35
$1,799,000 Sale
Listed 4 hours ago
231 GREENWOOD AVENUE
· 8+6
· 6.0
· 8
· 2500 - 3000
Key Facts
Key facts for 231 GREENWOOD AVENUE
Property Type
Apartment
Parking
Garage: No, 8 parking
MLS #
X14156364
Size
2500 - 3000 sqft
Basement
Partially finished, N/A (Partially finished)
Listed on
-
Lot size
-
Tax
-
Days on Market
-
Year Built
-
Maintenance Fee
-
Description
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:10452)
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Listing courtesy of: PRIME REAL ESTATE BROKERAGE
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