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Locations
Listings
231 Greenwood Avenue, London South, ON N6J 3G5
Listed For :
$1,799,000
Your Cash Back is $26,985 (*Terms and Conditions Apply)
Listed On :
Bedrooms:
14 - 0
Bathrooms:
6
Garage / Parking Places:
6
| Date Started | Date Ended | Price | Event | Listing ID |
|---|
Key Features
Listing Key:
X12971596
Floors:
6
Square:
25,003,000 ft2
Brokage:
PRIME REAL ESTATE BROKERAGE
Listed On:
2026-04-08
Updated On:
2026-04-13
Property Type:
Multiplex
Basement:
Finished
Style:
1 Storey/Apt
Community:
South D
Municipality:
London South
Kitchens:
6
Rooms:
30
Size:
2500-3000 ft²
Construction:
Brick
Parking:
6
Cooling:
Central Air
Heating Type:
Heat Pump
Heating Fuel:
Gas
Cross Street:
Springbank Dr.
Description
Purpose-built fourplex now converted to a 6-unit income property, with City-approved plans for an 8-unit build-out. All units are FULLY RENOVATED TOP TO BOTTOM, offering immediate cash flow with significant upside. Presently the 2 bedroom upper rented at $1800p/m plus utilities and two 2 bedroom lower units rented at $1600p/m plus utilities. The other two units are 2+1 bedrooms with a finished basements and lower levels roughed in for a 2nd bedroom and kitchen at $2100p/m plus utilities.. Water and Taxes are $11789 for 2025..Present Gross annual Income $132,000. Net income $114,919.83 representing a cap rate of 6.4...Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 with a potential net income of $146,119.03 representing a cap rate 8.2. Asking price includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings in place with 8x2 development approximately 75% complete." Over $400,000 value upside potential based on developed property income.
Two bedroom UPPER $1700. + $100 water + utilities. Two bedroom LOWER $1500. + $100 water + utilities. Two + one bedroom $2000. + $100 water + utilities. Future Income Potential: City approval in place to convert to 8 x2-bedroom units. Potential Gross Income: $163,200 Estimated Net Income: $146,121Value equals a 8.2% Cap Rate. Net Potential Conversion will increase NOI by over $30,000 annually and lift valuation by approximately $400,000. Listed along with 246 Greenwood Ave MLS#X12703186 for $1,469,000. The seller will consider a discounted price for a package purchase price.
Two bedroom UPPER $1700. + $100 water + utilities. Two bedroom LOWER $1500. + $100 water + utilities. Two + one bedroom $2000. + $100 water + utilities. Future Income Potential: City approval in place to convert to 8 x2-bedroom units. Potential Gross Income: $163,200 Estimated Net Income: $146,121Value equals a 8.2% Cap Rate. Net Potential Conversion will increase NOI by over $30,000 annually and lift valuation by approximately $400,000. Listed along with 246 Greenwood Ave MLS#X12703186 for $1,469,000. The seller will consider a discounted price for a package purchase price.
Private Notes
Two bedroom UPPER $1700. + $100 water + utilities. Two bedroom LOWER $1500. + $100 water + utilities. Two + one bedroom $2000. + $100 water + utilities. Future Income Potential: City approval in place to convert to 8 x2-bedroom units. Potential Gross Income: $163,200 Estimated Net Income: $146,121Value equals a 8.2% Cap Rate. Net Potential Conversion will increase NOI by over $30,000 annually and lift valuation by approximately $400,000. Listed along with 246 Greenwood Ave MLS#X12703186 for $1,469,000. The seller will consider a discounted price for a package purchase price.
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