don't let the quaintness fool you. This property is fit for royalty!

It's rumoured to have once been owned by Prince Arthur, realtor Alex Balikoti tells blogTO.

One of the units with exposed brick and a fireplace in the living room. 

And even if Prince Arthur didn't once own the building it's still, as Balikoti puts it, "the ultimate investment property."

A kitchen in one of the ground floor units. 

The low-rise building boasts 13 bedrooms and 12 bathrooms spread out through 10 units, including an owner suite that offers three bedrooms and two bathrooms.

Another unit kitchen and living room. 

The units have all been renovated and updated over the years as well as have the potential to generate a 5 per cent or more cap rate. 

The backyard parking. 

Additionally, there's plenty of parking space (six or more cars) and a Tesla charger rough-in at the back of the property. 

Another unit. 

Balikoti, who is listing the property with his colleague Anna Sazonova, also mentions the opportunity for redevelopment, as 223 River Street is right across the street from the Tridel Regent Park redevelopment project. 

A recently renovated bathroom. 

"It's on a very small block of houses and it's the largest property on that block. So there's a potential of future redevelopment of the whole block, which makes it a perfect buy [for] who's land banking" he said. 

A living room in the ground floor unit. 

Alternatively, it could just be a great purchase for a Toronto landlord who appreciates old architecture.  

A recently updated kitchen with exposed brick walls. 

Needless to say, this building is a gem waiting to be scooped up, especially after its listing price just dropped by $1.5 million. 

One of the lower level units. 

The low-rise apartment building was first listed in June this year for $6,499,900 but has now been relisted for $4,999,9000. 

The units are spacious and bright. 

Although, don't let the big price drop spook you. Balikoti assures it's not an indication of the building's quality.

A balcony off one of the second-floor units. 

"Due to the very unique nature of the building there's no comparables," he explained.

A bedroom with a fireplace. 

"Previously, we had this property listed exclusively and then we were testing the market at different price points." 

The back of the building. 

Perhaps now at a better price point, the building will find its new owner.