27
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$849,000
Est. payment /mo
3,560 SqFt
New
344.5 Richmond ST London East, ON N6A 3C3
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Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 3,560 sqft
Price per Sqft $238
Subdivision East K
MLS Listing ID X12353558
Annual Tax Amount $6,141
Tax Year 2024
Property Sub-Type Investment
Property 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.
Location
Province ON
County Middlesex
Community East K
Area Middlesex
Zoning DA1
Interior
Cooling Yes
Exterior
Utilities Available Yes
Lot Frontage 20.0
Lot Depth 97.31
Others
Security Features No
Listed by CUSHMAN & WAKEFIELD SOUTHWESTERN ONTARIO