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$ 1,799,000
Est. payment | /mo
14 Beds
6 Baths
$ 1,799,000
Est. payment | /mo
14 Beds
6 Baths
Key Details
Property Type Multi-Family
Sub Type Multiplex
Listing Status Active
Purchase Type For Sale
Approx. Sqft 2500-3000
Subdivision South D
MLS Listing ID X12971596
Style 1 Storey/Apt
Bedrooms 14
Annual Tax Amount $6,136
Tax Year 2025
Property Sub-Type Multiplex
Property Description
Purpose-built fourplex now converted to a 6-unit income property, with City-approved plans for an 8-unit build-out. All units are FULLY RENOVATED TOP TO BOTTOM, offering immediate cash flow with significant upside. Presently the 2 bedroom upper rented at $1800p/m plus utilities and two 2 bedroom lower units rented at $1600p/m plus utilities. The other two units are 2+1 bedrooms with a finished basements and lower levels roughed in for a 2nd bedroom and kitchen at $2100p/m plus utilities.. Water and Taxes are $11789 for 2025..Present Gross annual Income $132,000. Net income $114,919.83 representing a cap rate of 6.4...Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 with a potential net income of $146,119.03 representing a cap rate 8.2. Asking price includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings in place with 8x2 development approximately 75% complete." Over $400,000 value upside potential based on developed property income.
Location
Province ON
County Middlesex
Area Middlesex
Rooms
Family Room No
Basement Finished
Kitchen 6
Interior
Interior Features None
Cooling Central Air
Exterior
Parking Features Lane, Unreserved
Pool None
Roof Type Asphalt Shingle
Lot Frontage 66.0
Lot Depth 198.0
Total Parking Spaces 6
Building
Foundation Poured Concrete
Others
Senior Community No
ParcelsYN No
Listed by PRIME REAL ESTATE BROKERAGE
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