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$979,900

Est. payment - /mo

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9 Beds

3 Baths

2,000 SqFt

New

1042 BROUGH STREET London East (east B), ON N6A3N4

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Taryn Pessanha

tarynp@redribbonrealty.ca +1(403) 400-0831

UPDATED:

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 2,000 sqft

Price per Sqft $489

Subdivision East B

MLS® Listing ID X12168364

Style Bungalow

Bedrooms 9

Source London and St. Thomas Association of REALTORS®

Property Description

Investors! Rare opportunity to own a licensed duplex situated in A+ location directly across from Kings College/UWO. This property is currently leased out for $6,000/month and is perfect for investors looking for a turnkey property with strong cash flow. The current leases are from May 1, 2025 to April 30, 2026 and generate $72,000/year in rental revenue,. This deceivingly large property has always been rented with ease based on the location and bedroom sizes and has never seen a vacancy since the owner has taken possession. The upper unit offers 5 bedrooms leased at $3,400/month (There are 5 bedrooms but only 4 rented). The lower level unit features 4 bedrooms leased at $2,600/month. Each unit has in-suite laundry. Owner pays heat ($1,280/year) and hydro ($3,501/year). There is strong potential to increase the rents to $1,000/room once the leases turnover next year based on current market rents and proximity to Kings College, adding a lot of value to your investment. Normalized revenue based on market rents and 5 bedrooms on main floor would be $108,000/year, yielding an impressive cap rate of 9.5% at the current list price - See attachment for cap rate calculations based on current and potential market rents. Recent upgrades include all new flooring in lower level, pot lights throughout, sprinkler system, and fresh paint throughout. Furnace was replaced in 2014, A/C 2012, and Roof in 2011. This is an exceptional investment in a high-demand location with proven income and long-term value growth. (id:24570)

Location

Province ON

Rooms

Kitchen 2.0

Extra Room 1 Lower level 5.1 m X 5.83 m Recreational, Games room

Extra Room 2 Lower level 3.57 m X 5.1 m Kitchen

Extra Room 3 Lower level 3.41 m X 3.9 m Primary Bedroom

Extra Room 4 Lower level 4.06 m X 2.76 m Bedroom 2

Extra Room 5 Lower level 4.3 m X 4.78 m Bedroom 3

Extra Room 6 Lower level 3.86 m X 2.86 m Bedroom 4

Interior

Heating Forced air

Cooling Central air conditioning

Exterior

Parking Features No

View Y/N No

Total Parking Spaces 4

Private Pool No

Building

Story 1

Sewer Sanitary sewer

Architectural Style Bungalow

Listed by COLDWELL BANKER POWER REALTY

Taryn Pessanha

Agent | License ID: CON-00083061

+1(403) 400-0831 | tarynp@redribbonrealty.ca

1042 BROUGH STREET London East (east B), ON N6A3N4

Taryn Pessanha

Key Details

Location

Rooms

Interior

Exterior

Building

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1042 BROUGH STREET