MULTI-PROPERTY MULTI-UNIT INVESTOR'S PACKAGE - 7 UNITS/DOORS & PARCEL OF LAND w/ 9+ ADDITIONAL UNIT DEV POTENTIAL: This listing includes a three unit building and two legal duplex units, a single car garage along with a parcel of tied land (three seperate addresses; 224, 226 & 230 Richmond Street). At the mouth of downtown London on the historic Richmond Street just north of the Thames River and northeast of iconic Wortley Village; this offering has investment potential as a short or long term hold; with ample possibilities at future development. These properties are currently fully tenanted. Present Net Operating Income (NOI) before lending costs of the seven combinded rented units is over $67,000 and at current market rents (conservative values) could be over $100,000 Net Operating Income (NOI) before lending costs (refer to Proforma in Documents). 230 Richmond Street is a three unit building with three bedroom units on the main and upper levels and a two bedroom unit on the lower level. All units in this three unit building include in suite laundry and dishwashers. Main floor unit was freshly renovated in 2021. All present tenants pay their hydro expenses in this property. 226 Richmond Street is a semi-detached duplex with a one bedroom upper unit and one bedroom lower unit. 224 Richmond Street is the other half the semi-detached duplex and has a two bedroom upper unit and a two bedroom lower unit. 224 Richmond Street also includes a parcel of tied land (formally three seperate addresses - 220 & 222 & 224 Richmond Street that have merged under single ownership). Property being sold as is/where is(R3-1 zoning). Adjacent properties are zoned as AC4 commercial. Planner has suggested that Nine - Fifteen Unit building can be constructed on vacant lot that is currently part of 224 Richmond property. This oppurtunity is particularly valuable to potential developers/ builders. (id:47423)
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Detailed Information
Lot
120 x 110 ft
Amenities Nearby
Hospital, Park, Place of Worship, Playground, Public Transit, Schools, Shopping
Community Features
Community Centre, School Bus
Listing Contract Date
2022-05-06
Location Description
Take Horton Street to Richmond Street; Head South; Property on East Side of Street
Ownership Type
Freehold
# of Parking Spaces
8
Property Type
Other
Transaction Type
For sale
Zoning Description
R3-1
Building
Basement Development
Partially finished
Basement Type
Partial (Partially finished)
Cooling Type
None
Exterior Finish
Brick, Vinyl siding
Fire Protection
Smoke Detectors
Fixture
Ceiling fans
Foundation Type
Poured Concrete
Heating Fuel
Natural gas
Heating Type
Forced air, Hot water radiator heat, Radiant heat
Stories Total
2
Size (Exterior)
3978
Utility Water
Municipal water
Parking Spaces
Name
Spaces
Detached Garage
Land
Total Size
under 1/2 acre
Access Type
Road access
Amenities
Hospital, Park, Place of Worship, Playground, Public Transit, Schools, Shopping
Sewer
Municipal sewage system
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