$1,855,855
FOR SALE

Investment

Lot: 119.5 x 110 ftTotal Area: 3,978 ft2
2022 Taxes: $4,234.26Maintenance Fees: $295.21

224, 226 & 230 RICHMOND St
London, ON N6B 2H6 | East K | Middlesex

MULTI-PROPERTY MULTI-UNIT INVESTOR'S PACKAGE - 7 UNITS/DOORS & PARCEL OF LAND w/ 9+ ADDITIONAL UNIT DEV POTENTIAL: 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"(R3-1 zoning). Adjacent properties are zoned as AC4 commercial. Planner has suggested that Nine - Fifteen Unit building can be constructed on vacant lot that is currently part of 224 Richmond property. This oppurtunity is particularly valuable to potential developers/ builders.
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Listed By EXP Realty
Data Provided By Toronto Regional Real Estate Board
MLS® Listing Number X8259362
Last Updated Jul 15, 2024
Property Summary
Property Type Investment

More like this:
PIN 083200040
Legal Description 230 Richmond Street:PT LT 10 , SW HORTON STREET , AS IN 938912 ; LONDON 226 Richmond Street:PT LT 10 , NW SIMCOE STREET , AS IN W43940, T/W W43940 ; LONDON 224 Richmond Street:PT LT 10 , NW SIMCOE STREET , AS IN 857780, 938911, S/T 857780 ; LONDON
Occupancy Tenant
Possession Date Flexible
Taxes (2022) $4,234.26
Maintenance Fees $295.21
Assessment (2016) $459,000
Directions/Cross Streets Horton Street
Neighbourhood East K
Area Middlesex
Price History

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Detailed Information
Bathrooms 7
Lot 119.5 x 110 ft
Lot Irregularities Plot of Land Portion Included with 224 R
Total Area 3,978 ft2
Approximate Age 51-99
Air Conditioning None
Basement Y
Chattels Y
Garage Type Detached
Parking Spaces 7
Heat Type Forced Air
Financial Statement Y
Hydro Expense $5,340
Heat Expenses $5,580
Insurance Expense $3,225
Operating Expenses $21,331
Other Expenses $2,657
Expenses Actual/Estimated Act
Area Influences Public Transit, Rec Centre
Sewers Sewers
Water Municipal
Zoning R3-1
Seller Property Info Statement Y

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