$409,000

For sale

980 Lorne Avenue, London East (East G) - Multi-family for Sale

980 Lorne Avenue, London East (East G), Ontario, N5W3L3

5 beds3 baths5 parking2,250 ft²45 × 140 ft (6,300 sq ft) lot sizeListed 14 days ago

Overview

This multi-family property in London East is for sale offering roughly 2,250 sq ft of space. It has been on the market 14 days, fresher than the London East average of 72 days.

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Description

LEGAL DUPLEX DETACHED DOUBLE GARAGE HOME WITH CHARACTER, INCOME POTENTIAL & OPPORTUNITY IN EAST LONDON. Welcome to 980-982 Lorne Avenue, a charming yellow-brick duplex offering original character, flexible living space and plenty of potential! Situated on a generous approximately 45 x 140 ft lot, this property features two separately addressed units, beautiful original hardwood floors, high baseboards, distinctive architectural details and inviting covered porches. The spacious main unit at 980 Lorne offers three bedrooms plus an additional room in an addition, currently used as a fourth bedroom and heated by a plug-in electric fireplace. The second unit at 982 Lorne features one bedroom, making this an appealing opportunity for investors, multi-generational living or buyers looking to occupy one unit while generating rental income from the other .Outside, enjoy a mature, tree-lined property with established gardens, outdoor entertaining areas and a detached double garage with rear-lane access. Conveniently located near downtown London, shopping, restaurants, parks, public transit and everyday amenities. A property filled with character and possibilities! Bring your vision and discover the potential of this unique East London investment opportunity. (id:66096)

Property Details

MLS®: X14101078
Property Type: Multi-family
Bedrooms: 5
Beds (above / below): 5 above · 0 below
Bathrooms: 3
Parking: 5
Interior Size: 2,250 ft²
Lot Size: 45 × 140 ft (6,300 sq ft)
Frontage: 45 ft
Storeys: 1
Basement: Unfinished, Partial, N/A
Heating: Forced air, Natural gas
Cooling: None
Garage: Detached Garage, Garage
Property Tax: $4,862/yr
Listed: 14 days ago

Rooms

Ground level

Family room: 7.68 x 3.57 meters
Living room: 4.57 x 4.18 meters
Foyer: 3.54 x 1.59 meters
Bedroom: 2.87 x 2.44 meters
Kitchen: 4.12 x 2.95 meters
Bedroom 2: 4.33 x 3.38 meters
Bedroom: 5.49 x 2.74 meters
Kitchen: 3.96 x 3.66 meters

Second level

Bedroom 2: 5.12 x 3.54 meters
Sitting room: 2.13 x 2.44 meters

Features

Foundation: Block, Concrete, Brick
Exterior: Brick, Concrete Block
Lot Features: Lane

Services

Water: Municipal water
Sewer: Sanitary sewer
Utilities: Sewer, Electricity, Cable

Features and services as supplied by the listing brokerage.

Market Timing

Days on market

14d

London East (East G) listings, avg age

72d

Price / ft²

$182

List price

$409K

Haho

This 5-bed multi-family in London East (East G) has been listed for 14 days, which is 58 days fresher than the city average of 72. Act while there is still low competition.

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Listed by SUTTON GROUP - SELECT REALTY · LISA MATLOCK

Location

Approximate location — exact address confirmed upon showing

Nearby Places

Area context

Neighbourhood profile (N5W)

This home lists at $409,000, about 6.3× the local median household income of $64,500.

Carrying it typically needs a household income of about $79,892 (20% down, 25-yr amortization, stress-tested) — roughly 24% above the area median.

Median household income: $64,500
Population: 24,740
Median age: 40.4
Owner / renter: 59% / 41%
Avg. household size: 2.1

Source: Statistics Canada, 2021 Census (FSA N5W)

$409,000· $182/ft²

For sale

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Full Cost Breakdown

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Down Payment5% · $20,450

Min 5%50%

Mortgage payment$2,154/mo

↳ CMHC premium ($15,542 capitalized)

Property tax (est.)$405/mo

Total monthly$2,559

Cash Needed to Close

Down payment (5%)$20,450

Land transfer tax$4,655

Est. closing costs$3,727

Total cash needed$28,832

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