344.5 Richmond St, London East, N6A 3C3

Listing Overview

Description

Prime Mixed-use Commercial / Residential Investment opportunity in London. Opportunity to acquire mixed-use commercial/residential property in the heart of downtown London, just steps from Covent Garden Market and Canada Life Place. This property offers exceptional returns and endless potential. Based on the current projected Net Income, the property is offering a compelling 6.9% + Cap Rate at the current asking price. Projected Gross Income: Approx. Over 77,000 per year. This 3 Storey building has a commercial unit on the main floor, with 4 - One Bedroom Residential units on the upper floors. The property features Two newly renovated One-Bedroom residential units, currently vacant, ready for occupancy, which allows the buyer to select tenants at market rated and a recently tenanted commercial unit on a 4-year lease term with guarantees. The property has undergone significant upgrades, including a brand-new roof (2024), as well as plumbing and electrical enhancements. Each unit is equipped with separate hydro meters and baseboard electric heating, leaving the landlord responsible only for water expenses. Total Building Area: Approx. 3,560 SF - 3 Storey building. Main Floor approx. 1,150 SF - Commercial Unit - Cafe. The cafe tenant has invested over approx. $150,000 in renovations in the unit. New Improved Asking Price: $849,000. Site Area: 0.045 acres. Zoning: DA1 - Permits a wide range of uses.

35 days

On Market

Investment

Property Type

$6,141 / Year

Est. Taxes

Apartment

Style

-

Business Type

-

Franchise