$549,900
London East
1071.5 Florence Street, London East (East M), Ontario, N5W2M7
This multi-family property in London East is for sale.
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:66096)
Features and services as supplied by the listing brokerage.
Long Listed: 108 days on market, against an average age of 55 days across the listings currently for sale in this city
This 4-bed multi-family in London East (East M) is available now. Want me to connect you with the agent or keep you posted on any price updates?
Approximate location — exact address confirmed upon showing
This home lists at $549,900, about 8.5× the local median household income of $64,500.
Carrying it typically needs a household income of about $107,415 (20% down, 25-yr amortization, stress-tested) — roughly 67% above the area median.
Source: Statistics Canada, 2021 Census (FSA N5W)
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Loading rates, 30-yr amortization
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Room details as supplied by the listing brokerage. Dimensions are shown in the unit the listing states, and are approximate.
