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:61716)
Property Details
| MLS® Number | X12971596 |
| Property Type | Multi-family |
| Neigbourhood | Southcrest |
| Community Name | South D |
| Features | Flat Site, Lane |
| ParkingSpaceTotal | 6 |
Building
| BathroomTotal | 6 |
| BedroomsAboveGround | 14 |
| BedroomsTotal | 14 |
| Appliances | Water Meter |
| BasementDevelopment | Finished |
| BasementType | N/a (finished) |
| CoolingType | Central Air Conditioning |
| ExteriorFinish | Brick |
| FoundationType | Poured Concrete |
| HeatingFuel | Natural Gas |
| HeatingType | Heat Pump |
| SizeInterior | 2500 - 3000 Sqft |
| Type | Other |
| UtilityWater | Municipal Water |
Parking
| No Garage | |
| Shared |
Land
| Acreage | No |
| Sewer | Sanitary Sewer |
| SizeDepth | 198 Ft |
| SizeFrontage | 66 Ft |
| SizeIrregular | 66 X 198 Ft |
| SizeTotalText | 66 X 198 Ft |
Utilities
| Cable | Installed |
| Electricity | Installed |
| Sewer | Installed |
https://www.realtor.ca/real-estate/29573156/231-greenwood-avenue-london-south-south-d-south-d
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May 24 2026 11:12:59
London and St. Thomas Association of REALTORS®
Prime Real Estate Brokerage
