224, 226 & 230 Richmond Street, London, ON, N6B 2H6

$1,855,855

MLS® # 40254289

Investment For Sale In Central London, London, Ontario

$1,855,855

Property Information:

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.

Inclusions: Carbon Monoxide Detector,Smoke Detector,Window Coverings,Includes Appliances From All Units And Shared Laundry Facility (Shared By 226 & 224 Richmond Street)- 7 Stoves, 7 Refridgerators; 3 Dishwashers; 4 Washing Machines; & 4 Clothes Dryers.

Exclusions : All Items Owned By Current Tenants (Interior & Exterior Items).

Building Features:

  • Floor Space: 2078 Square Feet

Property Features:

  • Bedrooms: 14
  • Acres Range: < 0.5
  • Basement: Separate Entrance, Walk-Out Access, Walk-Up Access, Partial, Partially Finished
  • Construction Materials: Vinyl Siding
  • Cooling: None
  • Driveway Parking: Lane/Alley Parking, Private Drive Single Wide
  • Floor Space (approx): 2078 Square Feet
  • Heating: Forced Air, Natural Gas, Radiant
  • Interior Features: Separate Hydro Meters
  • Laundry Features: Common Area, In-Suite, Shared
  • Lot Depth: 110 Feet
  • Lot Features: Urban, Rectangular, Arts Centre, Business Centre, City Lot, Hospital, Library, Open Spaces, Park, Place of Worship, Playground Nearby, Public Parking, Public Transit, Rec./Community Centre, Regional Mall, School Bus Route, Schools, Shopping Nearby, Trails, Other
  • Lot Frontage: 119.50 Feet
  • Parking Features: Detached Garage
  • Road Frontage Type: Public Road, Year Round Road
  • Road Surface Type: Paved
  • Roof: Asphalt Shing
  • Security Features: Carbon Monoxide Detector, Smoke Detector, Carbon Monoxide Detector(s)
  • Water Source: Municipal-Metered
  • Window Features: Window Coverings
  • Zoning: R3-1
  • Sewer: Sewer (Municipal)
  • No. of Parking Spaces: 8

Courtesy of: EXP REALTY, BROKERAGE

Data provided by: London St. Thomas Association of REALTORS® 342 Commissioners Rd. W., London, Ontario N6J 1Y3
All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind. Copyright© 2021 All Rights Reserved

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