Property Information:

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:27)

Building Features:

Style: Multiplex
Building Type: Fourplex
Amenities: Separate Hydro Meters
Basement Development: Finished
Basement Type: N/A
Exterior Finish: Brick
Floor Space: 2500 - 3000 sqft
Foundation Type: Poured Concrete
Heating Type: Heat Pump, Not known
Heating Fuel: Electric, Natural gas
Cooling Type: Central air conditioning
Appliances: Water meter

Property Features:

Property Type: Multi-family
Amenities Nearby: Hospital, Park, Public Transit
Features: Flat site, Lane
Floor Space (approx): 2500 - 3000 Square Feet
Irregular: Yes
Lot Depth: 198.0 Feet
Lot Frontage: 66.0 Feet
Lot Size: 66 x 198 FT
Structure Type: Patio(s)
Utility Type: Hydro - Installed, Sewer - Installed, Cable - Available
Zoning: R3-2
Sewer: Sanitary sewer
Parking Type: No Garage, Shared
No. of Parking Spaces: 6

Courtesy of: PRIME REAL ESTATE BROKERAGE

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Demographic Information of 231 GREENWOOD AVENUE, London South (South D), Ontario, N6J 3G5

Life Stage

Nearly Retired

Employment Type

Service Sector/White Collar

Average Household Income

$98,293.50

Average Number of Children

1.72

Household Population

Household Structure

Age of Population

Education

Education Level

No certificate/diploma/degree

19.87 %

High school certificate or equivalent

29.28 %

Apprenticeship trade certificate/diploma

7.44 %

College/non-university certificate

26.5 %

University certificate (below bachelor)

0.24 %

University Degree

16.66 %

Commuter

Travel To Work

By Car

85.74 %

By Public Transit

5.77 %

By Walking

4.59 %

By Bicycle

1.2 %

By Other Methods

2.7 %

Cultural Diversity

Knowledge of Official Language

Mother Tongue

Building Information

Building Type

Apartments (Low and High Rise)

27.72 %

Houses

72.28 %

231 GREENWOOD AVENUE, London South (South D), Ontario, N6J 3G5