+33 more
14
Bedrooms
6
Bathrooms
3,000 sqft
Living Area
6
Parking
About This Property
This 14-bedroom, 6-bathroom multi-family in London South offers 3,000 sqft of living area. The property has lot dimensions of 66 x 198 FT. The home features heat pump, electric heating, central air conditioning, a finished basement. Highlights include a 6-car garage.
MLS Remarks
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. (id:60351)
Overview
Property Typeresidential
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