231 Greenwood Avenue, London South

231 Greenwood Avenue, London South

$1,799,000

14 bed · 6 bath · Multiplex

MLS®#: · Status: New

Listed by: PRIME REAL ESTATE BROKERAGE

About this property

Purpose-built fourplex now converted to a 6-unit income property, with City-approved plans for an 8-unit build-out. All units are FULLY RENOVATED TOP TO BOTTOM, offering immediate cash flow with significant upside. Presently the 2 bedroom upper rented at $1800p/m plus utilities and two 2 bedroom lower units rented at $1600p/m plus utilities. The other two units are 2+1 bedrooms with a finished basements and lower levels roughed in for a 2nd bedroom and kitchen at $2100p/m plus utilities.. Water and Taxes are $11789 for 2025..Present Gross annual Income $132,000. Net income $114,919.83 representing a cap rate of 6.4...Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 with a potential net income of $146,119.03 representing a cap rate 8.2. Asking price includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings in place with 8x2 development approximately 75% complete." Over $400,000 value upside potential based on developed property income.

Photos (38)

Photo 2Photo 3Photo 4Photo 5Photo 6Photo 7Plenty of ParkingPhoto 9Lower 2 bedroomPhoto 11Photo 12Photo 13Photo 14Photo 15Photo 162+1 bedroom with finished basementPhoto 18Photo 19Photo 20Photo 21Photo 22Photo 23Photo 24Photo 25All units have in unit laundry2+1 bedroom with finished basementPhoto 28Photo 29Photo 30Upper 2 bedroomPhoto 32Photo 33Photo 34Photo 35Photo 36Photo 37Photo 38

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