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220-230 Richmond Street

London, ON N6B 2H6
  • $2,000,000
  • STATUS: Active
  • ON SITE: 96 Days
  • MLS #: 40254308
UPDATED: 11 min ago
$2,000,000
  • 14
    BEDS
  • < 0.5
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 3,978
    SQFT
  • $503
    $/SQFT
Neighbourhood:
Type:
Commercial
County:
Area:

Description

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.

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The data relating to real estate on this web site comes in part from the Internet Data Exchange (IDX) program of the Information Technology Systems Ontario. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied. The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial purposes or any other purpose. Data updated daily.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

Data last updated: 2022-08-11T22:22:17.237.
www.bluemountainproperty.ca/homes/128424996
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220-230 Richmond Street London, ON N6B 2H6

  • Price: $2,000,000
  • Status: Active
  • On Site: 96 Days
  • Updated: 11 min ago
  • MLS #: 40254308
14
Beds
0
Baths
0
½ Baths
< 0.5
Acres
3,978
SQFT
$503
$/SQFT
Neighbourhood:
East K
County:
Middlesex
Area:
East
Property Description
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.
Exterior Features

Acres Range < 0.5 Attached Garage YN No Commercial Doors Count 0 Construction Materials BrickVinyl Siding Covered Spaces 1 Direction Faces West Docking YN No Driveway Parking Lane/Alley ParkingPrivate Drive Single Wide Foundation Details Poured ConcreteStone Frontage Length 119.50 Frontage Type East Garage YN Yes Is Land YN No Lot Features UrbanRectangularArts CentreBusiness CentreCity LotHospitalLibraryOpen SpacesParkPlace Of WorshipPlayground NearbyPublic ParkingPublic TransitRec./Community CentreRegional MallSchool Bus RouteSchoolsShopping NearbyTrailsOther Lot Size Area 13145 Open Parking Spaces 7 Open Parking YN Yes Parking Features Detached Garage Parking Total 8 Road Frontage Type Public RoadYear Round Road Road Surface Type Paved Waterfront YN No

Interior Features

Appliances Water HeaterWater Heater OwnedDishwasherDryerRefrigeratorStoveWasher Basement Separate EntranceWalk-Out AccessWalk-Up AccessPartialPartially Finished Cooling None Cooling YN No Fireplace YN No Heating Forced AirNatural GasRadiantWater Radiators Heating YN Yes Interior Features Ceiling Fan(S)Separate Hydro Meters Kitchens Total 0

Property Features

Assessment Year 2016 Association Fee2 Frequency Monthly Common Elements Fee YN No Common Interest Freehold/None Condo Corporation YN No Cross Street Horton Street Electric Expense 5340 Exclusions All Items Owned By Current Tenants (Interior And Exterior Items). Heating Expenses 5580 Inclusions Includes Appliances From All Units And Shared Laundry Facility (Shared By 226 & 224 Richmond Street)- 7 Stoves7 Refridgerators; 3 Dishwashers; 4 Washing Machines; & 4 Clothes Dryers Insurance Expense 3225 Laundry Features Common AreaIn BasementIn-SuiteInsideLower LevelMain LevelSharedUpper Level Lot Depth 110 Lot Irregularities Plot Of Land Portion Included With 224 Richmond St Net Income 67230.6 New Construction YN No Number Of Apartment Units 0 Property Sub Type Building And Land Security Features Carbon Monoxide Detector(S)Smoke Detector(S) Senior Community YN No Sewer Sewer (Municipal) Transaction Type Sale Water Source Municipal-Metered Zoning R3-1

Listing information © 2022 Information Technology Systems Ontario.
Listing provided courtesy of Nathan Blanco of Exp Realty, Brokerage.
The data relating to real estate on this web site comes in part from the Internet Data Exchange (IDX) program of the Information Technology Systems Ontario. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied. The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial purposes or any other purpose. Data updated daily.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

Data last updated: 2022-08-11T22:22:17.237.
 
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