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206 Central Avenue London, Ontario N6A 1M7

11 Bedroom 7 Bathroom 3506
Fireplace Central Air Conditioning Baseboard Heaters, Forced Air

$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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