$1,855,855
Available - For Sale
Listing ID: X8259362
224, 22 RICHMOND St , London, N6B 2H6, Ontario
| 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. |
| Price | $1,855,855 |
| Taxes: | $4234.26 |
| Assessment: | $459000 |
| Assessment Year: | 2016 |
| Occupancy by: | Tenant |
| Address: | 224, 22 RICHMOND St , London, N6B 2H6, Ontario |
| Postal Code: | N6B 2H6 |
| Province/State: | Ontario |
| Legal Description: | 230 Richmond Street:PT LT 10 , SW HORTON |
| Lot Size: | 119.50 x 110.00 (Feet) |
| Directions/Cross Streets: | Horton Street |
| Total Area: | 3978.00 |
| Total Area Code: | Sq Ft |
| Area Influences: | Public Transit Rec Centre |
| Approximatly Age: | 51-99 |
| Financial Statement: | Y |
| Chattels: | Y |
| Insurance Expense: | $3225 |
| Heat Expenses: | $5580 |
| Hydro Expense: | $5340 |
| Other Expenses: | $2657 |
| Operating Expenses: | $21331 |
| Expenses Actual/Estimated: | $Act |
| Washrooms: | 7 |
| Heat Type: | Forced Air |
| Central Air Conditioning: | None |
| Sewers: | Sewers |
| Water: | Municipal |
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| EXP Realty |
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Simon Huang
Broker
Bus:
905-241-2222
Fax:
905-241-3333
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At a Glance:
| Type: | Com - Investment |
| Area: | Middlesex |
| Municipality: | London |
| Neighbourhood: | East K |
| Lot Size: | 119.50 x 110.00(Feet) |
| Approximate Age: | 51-99 |
| Tax: | $4,234.26 |
| Maintenance Fee: | $295.21 |
| Baths: | 7 |
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