For Sale: 231 Greenwood Avenue, London, ON - REW
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$1,799,000
8 + 6 bd • 6 ba • 2500 - 2999 sf • Multifamily
231 Greenwood Avenue
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$1,799,000
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231 Greenwood AvenueLondon, ON, N6J 3G5

Southcrest
  • 8 + 6 Bed
  • 6 Bath
  • 2500 - 2999 Sqft
  • Multifamily

About this home

Six units today, eight tomorrow - the building permit is issued, City of London zoning approvals are in place, ready for a renovation team to start. The conversion splits the finished basements of the two 2+1 bedroom units into two self-contained units, with the lower levels already roughed in for a bedroom and kitchen. All six existing units are fully renovated and gross $132,000 a year: two 2-bedroom uppers at $1,800, two 2-bedroom lowers at $1,600 and two 2+1 bedroom units at $2,100, each including a $100 water charge, with tenants paying their own utilities. Landlord expenses of about $17,080 leave a net operating income of $114,920, a 6.4% cap rate at the asking price. Built out to eight 2-bedroom units at $1,700 each, scheduled income rises to $163,200 a year and projected NOI to roughly $146,100. Solid brick, built in 1961, on a 66 x 198 ft lot with almost 3,000 sq ft above grade, central air, and parking for six. The permit was the slow, expensive part of adding units, and it is already done. A buyer steps into a fully tenanted, renovated building with income from day one and a clear path to two more doors. (id:63626)
Listed by: TREVOR TYSON, Sales Representative, PRIME REAL ESTATE BROKERAGE

Home facts and features

Price details
List Price
$1,799,000
Get Pre-Approved
Gross Taxes for 2025
$6,136
Home facts
Bedrooms
8 + 6
Full Bathrooms
6
Parking Spaces
8
Parking Details
No Garage
Property Type
Multifamily
Lot Size
66 ft x 198 ft (13068 ft²)
Depth
198 feet
Frontage
66.0 feet
Exterior Finish
Brick
Heating Type
Heat Pump, Forced air, Electric, Natural gas
Cooling
Central air conditioning
Basement Details
Partially finished,
Features
Separate Heating Controls
Appliances
Water meter
Community
Agent details
Primary Agent
TREVOR TYSON
Primary Broker
PRIME REAL ESTATE BROKERAGE
Secondary Agent
Secondary Broker
PRIME REAL ESTATE BROKERAGE
Listing details
Days on REW
1 Day
MLS® Number
X14156364
Source
Canadian Real Estate Association
Board
London and St. Thomas Association of REALTORS®
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Property Insights

Kensal Park Public School
  • Public
  • K - 8
É Élém C Frère André
  • Catholic
  • JK - 6
Woodland Heights Public School
  • Public
  • JK - 8
Westminster Secondary School
  • Public
  • 9 - 12
Victoria Public School
  • Public
  • JK - 8
St Martin School
  • Catholic
  • JK - 8
Arthur Ford Public School
  • Public
  • JK - 8
Notre Dame School
  • Catholic
  • JK - 8
Eagle Heights Public School
  • Public
  • JK - 8
Wortley Road Public School
  • Public
  • JK - 8
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Call Agent
Sales Representative
TREVOR TYSON
Phone:
(519) 673-3390
Office:
519-473-9992
Salesperson
KELLAN JAMES PANICCIA
Office:
519-473-9992
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