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231 GREENWOOD AVENUE, London South (South D)
2025-10-17
Quick Summary
MLS®#X12467479
Property Description
Purpose built four plex with 2 bedrooms in each unit with with strong valued opportunity with City of London approval to covert into an 8 plex with four 2 bedrooms on the main level and four 2 bedroom lower units. All units have been renovated from top to bottom. Presently 2 units have been converted into 2 bedroom upper and 2 bedroom lower units. The other 2 units are 2+1 bedrooms with a finished bathroom and lower levels roughed in for a 2nd bedroom and kitchen. Strong value-add opportunity with upside already approved. Conversion will increase NOI by over $30,000 annually and lift valuation by approximately $432,000. Present Gross annual Income $132,000 net $115,209.03 Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 net $146,119.03 at 6.5 cap bring valuation to $2,248,000. Over $400,000 value upside potential based on developed property income. Asking price premium includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings, 8x2 development approximately 75% complete." (id:32467)
Property Features
Ammenities Near By
- Ammenities Near By: Hospital, Park, Place of Worship, Public Transit
Building
- Amenities: Separate Electricity Meters
- Appliances: Water meter
- Basement Development: Finished
- Basement Type: N/A (Finished)
- Cooling Type: Central air conditioning
- Exterior Finish: Brick
- Fireplace: No
- Interior Size: 2500 - 3000 sqft
- Building Type: Fourplex
- Utility Water: Municipal water
Features
- Feature: Flat site, Lane
Land
- Land Size: 66 x 198 FT|under 1/2 acre
- Sewer: Sanitary sewer
Structure
- Structure: Patio(s)
Zoning
- Description: R3-2
Information entered by PRIME REAL ESTATE BROKERAGE
Listing information last updated on: 2025-11-26 00:21:52
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$500,000
Your One Percent Realty Commission savings†
$500,000
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Savings calculated using One Percent Realty's posted commission rates compared to another agent charging
5% + HST . Not all agents charge the same.
One Percent Realty's top FAQs
We charge a total of $7,950 for residential properties under $400,000. For residential properties $400,000-$900,000 we charge $9,950. For residential properties over $900,000 we charge 1% of the sale price plus $950. Plus Applicable taxes, of course. We also offer the flexibility to offer more commission to the buyer's agent, if you want to. It is as simple as that! For commercial properties, farms, or development properties please contact a One Percent agent directly or fill out the market evaluation form on the bottom right of our website pages and a One Percent agent will get back to you to discuss the particulars.
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