1042 BROUGH STREET new Save Request In-Person Tour Request Virtual Tour
London East (east B),ON N6A3N4
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