1042 BROUGH ST new Save Request In-Person Tour Request Virtual Tour
London East,ON N6A 3N4
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
Approx. Sqft 2000-2500
Subdivision East B
MLS Listing ID X12168364
Style Bungalow
Bedrooms 9
Building Age 51-99
Annual Tax Amount $7,677
Tax Year 2024
Property Sub-Type Duplex
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.
Location
Province ON
County Middlesex
Community East B
Area Middlesex
Zoning R1-6(1)
Rooms
Family Room No
Basement Finished,Full
Kitchen 2
Separate Den/Office 4
Interior
Interior Features In-Law Capability,In-Law Suite
Cooling Central Air
Inclusions 2 fridges, 2 stoves, 2 dishwashers, 2 washers, 2 dryers
Exterior
Exterior Feature Privacy
Parking Features Private Double
Pool None
Roof Type Asphalt Shingle
Lot Frontage 51.0
Lot Depth 125.0
Total Parking Spaces 4
Building
Foundation Poured Concrete
New Construction false
Others
Senior Community No