231 Greenwood Avenue London South, Ontario N6J 3G5
$1,799,000
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:63476)
Property Details
| MLS® Number | X12971596 |
| Property Type | Multi-family |
| Community Name | South D |
| Features | Flat Site, Lane |
| Parking Space Total | 6 |
Building
| Bathroom Total | 6 |
| Bedrooms Above Ground | 14 |
| Bedrooms Total | 14 |
| Appliances | Water Meter |
| Basement Development | Finished |
| Basement Type | N/a (finished) |
| Cooling Type | Central Air Conditioning |
| Exterior Finish | Brick |
| Foundation Type | Poured Concrete |
| Heating Fuel | Natural Gas |
| Heating Type | Heat Pump |
| Size Interior | 2,500 - 3,000 Sqft |
| Type | Other |
| Utility Water | Municipal Water |
Parking
| No Garage | |
| Shared |
Land
| Acreage | No |
| Sewer | Sanitary Sewer |
| Size Depth | 198 Ft |
| Size Frontage | 66 Ft |
| Size Irregular | 66 X 198 Ft |
| Size Total Text | 66 X 198 Ft |
Utilities
| Cable | Installed |
| Electricity | Installed |
| Sewer | Installed |
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May 24 2026 11:12:59
London and St. Thomas Association of REALTORS®
Prime Real Estate Brokerage