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New
231 GREENWOOD AVENUE London South, ON N6J3G5
14 Beds
6 Baths
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Approx. Sqft 2500 - 3000
Subdivision South D
MLS® Listing ID X14156364
Bedrooms 14
Property Description
Six units today, eight tomorrow - the building permit is issued, City of London zoning approvals are in place, ready for a renovation team to start. The conversion splits the finished basements of the two 2+1 bedroom units into two self-contained units, with the lower levels already roughed in for a bedroom and kitchen. All six existing units are fully renovated and gross $132,000 a year: two 2-bedroom uppers at $1,800, two 2-bedroom lowers at $1,600 and two 2+1 bedroom units at $2,100, each including a $100 water charge, with tenants paying their own utilities. Landlord expenses of about $17,080 leave a net operating income of $114,920, a 6.4% cap rate at the asking price. Built out to eight 2-bedroom units at $1,700 each, scheduled income rises to $163,200 a year and projected NOI to roughly $146,100. Solid brick, built in 1961, on a 66 x 198 ft lot with almost 3,000 sq ft above grade, central air, and parking for six. The permit was the slow, expensive part of adding units, and it is already done. A buyer steps into a fully tenanted, renovated building with income from day one and a clear path to two more doors. (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Forced air, Heat Pump, ,
Cooling Central air conditioning
Exterior
Parking Features No
View Y/N No
Attached Garage No
Total Parking Spaces 8
Garage No
Private Pool No
Building
Sewer Sanitary sewer
Listed by PRIME REAL ESTATE BROKERAGE
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