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$985,000
Available - For Sale
Listing ID: X11970286
This 6-unit multifamily property, located near Downtown, Wortley Village, and a major bus route, offers an excellent investment opportunity with significant value-add potential. With 2 of the 6 units left vacant on purpose, the new owner can set new rents and maximize returns. The building includes a mix of unit types: 1-2 bedroom, 3-1 bedroom, and 2 bachelor units. Recent renovations include a stucco exterior (2021), roof with spray foam silicone system (2021), and full insulation of exterior walls and ceilings (2021). All windows and doors were replaced in 2021, reducing future maintenance costs. Most units have been updated with new bathrooms. The property features 2 upgraded 200-amp electrical panels, a high-efficiency forced air gas furnace, and low utility costs. A workshop/storage building at the rear provides additional income potential. Zoned AC2 (1), this property is well-positioned for future growth and rental demand. Projected cash flow of $75,600 per year, with the opportunity to increase returns by filling vacant units at market rates. A solid investment for those seeking to add a high-potential multifamily asset to their portfolio.
Price $985,000
Taxes: $2,226.2
Tax Type: Annual
Assessment Year: 2025
Occupancy by: Tenant
Address: 246 Wharncliffe Rd South , London, N6J 2L4, Ontario
Postal Code: N6J 2L4
Province/State: Ontario
Lot Size: 25.5 x 90 (Feet)
Directions/Cross Streets: Horton & Wharncliffe Road South
Zoning: AC2
Category: Apartment
Use: Apts-6 To 12 Units
Building Percentage: Y
Total Area: 3,000
Total Area Code:  Sq Ft
Heat Type: Gas Forced Air Open
Central Air Conditioning: Part
Water: Municipal
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ROYAL LEPAGE BURLOAK REAL ESTATE SERVICES

246 Wharncliffe Rd South , London, N6J 2L4, Ontario


 
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Type: Com - Investment
Area: Middlesex
Municipality: London
Neighbourhood: South F
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Lot Size: 25.50 x 90.00(Feet)
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Tax: $2,226.2
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