Just a few years ago, 1440 and 1436 Avenue Rd., aka Lytton Heights used to be some pretty average Toronto apartment buildings in North York.

The 1950s apartment buildings were a bit dated, but rent was reasonable and the units were spacious. 

However, recently the buildings have been undergoing a massive renovation, and now they're being touted as luxury apartments. 

A bedroom in one of the two bedroom units. 

"Suites that offer luxury living in an upscale midtown location," reads the Lytton Heights home page.  

Lytton Park has long been a affluent neighbourhood with prestigious schools, like Havergal College, being just steps away and homes in the area selling on average for almost $3 million.

The living room. 

So it's no surprise these buildings are being turned into an upscale apartment complex. 

Now, both 1436 Avenue Rd. and 1440 Avenue Rd. are being listed for $4,795,000 each. 

Each building features four two-bedroom units and a single one-bedroom unit. 

The new kitchen. 

The units are very nicely done with new stainless steel appliances, wide plank hardwood floors, big windows, and a contemporary aesthetic. 

A balcony. 

The buildings also have four parking spots, and units come with balconies, storage lockers and in-suite laundry. 

A bedroom in one of the units. 

Eventually, the Lytton Heights complex will consist of 19 boutique five-plexes, according to their website. But right now, only five, including 1436 and 1440 Avenue Rd., have been renovated and are now ready to be rented out. 

The updated bathrooms. 

While the listing does advertise these buildings as "turnkey investment" properties, it's unclear how many units in 1436 and 1440 Avenue Rd. are currently tenanted.

The open concept kitchen and dining areas. 

The website says that this is just the first phase of the release, but looking at some of the rental websites, some units within the buildings were leased out last year. 

The units get tons of natural light. 

For example, unit 4 – a two-bedroom– was leased out last August for $3,395 and unit 1 – the lower level one-bedroom unit– was leased out for $2,000. 

The bedrooms are spacious and bright. 

But there still seem to be some units that need to be filled as the website has "two-bedroom units starting at $3,395, with one month of free rent", in big shouty capital letters on their website. This is pretty on par for the average rent in Toronto for a two-bedroom. 

The one-bedroom unit starts at $2,195 a month, which is also in line with market rates.

The open-concept living area. 

So if you did get the advertised rate that would be a cushy $189,300 gross annual rental income per building, and as more buildings go up around the renovated five, that amount will likely increase because that's generally how things go. 

Views of Havergal College across the street. 

And while that's great from an investment standpoint, it is kind of a shame because the city needs more affordable housing and less luxury boutique apartments. 

But at least the buildings didn't get mowed down and turned into a condo tower... so that's something.