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$ 549,900
Est. payment /mo
Active
1071.5 FLORENCE STREET London East (east M), ON N5W2M7
4 Beds
3 Baths
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Approx. Sqft 1100 - 1500
Subdivision East M
MLS® Listing ID X13589054
Bedrooms 4
Property Description
Exceptional Investment Opportunity - Legal Triplex with Strong Cash Flow & Future Upside! Own a fully legal two-storey triplex on a rare 37.09 ft x 168.63 ft lot in one of London's rapidly growing neighbourhoods. Certified by the City of London, this income-producing property offers immediate cash flow, low operating costs, and excellent long-term appreciation potential. Currently generating $3,289/month from the main floor ($1,689) and upper unit ($1,600 including parking), with only the basement unit remaining to be leased at $1,350/month, bringing the projected gross rental income to approximately $4,639/month ($55,668 annually). Property taxes are only $2,716/year, making this an attractive opportunity for investors. The impressive 168-foot-deep lot provides added privacy and future development potential, subject to municipal approvals. Ideally located with a bus stop at the doorstep and within walking distance to the Hard Rock Hotel, casino, restaurants, shopping, and entertainment district, this high-demand location continues to attract quality tenants. Major updates include a waterproofing membrane around the foundation (2021), interior drainage system, exterior painting, soundproofing between the main and upper floors, and a renovated main-floor kitchen (2022).Additional features include separate entrances, separate hydro meters, four parking spaces, coin-operated laundry for extra income, and a private tree-lined backyard with a paved patio and fire pit. Whether expanding your portfolio or purchasing your first investment property, this well-maintained legal triplex offers strong income, excellent upside, valuable updates, and outstanding long-term investment potential. (id:24570)
Location
Province ON
Rooms
Kitchen 3.0
Extra Room 1 Second level 3.6 m X 3 m Bedroom
Extra Room 2 Second level 3.6 m X 3 m Bedroom
Extra Room 3 Second level 3 m X 2.6 m Kitchen
Extra Room 4 Second level 3.3 m X 3 m Office
Extra Room 5 Basement 3.2 m X 2.7 m Bedroom
Extra Room 6 Basement 2.9 m X 3.6 m Living room
Interior
Heating Baseboard heaters
Cooling None
Exterior
Parking Features No
Community Features School Bus
View Y/N No
Attached Garage No
Total Parking Spaces 4
Garage No
Private Pool No
Building
Story 2
Sewer Sanitary sewer
Listed by RIGHT AT HOME REALTY
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