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220-230 Richmond Street London, Ontario N6B 2H6

14 Bedroom 7 Bathroom 2078
None Forced Air, Hot Water Radiator Heat, Radiant Heat

$2,000,000

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:34868)

Property Details

MLS® Number 40254289
Property Type Multi-family
Amenities Near By Hospital, Park, Place Of Worship, Playground, Public Transit, Schools, Shopping
Community Features Community Centre, School Bus
Features Park/reserve
Parking Space Total 8

Building

Bathroom Total 7
Bedrooms Total 14
Appliances Window Coverings
Basement Development Partially Finished
Basement Type Partial (partially Finished)
Construction Style Attachment Detached
Cooling Type None
Exterior Finish Brick, Vinyl Siding
Fire Protection Smoke Detectors
Fixture Ceiling Fans
Foundation Type Poured Concrete
Heating Fuel Natural Gas
Heating Type Forced Air, Hot Water Radiator Heat, Radiant Heat
Stories Total 2
Size Interior 2078
Utility Water Municipal Water

Parking

Detached Garage

Land

Access Type Road Access
Acreage No
Land Amenities Hospital, Park, Place Of Worship, Playground, Public Transit, Schools, Shopping
Sewer Municipal Sewage System
Size Depth 110 Ft
Size Frontage 120 Ft
Size Total Text Under 1/2 Acre
Zoning Description R3-1

https://www.realtor.ca/real-estate/24365655/220-230-richmond-street-london

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Rick Pritchard
Broker

519-878-1381

Exp Realty
380 Wellington Street, Tower B, 6th Floor
London, ON N6A 5B

519-381-3499

Janelle Pritchard
Sales Representative

-

519-902-1757

Exp Realty
380 Wellington Street, Tower B, 6th Floor
London, ON N6A 5B

519-381-3499

Denise Mann
Sales Representative

-

519-691-5635
https://onesmartmove.ca

Exp Realty
380 Wellington Street, Tower B, 6th Floor
London, ON N6A 5B

519-381-3499

Phillip Hallman
Broker

-

519-709-8903
https://onesmartmove.ca/

Exp Realty
380 Wellington Street, Tower B, 6th Floor
London, ON N6A 5B

519-381-3499