Business For Sale · Multifamily

1408 ERNEST AVENUE, London South (South X)

1408 ERNEST AVENUE, London South (South X), ON N6E3B2

$3.9M total

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Asset Class

Multifamily

Size

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Building class

C

Zoning

RA8 — Medium Rise

$ / SF

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Occupancy

92%

About this property

An exceptional 1.029-acre infill development site in London's White Oaks neighbourhood, recently re-zoned Residential R8-4, and approved for a wide range of medium-density residential uses including stacked townhouses, low-rise apartments, and converted dwellings.The property features an existing vacant two-storey commercial structure, approved for conversion into an 18-unit residential apartment building (44 units per hectare) with a flexible mix of 1-bedroom, 1+den, and 2-bedroom layouts.Approx. 12,950 ft2 of existing building space and 64 on-site parking stalls-with access via a shared private laneway-support a streamlined, low-cost redevelopment path. No Site Plan Control is required for the current approved conversion, reducing timeline and permitting barriers.Strategically located near transit, shopping, parks, schools, and employment hubs, this site offers strong tenant appeal and long-term upside in a corridor targeted for growth. Positioned between an established residential area and a neighbourhood commercial node, the site delivers natural transition, walkability, and policy-aligned density.Property is currently vacant and uninsured. Data room access with a signed CA. (id:66811)

Financial sandbox

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Estimate
Purchase price$3.90M
Down payment30% · $1.17M
Interest rate6.25%
Amortization25 years
Occupancy92%
Expense growth2.5%

Monthly debt service

$18K

Projected NOI

$135K

Annual cash flow

$-81K

Cash-on-cash

-6.92%

DSCR

0.63

Going-in cap

3.46%

Figures are modelled from the listed price and asset class for illustration only. Verify all income, expenses, and financing terms independently before making an offer.

Area demographics

Trade area within 3 miles of the property.

Population

78,658

Households

28,104

Median income

$132,000

Median age

35.4

Daytime population

113,749

5-yr growth

7.1%

Modelled estimates for illustration until a licensed census data provider is connected.

Secure deal room

Confidential diligence documents for 1408 ERNEST AVENUE, London South (South X).

NDA required
  • Offering Memorandum

    PDF · 4.2 MB

  • Rent Roll & T-12

    XLSX · 820 KB

  • Environmental Phase I

    PDF · 6.7 MB

  • Site Survey & Plans

    PDF · 11.4 MB

  • Zoning Confirmation Letter

    PDF · 310 KB

Preview experience — the electronic NDA is illustrative and is not a binding agreement.