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231 GREENWOOD AVENUE
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231 GREENWOOD AVENUE $1,999,900
$1,999,900
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231 GREENWOOD AVENUE
London South (South D), Ontario N6J3G5

MLS® Number: X12467479
0
Bathrooms
2500 - 3000
Square Feet

Listing Description

Purpose built four plex with 2 bedrooms in each unit with with strong valued opportunity with City of London approval to covert into an 8 plex with four 2 bedrooms on the main level and four 2 bedroom lower units. All units have been renovated from top to bottom. Presently 2 units have been converted into 2 bedroom upper and 2 bedroom lower units. The other 2 units are 2+1 bedrooms with a finished bathroom and lower levels roughed in for a 2nd bedroom and kitchen. Strong value-add opportunity with upside already approved. Conversion will increase NOI by over $30,000 annually and lift valuation by approximately $432,000. Present Gross annual Income $132,000 net $115,209.03 Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 net $146,119.03 at 6.5 cap bring valuation to $2,248,000. Over $400,000 value upside potential based on developed property income. Asking price premium includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings, 8x2 development approximately 75% complete." (41468256)

Location Description

Cross Streets: Springbank Dr. ** Directions: West on Springbank turning south onto Greenwood on the west side.

Property Summary

Property Type
Multi-family
Building Type
Fourplex
Square Footage
2500 - 3000 sqft
Community Name
South D
Land Size
66 x 198 FT|under 1/2 acre
Age Of Building
51 to 99 years
Annual Property Taxes
$6,135.60
Parking Type
No Garage, Shared
Time on REALTOR.ca
59 days

Building

Bathrooms
Total
0
Interior Features
Appliances Included
Water meter
Basement Type
Finished
Building Features
Features
Flat site, Lane
Foundation Type
Poured Concrete
Building Amenities
Separate Electricity Meters
Structures
Patio(s)
Heating & Cooling
Cooling
Central air conditioning
Heating Type
Heat Pump (Electric), Not known (Natural gas)
Utilities
Utility Type
Cable (Available), Electricity (Installed), Sewer (Installed)
Utility Sewer
Sanitary sewer
Water
Municipal water
Exterior Features
Exterior Finish
Brick
Neighbourhood Features
Amenities Nearby
Hospital, Park, Place of Worship, Public Transit
Parking
Parking Type
No Garage, Shared
Total Parking Spaces
6

Measurements

Square Footage
2500 - 3000 sqft

Land

Lot Features
Frontage
66 ft
Land Depth
198 ft
Other Property Information
Zoning Description
R3-2
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519-473-9992
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302-200 VILLAGEWALK BOULEVARD
LONDON, Ontario N5X0A6
519-473-9992

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