196-198 CLARENCE STREET
London East (East K), Ontario
MLS® X13784218
$739,999
- Status
- Active
- Property type
- Multi-family
- MLS® number
- X13784218
- Bedrooms
- —
- Bathrooms
- —
- Year built
- —
Listing description
196-198 Clarence Street consists of two separate lots and is fully approved and ready to build, with plans, permits and due diligence completed, making this a true shovel-ready 8-unit redevelopment opportunity. City of London housing incentives may provide a forgivable loan of up to $45,000 per qualifying unit, representing potential funding of up to $360,000, subject to program availability, eligibility requirements and municipal approval. Based on projected rents of $1,250 per unit, plus anticipated parking and locker income, the completed project could generate approximately $134,400 in annual gross revenue and projected NOI of approximately $108,920.
At stabilization, this supports an estimated value of approximately $2,178,400 at a 5% capitalization rate or $1,815,333 at a 6% capitalization rate. Once completed and stabilized, the property may also qualify for CMHC MLI Select financing, subject to applicable program and lender requirements. The property is conveniently located near Downtown London, transit, employment, shopping and amenities.
Complete plans and due diligence package are available upon request. All projections, incentives and financing opportunities are estimates only and should be independently verified by the purchaser.
Property summary
- MLS® number
- X13784218
- Property type
- Multi-family
- Building type
- Multi-Family
- Land size
- 0.136 acres
- Annual property taxes
- $2,245.24
- Days on market
- 2 days
Features & details
- Heating
- No heat
- Cooling
- None
What would this home cost you?
Based on the $739,999 asking price at a 5.00% example rate, semi-annual compounding.
Renanza Realty Inc. can represent you on this property — send an enquiry to arrange a private viewing.
Listing courtesy of EXP REALTY, LONDON.
The listing data displayed here is provided in part by the Canadian Real Estate Association (CREA) through its Data Distribution Facility (DDF®) and is drawn from Boards and Associations across Canada. Information is deemed reliable but is not guaranteed accurate by CREA. The listings are held by brokerages other than Renanza Realty unless otherwise noted.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.