$599,000

For saleJust listed

6 Gower Street, London North (North N) - Single Family for Sale

6 Gower Street, London North (North N), Ontario, N6H2E6

6 beds2 baths4 parking900 ft²37 × 120 ft (4,440 sq ft) lot sizeListed Today

Overview

This 6-bedroom, 2-bathroom home in London North is for sale offering roughly 900 sq ft of space. Its $599,000 asking price sits right in line with the $580,000 median in London North. It has been on the market 0 days, fresher than the London North average of 76 days.

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Description

INVESTOR ALERT! INCOME-GENERATING STUDENT RENTAL WITH FUTURE DEVELOPMENT POTENTIAL!Excellent investment opportunity in London! Walking distance to university and public transit.This solid brick corner-lot bungalow offers an attractive combination of established rentalincome, a City of London rental license and potential for future income expansion.Featuring 5 bedrooms, this property is ideally suited for student accommodation. The main flooroffers a spacious eat-in kitchen, bright living room with wood-burning fireplace, 2 generouslysized bedrooms and a 3-piece bathroom. The finished lower level features a separate entrance, 3additional bedrooms, family room, 3-piece bathroom, utility room, laundry and ample storagespace.CITY-LICENSED RENTAL PROPERTY! Previously inspected by the City inspector and Fire Department.Equipped with interconnected, hardwired smoke and carbon monoxide alarms on both levels.PROVEN RENTAL COLLECTIONS:May 2024 - April 2025: $42,535May 2025 - April 2026: $37,270FUTURE DEVELOPMENT POTENTIAL! Following the 2023 City of London zoning by-law changes, theproperty may qualify for a detached garden suite, offering an opportunity to generateadditional rental income, subject to municipal approvals and permits.Additional highlights include a roof replaced in 2024, concrete parking pad and a spaciousbackyard.Whether you are looking to expand your student rental portfolio or maximize returns throughfuture development, this property offers excellent investment potential!DON'T MISS THIS OPPORTUNITY TO OWN AN INCOME-PRODUCING PROPERTY WITH ROOM TO GROW! (id:66096)

Property Details

MLS®: X14152220
Property Type: Single Family
Bedrooms: 6
Beds (above / below): 3 above · 3 below
Bathrooms: 2
Parking: 4
Interior Size: 900 ft²
Lot Size: 37 × 120 ft (4,440 sq ft)
Frontage: 37 ft
Storeys: 1
Style: Bungalow
Basement: Separate entrance, N/A
Heating: Forced air, Natural gas
Garage: No Garage
Fireplace: Yes
Ownership: Freehold
Property Tax: $5,060/yr
Listed

Rooms

Main level

Kitchen: 4.2 x 3.5 meters
Living room: 5.15 x 3.5 meters
Bedroom 2: 3.71 x 3.56 meters
Bedroom 3: 3.9 x 2.56 meters

Basement

Bedroom: 3.9 x 2.59 meters
Bedroom: 3.84 x 3.44 meters
Bedroom: 3.3 x 2.98 meters

Room details as supplied by the listing brokerage. Dimensions are shown in the unit the listing states, and are approximate.

Features

Appliances: Washer, Stove, Dryer, Two Refrigerators
Flooring: Hardwood, Carpeted, Vinyl
Foundation: Poured Concrete
Exterior: Brick

Services

Water: Municipal water
Sewer: Sanitary sewer

Features and services as supplied by the listing brokerage.

Market Timing

Days on market

London North (North N) listings, avg age

76d

Price / ft²

$666

List price

$599K

Haho

This 6-bed single family in London North (North N) has been listed for 0 days, which is 76 days fresher than the city average of 76. Act while there is still low competition.

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Listed by ROYAL LEPAGE FLOWER CITY REALTY · SANTOSH R SANGHRAJKA

Location

Approximate location — exact address confirmed upon showing

Nearby Places

Area context

Neighbourhood profile (N6H)

This home lists at $599,000, about 8.4× the local median household income of $71,000.

Carrying it typically needs a household income of about $117,006 (20% down, 25-yr amortization, stress-tested) — roughly 65% above the area median.

Median household income: $71,000
Population: 44,215
Median age: 38.8
Owner / renter: 46% / 54%
Avg. household size: 2.3

Source: Statistics Canada, 2021 Census (FSA N6H)

$599,000· $666/ft²

For sale

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Full Cost Breakdown

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Down Payment5.83% · $34,900

Min 5.83%50%

Mortgage payment$3,127/mo

↳ CMHC premium ($22,564 capitalized)

Property tax (est.)$422/mo

Total monthly$3,549

Cash Needed to Close

Down payment (5.83%)$34,900

Land transfer tax$8,455

Est. closing costs$4,297

Total cash needed$47,652

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