220 RICHMOND Street London Ontario N6B2H6

220 RICHMOND Street London Ontario N6B2H6
$ 2,000,000.00
  • Property ID: 148366
  • MLS #: 40254289
  • Type:
  • Bedrooms: 14
  • Bathrooms: 7
  • Area: 2078 sq ft
  • Date added: 12/26/22

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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. (id:48944)

Rooms & Units Descr

  • NumberOfUnitsTotal: 7

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Location Details

  • City: London
  • Province: Ontario

Property Details

  • SubdivisionName: East K
  • Levels: 2
  • Stories: 2
  • FrontageLength: 120 ft

Property Features

  • CommunityFeatures: Community Centre,School Bus
  • Heating: Forced air,Hot water radiator heat,Radiant heat,
  • HeatingFuel: ,,,Natural gas
  • CoolingYN: True
  • Cooling: None
  • ParkingTotal: 8
  • OpenParkingYN: False
  • GarageYN: True
  • AttachedGarageYN: True
  • CarportYN: False
  • PoolYN: False
  • ViewYN: False
  • WaterfrontYN: False
  • Sewer: Municipal sewage system

Courtesy of

  • ListAOR: London and St. Thomas Association of REALTORS®

This style property is located in is currently and has been listed on GTA MLS Real Estate Listings. This property is listed at $ 2,000,000.00. It has 14 beds bedrooms, 7 baths bathrooms, and is 2078 sq ft. The property was built in year.