206 Central Avenue London, Ontario N6A 1M7
$2,195,000
FABULOUS PROPERTY ON RICHMOND ROW. CAP RATE APPROXIMATELY 5 1/2%. CAN BE BOUGHT WITH $400,000 DOWN. ANCHOR TENANT ON MAIN LEVEL IS BURRITO BOYZ. 4 LUXURY APARTMENTS WITH 11 BEDROOMS IN TOTAL. HIGH END LUXURY FINISHES. ASSUMABLE MORTGAGE OF $1,248,000 @ 5.35% TILL NOVEMBER 2025. LOCATED JUST STEPS OFF RICHMOND, WEST ON CENTRAL WITH LOTS OF PARKING IN THE BACK. RARE OPPORTUNITY TO OWN A LUXURY BUILDING IN THE HEART OF RICHMOND ROW. GROSS INCOME OVER $160.000 A YEAR. BURRITO BOYZ HAVE SIGNED A NEW FIVE YEAR LEASE WITH A FURTHER FIVE YEAR OPTION. LAMINATE FLOORS. CERAMIC, QUARTZ COUNTERTOPS. ALL STAINLESS STEEL APPLIANCES. 4 BEDROOM UNITS HAVE 2 FULL BATHS. CONTROLLED ENTRY. RENTAL INFORMATION AND EXPENSES IN DOCUMENT.BURRITO BOYZ CURRENT RENT $3,245 A MONTH=$38,940/YEAR. JUNE 1,2023 INCREASES TO $3,595/MONTH=$43,140/YEAR. JUNE 1,2028 INCREASES $3.975./MONTH=$47.700/YEAR PLUS THEY PAY THEIR SHARE OF PROPERTY TAXES. WITH $400,000 DOWN, SELLER WILL DO A ONE YEAR VTB @ 3.9% INTEREST ONLY FOR THE BALANCE BETWEEN THE FIRST MORTGAGE AND THE PURCHASE PRICE. VENDOR IS RETIRING. (id:20429)
Property Details
| MLS® Number | 40247948 |
| Property Type | Multi-family |
| Amenities Near By | Park, Public Transit, Shopping |
| Communication Type | High Speed Internet |
| Community Features | High Traffic Area |
| Features | Park/reserve, Paved Driveway |
| Parking Space Total | 9 |
Building
| Bathroom Total | 7 |
| Bedrooms Total | 11 |
| Appliances | Microwave |
| Basement Development | Finished |
| Basement Type | Partial (finished) |
| Construction Style Attachment | Detached |
| Cooling Type | Central Air Conditioning |
| Exterior Finish | Stucco |
| Fire Protection | Smoke Detectors |
| Fireplace Fuel | Electric |
| Fireplace Present | Yes |
| Fireplace Total | 4 |
| Fireplace Type | Other - See Remarks |
| Heating Fuel | Electric, Natural Gas |
| Heating Type | Baseboard Heaters, Forced Air |
| Stories Total | 3 |
| Size Interior | 3506 |
| Utility Water | Municipal Water |
Land
| Acreage | No |
| Land Amenities | Park, Public Transit, Shopping |
| Sewer | Municipal Sewage System |
| Size Depth | 111 Ft |
| Size Frontage | 45 Ft |
| Size Total Text | Under 1/2 Acre |
| Zoning Description | Bus District Commercial |
Utilities
| Electricity | Available |
| Natural Gas | Available |
https://www.realtor.ca/real-estate/24318706/206-central-avenue-london
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London and St. Thomas Association of REALTORS®
Sutton Group - Select Realty Inc., Brokerage
June 17 2022 03:19:47
