This newly recognized legal triplex with rental license in place is larger than it appears with big addition in the back and walk-out basement entrances, which features a bonus fourth suite. The main floor unit features 4 beds and 2 full baths, projected to be rented for $2575/month. The upper 1 bed and 1 bath unit is rented for $1295/month. The downstairs rear walk-out unit is rented for $1500/month and the other side access walk up basement suite is projected to be rented for $1300/month . This brings the cumulative rent to $6670/month. The very low property taxes ($241/month) grandfathered also helps with a projected Cap Rate of 8.6%+, projected net operating income (NOI) of over $60,000 annually. Over $150,000 was invested during the current ownership, with extensive upgrades on everything from brand new 200 amp electric panel to new flooring to interconnected fire separations connected to furnace to cosmetic improvements of all 5 bathrooms. Property features triple wide driveway with room for a fourth car to park in tandem; offering an independent parking spot for each unit. The greenspace of the oversized deep backyard, features many mature trees and is fully fenced in. Energy efficient upgrades were also carried out, including a smart thermostat install and a new Central AC unit being added in 2025. Fire and safety improvements include sprinklers, egress windows, and fire doors. High quality finishes have been added including quartz countertops and tiled showers. Manor Park, which is Old South adjacent is an excellent community, with direct transit access, great green spaces including Eustace Park/The Coves, and ample ammenities. This location is on bus to Western University, Fanshawe College, White Oaks Mall, Masonville Mall, Victoria Hospital, University Hospital and Downtown London. (id:51532)
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| Southern exposure | Paved driveway | Central air conditioning | |||
