$199,900
FOR SALE

Triplex 2-Storey

Bedrooms: 6Bathrooms: 3Lot: 50 x 150 ft
2025 Taxes: $2,934

466 Adelaide St N
London East, ON N6B 3H9 | East G | Middlesex

LEGAL LICENSED TRIPLEX IN THE HEART OF LONDON - VALUE-ADD MULTI-RESIDENTIAL OPPORTUNITY WITH STRONG UPSIDE POTENTIAL. This licensed triplex offers investors a rare opportunity to acquire a cash-flowing asset with significant future income growth in one of London's most established urban rental corridors. The property features three self-contained units including a spacious 3-bedroom unit, a 1-bedroom unit, and a 2-bedroom unit, along with ample on-site parking - a highly desirable feature for tenants in the downtown core. Current rental configuration includes:Unit #1 (3 Bedroom) rented by the bedroom with Room #1 generating $495/month and Room #2 generating $600/month.Unit #2 (1 Bedroom) currently rented for $995/month.Unit #3 (2 Bedroom) is presently vacant and requires renovation but presents exceptional upside potential with estimated future market rent of approximately $1,600/month once updated. This property presents multiple value-add strategies including completing renovations to Unit #3, optimizing the existing room-rental model, and increasing overall rental performance over time. Strong rental demand in the area supports long-term income stability and future appreciation potential. Ideal for investors, renovators, or portfolio builders seeking a compliant multi-unit property with immediate income and clear pathways to forced appreciation.Projected Upside Scenario:Renovated Unit #3 estimated at: $1,600/month Current Monthly Income: $2,090Current Annual Income: $25,080Pro Forma Monthly Income: $3,690 Pro Forma Annual Income: $44,280Cap Rate Analysis (Assuming ~30% operating expenses typical for triplexes)Current NOI: ~$17,556Current Cap Rate (Based on $199,900 asking price): ~8.8%Pro Forma NOI: ~$30,996Pro Forma Cap Rate (Based on $199,900 asking price): ~15.5%Excellent opportunity to reposition and stabilize a licensed multi-family asset with substantial income upside in a high-demand London rental market.
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Listed By CENTURY 21 FIRST CANADIAN CORP
Data Provided By Toronto Regional Real Estate Board
MLS® Listing Number X13090206
Last Updated May 06, 2026
Property Summary
Property Type Triplex

More like this:
PIN 082810042
Legal Description PLAN 212 BLK B LOT 2 & R O W
Taxes (2025) $2,934
Directions/Cross Streets ADELAIDE AND QUEEN
Neighbourhood East G
Area Middlesex
Price History

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Detailed Information
Fronting On East
Special Designations Other
Bedrooms 6
Bathrooms 3
Lot 50 x 150 ft
Exterior Vinyl Siding
Air Conditioning None
Basement Unfinished
Garage Type None
Parking Spaces 8
Heat Source Gas
Heat Type Forced Air
Sewers Sewer

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