231 GREENWOOD AVENUE, London South (South D), Ontario, N6J3G5
MLS: X12971596 | Other
$1,799,000
Property Description
Purpose-built fourplex now converted to a 6-unit income property, with City-approved plans for an 8-unit build-out. All units are FULLY RENOVATED TOP TO BOTTOM, offering immediate cash flow with significant upside. Presently the 2 bedroom upper rented at $1800p/m plus utilities and two 2 bedroom lower units rented at $1600p/m plus utilities. The other two units are 2+1 bedrooms with a finished basements and lower levels roughed in for a 2nd bedroom and kitchen at $2100p/m plus utilities.. Water and Taxes are $11789 for 2025..Present Gross annual Income $132,000. Net income $114,919.83 representing a cap rate of 6.4...Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 with a potential net income of $146,119.03 representing a cap rate 8.2. Asking price includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings in place with 8x2 development approximately 75% complete." Over $400,000 value upside potential based on developed property income. (id:64974)
Quick Facts
- Property Type: Other
- Bedrooms: 14 (14 above)
- Bathrooms: 6
- Parking: 6.0 spaces (No Garage, Shared)
- Frontage: 66 ft (20.1 m)
Costs
- Annual Taxes: $6,136.00 (2026)
Listing Provided by: PRIME REAL ESTATE BROKERAGE
Board: London and St. Thomas Association of REALTORS®
Data provided via CREA DDF®.
Detailed Features
Interior & Systems
- Heating: Heat Pump, Electric
- Cooling: Central air conditioning
- Basement: Finished, N/A
- Appliances: Water meter
- Utilities: Sewer, Electricity, Cable
Exterior & Construction
- Exterior: Brick
- Foundation: Poured Concrete
- Sewer: Sanitary sewer
- Water: Municipal water
Lot & Land
- Frontage: 66 ft (20.1 m)
- Features: Flat site, Lane
Community & Neighbourhood
- Neighbourhood: South D
Listing Information
Listing History
MLS listing activity for 231 GREENWOOD AVENUE, London South (South D), Ontario, N6J3G5 — dates reflect when changes were recorded in the DDF
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231 GREENWOOD AVENUE, London South (South D), Ontario, N6J3G5