ON > London
London, ON N6J 2S5,49 Paddington AVE
London, ON N6J 2S5,49 Paddington AVE,Video Tour
London, ON N6J 2S5,49 Paddington AVE
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$669,000
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6 BD
3 BA
Price Dropped by $11K

49 Paddington AVE London, ON N6J 2S5

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Jeremy Creed

Jeremy Creed

+1(416) 671-8471

UPDATED:

10/29/2024 09:23 PM

Key Details

Property Type Multi-Family

Sub Type Triplex

Listing Status Active

Purchase Type For Sale

Approx. Sqft 1100-1500

MLS Listing ID X9356894

Style 2-Storey

Bedrooms 6

Annual Tax Amount $2,893

Tax Year 2023

Property Description

This fully renovated seperately metered Three Unit Income Property in Manor Park works as an ideal seemless compliment to exisiting porfolios, as a solid first aquisition in the real estate investing world, and/or as a great oppurtunity to occupy one unit and generate income on the other units. The property just completed and passed fire and electrical safety inspections in July of 2024 helping reinforce this as a safe investment and/or new location to call home. As of December 1st the split level three bedroom and upper one bedroom unit will be vacant with sale (unless requested to be leased by buyer; negotiable to be vacant sooner). This property has been creatively designed to keep all the living space above grade; with all units having been recently renovated and all major elements being replaced or upgraded; with bonus storage units created and rented below grade providing an additional income stream. This property provides very close access to the high energy major transportaion routes for public transit and is situated near to shopping centres. The area also offers great naturscapes to explore including Eustace Park and The Coves protected area. This fully tenanted property offers an annual income of at over $50,000 after expenses this property is a prime candidate for a cash flowing asset projected at a 7%+ Cap Rate at asking. As noted the newly renovated basement space allows for additional income with storage units with the space freshly painted, spray foamed and the cielings drywalled. The shared basement space also features a laundry room with two washers and two dryers for usage between the tenants. Basement additionally waterproofed, insulated and ceiling / walls newly drywalled. Between the previous professional home inspection, the electrical safety authority inspection, and the fire inspection; it is of upmost importance to the current owner than the new buyer inherites a safe property. Detailed financials are also available and can be provided.

Location

Province ON

County Middlesex

Area South E

Rooms

Family Room Yes

Basement Partial Basement, Separate Entrance

Kitchen 3

Interior

Interior Features Accessory Apartment, Primary Bedroom - Main Floor, Water Heater

Cooling Other

Fireplace No

Heat Source Electric

Exterior

Exterior Feature Canopy, Year Round Living

Garage Front Yard Parking, Private, Tandem

Garage Spaces 4.0

Pool None

Waterfront No

Roof Type Asphalt Shingle

Topography Flat

Parking Type None

Total Parking Spaces 4

Building

Foundation Concrete Block

Others

Security Features Carbon Monoxide Detectors,Smoke Detector

Listed by EXP REALTY

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Jeremy Creed

Marketing Director

+1(416) 671-8471

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49 Paddington AVE