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For Sale · Multifamily

29 SPRINGBANK DRIVE, London South (South E)

29 SPRINGBANK DRIVE, London South (South E), ON N6J1E1

$669,900 total

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Asset Class

Multifamily

Size

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Building class

B

Zoning

RA8 — Medium Rise

$ / SF

—

Occupancy

86%

About this property

LEGAL/LICENSED triplex with permits in place for duplex ARU build in rear yard! Excellent opportunity for those looking to live in with a mortgage helper or for investors looking to expand their portfolio with significant upside! Inside you will find 2 out of 3 units vacant. 1x 2 bed/1 bath, previously rented for $2050/month, 1x bachelor unit which could rent for an estimated $1100/month and one excellent legacy tenant. Most big ticket items have been completed in the time the owner has owned this property including, but not limited to: updated electrical, updated plumbing, attic and basement insulation, almost all windows, hot water tanks are owned, all units renovated, not to mention almost $20,000 spent for duplex plans and permits. This property is in an excellent A+ location, walking distance to Wortley Village, downtown AND park trails. Bus to Western University is just around the corner. Large detached garage and 5 parking spots! Large 50x175 lot. (id:66811)

Financial sandbox

Adjust the deal assumptions — returns recalculate instantly.

Estimate
Purchase price$670K
Down payment30% · $201K
Interest rate6.25%
Amortization25 years
Occupancy86%
Expense growth2.5%

Monthly debt service

$3K

Projected NOI

$27K

Annual cash flow

$-10K

Cash-on-cash

-5.13%

DSCR

0.72

Going-in cap

4.00%

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

75,299

Households

28,618

Median income

$88,000

Median age

42.5

Daytime population

114,657

5-yr growth

1.9%

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

Secure deal room

Confidential diligence documents for 29 SPRINGBANK DRIVE, London South (South E).

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.