Cross Streets: Springbank Dr. ** Directions: West on Springbank turning south onto Greenwood on the west side. Purpose built four plex now converted to a SIXPLEX with City of London approval to covert into an EIGHTPLEX. Two bedrooms in each unit with with strong valued opportunity with four 2 bedrooms on the main level and four 2 bedroom lower units. All units have been renovated from top to bottom. Presently 2 units have been converted into 2 bedroom upper and 2 bedroom lower units. The other 2 units are 2+1 bedrooms with a finished basements and lower levels roughed in for a 2nd bedroom and kitchen. Strong value-add opportunity with upside already approved. Conversion will increase NOI by over $30,000 annually and lift valuation by approximately $432,000. Present Gross annual Income $132,000. Net $115,209.03 Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 NET income of $146,119.03 at 6.5 cap bringing valuation to $2,248,000. Over $400,000 value upside potential based on developed property income. Asking price premium includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings, 8x2 development approximately 75% complete." (id:27476)
