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Type: Investment
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Property Type: Commercial
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Zoning: R3-1
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Age: 51-99 years
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Taxes: 4234.26
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MLS®#: X8259362
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Days on Site: 926 Days
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Added: May 05, 2022 (2 years ago)
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Updated:
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Last Checked: 3 hours ago
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Listed By: EXP Realty
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.
Property
Status: Sale
Property Type: Investment
Age: 51-99
Area: London
Community: East K
Availability Date: Flexible
Assessment Amount: $459,000
Assessment Year: 2016
Inside
Bathrooms: 7
Air Conditioning: None
Washrooms: 7
Building
Basement: Y
Heat Type: Forced Air
Water Supply: Municipal
Parking
Garage Type: Detached
Covered Parking Spaces: 7
Fees
Tax Year: 2022
Tax Legal Description: 230 Richmond Street:PT LT 10 , SW HORTON STREET , AS IN 938912 ;
Taxes: $4,234
Expenses: Act
Insurance Fee: 3225
Operating Fees: 21331
Hydro Expense: 5340
Heat Expenses: 5580
Other Expenses: 2657
Land
Cross Street: Horton Street
Municipality District: London
Parcel Number: 083200040
Sewer: Sewers
Lot Depth: 110 Feet
Lot Frontage: 119.5 Feet
Lot Irregularities: Plot of Land Portion
Zoning: R3-1
Commercial Specific
Total Area: 3978
Total Area Metric: Sq Ft
Area Influence: Public Transit
Area Influence: Rec Centre
Tangible Property Included: Y
Financial Statement: Y
Wortley Road Public School
Elementary: PublicVictoria Public School
Elementary: PublicSt Martin
Elementary: CatholicTecumseh Public School
Elementary: PublicSt. John French Immersion School
Elementary: CatholicLord Roberts Public School
Elementary: PublicG A Wheable Secondary School
Secondary: PublicB Davison Secondary School Secondary School
Secondary: PublicLondon South Collegiate Institute
Secondary: PublicLondon Central Secondary School
Secondary: PublicCatholic Central High School
Secondary: CatholicH B Beal Secondary School
Secondary: Public
