224, 226 & 230 Richmond Street, London, ON

$1,855,855

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14

Beds

7

Baths

2,078

Square feet

About 224, 226 & 230 Richmond Street

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.

Features of 224, 226 & 230 Richmond Street

MLS® # 40254289
Price $1,855,855
Bedrooms 14
Bathrooms 7.00
Square Footage 2,078
Type Residential Income
Sub-Type Multi-6-9 Unit
Status Active

Community Information

Address 224, 226 & 230 Richmond Street
Area East
Subdivision East K
City London
County Middlesex
Province ON
Postal Code N6B 2H6

Amenities

Parking Spaces 8
Parking Detached Garage
# of Garages 1
Is Waterfront No
Has Pool No

Interior

Interior Features Separate Hydro Meters
Appliances Dishwasher, Dryer, Refrigerator, Stove, Washer
Heating Forced Air, Natural Gas, Radiant
Cooling None
Fireplace No
# of Stories 2
Has Basement Yes
Basement Separate Entrance, Walk-Out Access, Walk-Up Access, Partial, Partially Finished

Exterior

Lot Description Urban, Rectangular, Arts Centre, Business Centre, City Lot, Hospital, Library, Open Spaces, Park, Place of Worship, Playground Nearby, Public Parking, Public Transit, Rec./Community Centre, Regional Mall, School Bus Route, Schools, Shopping Nearby, Trails, Other
Roof Asphalt Shing
Construction Vinyl Siding
Foundation Poured Concrete, Stone

School Information

Elementary Tecumseh Public School
High South Secondary School

Additional Information

Days on Market 751

Listing Details

OfficeEXP REALTY, BROKERAGE

Listing Map

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