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$1,999,900
Est. payment /mo
2,500 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,500 sqft
Price per Sqft $799
Subdivision South D
MLS® Listing ID X12467479
Source London and St. Thomas Association of REALTORS®
Property Description
Purpose built four plex with 2 bedrooms in each unit with with strong valued opportunity with City of London approval to covert into an 8 plex with four 2 bedrooms on the main level and four 2 bedroom lower units. All units have been renovated from top to bottom. Presently 2 units have been converted into 2 bedroom upper and 2 bedroom lower units. The other 2 units are 2+1 bedrooms with a finished bathroom and lower levels roughed in for a 2nd bedroom and kitchen. Strong value-add opportunity with upside already approved. Conversion will increase NOI by over $30,000 annually and lift valuation by approximately $432,000. Present Gross annual Income $132,000 net $115,209.03 Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 net $146,119.03 at 6.5 cap bring valuation to $2,248,000. Over $400,000 value upside potential based on developed property income. Asking price premium includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings, 8x2 development approximately 75% complete." (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Heat Pump, Not known
Cooling Central air conditioning
Exterior
Parking Features No
View Y/N No
Total Parking Spaces 6
Private Pool No
Building
Sewer Sanitary sewer
Others
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Kevin Scharfenberg
Personal Real Estate Corporation | License ID: 180491
Personal Real Estate Corporation License ID: 180491