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$2,000,000
220-230 Richmond St, London, ON N6B 2H6
14 Beds
7 Baths
2,078 SqFt

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MULTI-PROPERTY MULTI-UNIT INVESTOR'S PACKAGE - 7 UNITS/DOORS & PARCEL OF LAND: 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 (currently R3-1 zoning). Adjacent properties are zoned as AC4 commercial. Existing government incentives exist to build multi-residential properties which could aid in efforts to get land rezoned to allow for more units. This oppurtunity is particularly valuable to potential developers/ builders or those looking to eventually sell for the purpose of larger builds/developments.
  • Price:
  • $2,000,000
  • Bedrooms:
  • 14
  • Square Footage:
  • 2,078
  • Listing ID #:
  • 40254289
  • Street Address:
  • 220-230 Richmond St
  • City:
  • London
  • Province:
  • Ontario
  • Postal Code:
  • N6B 2H6
  • County:
  • Middlesex
  • Community:
  • East
  • Subarea:
  • East K
  • Listing Status:
  • Active
  • Listing Type:
  • Residential Income
n/a

TECUMSEH PUBLIC SCHOOL
Public
n/a

SOUTH SECONDARY SCHOOL
Public
  • Basement Description:
  • Separate Entrance, Walk-Out Access, Walk-Up Access, Partial, Partially Finished
  • Building Condition:
  • 51-99 Years
  • Building Faces:
  • West
  • Building Security:
  • Carbon Monoxide Detector, Smoke Detector, Carbon Monoxide Detector(s), Smoke Detector(s)
  • Construction Type:
  • Brick, Vinyl Siding
  • Finished Above Ground Square Footage:
  • 2078
  • Finished Basement Square Footage:
  • 1900
  • Foundation:
  • Poured Concrete, Stone
  • Interior Features:
  • Ceiling Fan(s), Separate Hydro Meters
  • Number Of Units:
  • 7
  • Total # Of Buildings:
  • 1
  • Total Building Square Footage:
  • 2078
  • Type Of Roof:
  • Asphalt Shing
  • Windows:
  • Window Coverings
  • Annual Electric Expenses:
  • 5340
  • Annual Insurance Expenses:
  • 3225
  • Approximate Lot Size Range Source:
  • Geowarehouse
  • Conforms To Zoning:
  • R3-1
  • 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:
  • East
  • Lot Size:
  • 13145
  • Road Frontage Type:
  • Public Road, Year Round Road
  • Road Type:
  • Paved
  • Excluded:
  • All Items Owned By Current Tenants (interior & Exterior Items).
  • Included In Sale:
  • 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.
  • Originating Mls:
  • Lstar
  • Coordinates:
  • -81.246872, 42.978315
  • Cross Street:
  • Horton Street
  • Association Fee 2 Payment Frequency:
  • Monthly
  • Property Taxes:
  • $4,234
  • Show Listing And/Or Property Address:
  • Yes
  • Covered Parking Spaces:
  • 1
  • Garage Parking Spaces:
  • 1
  • Has Garage:
  • Yes
  • Parking Description:
  • Detached Garage
  • Parking Spaces:
  • 8
  • Uncovered Parking Spaces:
  • 7
  • Appliances:
  • Water Heater, Water Heater Owned, Dishwasher, Dryer, Refrigerator, Stove, Washer
  • Existing Water:
  • Municipal-Metered
  • Heating:
  • Forced Air, Natural Gas, Radiant, Water Radiators
  • Heating:
  • Yes
  • Laundry:
  • Common Area, In Basement, In-Suite, Inside, Lower Level, Main Level, Shared, Upper Level
  • Sewage Type:
  • Sewer (municipal)
  • Listing Provided By Exp Realty
  • ONITSOIDX

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