Jag Patel
Broker
$199,900
Available - For Sale
Listing ID: X13090206
466 Adelaide Street North , London East, N6B 3H9, Middlesex
| LEGAL LICENSED TRIPLEX IN THE HEART OF LONDON - VALUE-ADD MULTI-RESIDENTIAL OPPORTUNITY WITH STRONG UPSIDE POTENTIAL. This licensed triplex offers investors a rare opportunity to acquire a cash-flowing asset with significant future income growth in one of London's most established urban rental corridors. The property features three self-contained units including a spacious 3-bedroom unit, a 1-bedroom unit, and a 2-bedroom unit, along with ample on-site parking - a highly desirable feature for tenants in the downtown core. Current rental configuration includes:Unit #1 (3 Bedroom) rented by the bedroom with Room #1 generating $495/month and Room #2 generating $600/month.Unit #2 (1 Bedroom) currently rented for $995/month.Unit #3 (2 Bedroom) is presently vacant and requires renovation but presents exceptional upside potential with estimated future market rent of approximately $1,600/month once updated. This property presents multiple value-add strategies including completing renovations to Unit #3, optimizing the existing room-rental model, and increasing overall rental performance over time. Strong rental demand in the area supports long-term income stability and future appreciation potential. Ideal for investors, renovators, or portfolio builders seeking a compliant multi-unit property with immediate income and clear pathways to forced appreciation.Projected Upside Scenario:Renovated Unit #3 estimated at: $1,600/month Current Monthly Income: $2,090Current Annual Income: $25,080Pro Forma Monthly Income: $3,690 Pro Forma Annual Income: $44,280Cap Rate Analysis (Assuming ~30% operating expenses typical for triplexes)Current NOI: ~$17,556Current Cap Rate (Based on $199,900 asking price): ~8.8%Pro Forma NOI: ~$30,996Pro Forma Cap Rate (Based on $199,900 asking price): ~15.5%Excellent opportunity to reposition and stabilize a licensed multi-family asset with substantial income upside in a high-demand London rental market. |
| Price | $199,900 |
| Taxes: | $2934.00 |
| Assessment Year: | 2025 |
| Occupancy: | Tenant |
| Address: | 466 Adelaide Street North , London East, N6B 3H9, Middlesex |
| Directions/Cross Streets: | ADELAIDE AND QUEEN |
| Rooms: | 11 |
| Bedrooms: | 6 |
| Bedrooms +: | 0 |
| Family Room: | F |
| Basement: | Unfinished |
| Washroom Type | No. of Pieces | Level |
| Washroom Type 1 | 4 | Ground |
| Washroom Type 2 | 0 | |
| Washroom Type 3 | 0 | |
| Washroom Type 4 | 0 | |
| Washroom Type 5 | 0 |
| Total Area: | 0.00 |
| Property Type: | Triplex |
| Style: | 2-Storey |
| Exterior: | Vinyl Siding |
| Garage Type: | None |
| Drive Parking Spaces: | 8 |
| Pool: | None |
| Approximatly Square Footage: | 1500-2000 |
| CAC Included: | N |
| Water Included: | N |
| Cabel TV Included: | N |
| Common Elements Included: | N |
| Heat Included: | N |
| Parking Included: | N |
| Condo Tax Included: | N |
| Building Insurance Included: | N |
| Fireplace/Stove: | N |
| Heat Type: | Forced Air |
| Central Air Conditioning: | None |
| Central Vac: | N |
| Laundry Level: | Syste |
| Ensuite Laundry: | F |
| Sewers: | Sewer |
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| CENTURY 21 FIRST CANADIAN CORP |
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Jag Patel
Broker
Dir:
416-671-5246
Bus:
416-289-3000
Fax:
416-289-3008
| Book Showing | Email a Friend |
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At a Glance:
| Type: | Freehold - Triplex |
| Area: | Middlesex |
| Municipality: | London East |
| Neighbourhood: | East G |
| Style: | 2-Storey |
| Tax: | $2,934 |
| Beds: | 6 |
| Baths: | 3 |
| Fireplace: | N |
| Pool: | None |
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