Purpose-built fourplex now converted to a 6-unit income property, with City-approved plans for an 8-unit build-out. All units are FULLY RENOVATED TOP TO BOTTOM, offering immediate cash flow with significant upside. Presently the 2 bedroom upper rented at $1800p/m plus utilities and two 2 bedroom lower units rented at $1600p/m plus utilities. The other two units are 2+1 bedrooms with a finished basements and lower levels roughed in for a 2nd bedroom and kitchen at $2100p/m plus utilities.. Water and Taxes are $11789 for 2025..Present Gross annual Income $132,000. Net income $114,919.83 representing a cap rate of 6.4...Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 with a potential net income of $146,119.03 representing a cap rate 8.2. Asking price includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings in place with 8x2 development approximately 75% complete." Over $400,000 value upside potential based on developed property income.
231 Greenwood Avenue
South D, London South, Middlesex $1,799,000Make an offer
14 Beds
6 Baths
2500-3000 sqft
Parking for 6
West Facing
- MLS®#:
- X12971596
- Property Type:
- Multiplex
- Property Style:
- 1 Storey/Apt
- Area:
- Middlesex
- Community:
- South D
- Taxes:
- $6,136 / 2025
- Added:
- April 08 2026
- Lot Frontage:
- 66
- Lot Depth:
- 198
- Status:
- Active
- Outside:
- Brick
- Year Built:
- Basement:
- Finished
- Brokerage:
- PRIME REAL ESTATE BROKERAGE
- Lot :
-
198
66
BIG LOT
- Intersection:
- Springbank Dr.
- Rooms:
- Bedrooms:
- 14
- Bathrooms:
- 6
- Fireplace:
- Utilities
- Water:
- Municipal
- Cooling:
- Central Air
- Heating Type:
- Heat Pump
- Heating Fuel:
Listing Details
Insights
- Strong Cash Flow: The property currently generates a gross annual income of $132,000, with a net income of $114,919.83, resulting in a cap rate of 6.4%. This offers immediate cash flow for investors.
- Significant Upside Potential: With city-approved plans for an 8-unit build-out, the potential annual income could increase to $163,200, enhancing the cap rate to 8.2%. This represents over $400,000 in value upside based on developed property income.
- Fully Renovated Units: All units have been fully renovated from top to bottom, ensuring minimal immediate maintenance costs and attracting quality tenants, which enhances the property's appeal and rental income stability.
Sale/Lease History of 231 Greenwood Avenue
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Complete neighborhood profile for 231 Greenwood Avenue
South D home prices
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Insights for 231 Greenwood Avenue
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