246 Wharncliffe Road S London, Ontario N6J 2L4
$985,000
This 6-unit multifamily property, located near Downtown, Wortley Village, and a major bus route, offers an excellent investment opportunity with significant value-add potential. With 2 of the 6 units left vacant on purpose, the new owner can set new rents and maximize returns. The building includes a mix of unit types: 1-2 bedroom, 3-1 bedroom, and 2 bachelor units. Recent renovations include a stucco exterior (2021), roof with spray foam silicone system (2021), and full insulation of exterior walls and ceilings (2021). All windows and doors were replaced in 2021, reducing future maintenance costs. Most units have been updated with new bathrooms. The property features 2 upgraded 200-amp electrical panels, a high-efficiency forced air gas furnace, and low utility costs. A workshop/storage building at the rear provides additional income potential. Zoned AC2 (1), this property is well-positioned for future growth and rental demand. Projected cash flow of $75,600 per year, with the opportunity to increase returns by filling vacant units at market rates. A solid investment for those seeking to add a high-potential multifamily asset to their portfolio. (39879369) (id:50787)
Property Details
| MLS® Number | 40698463 |
| Property Type | Multi-family |
| Amenities Near By | Public Transit, Schools, Shopping |
Building
| Bathroom Total | 6 |
| Bedrooms Total | 5 |
| Basement Development | Partially Finished |
| Basement Type | Full (partially Finished) |
| Cooling Type | None |
| Exterior Finish | Stucco |
| Foundation Type | Poured Concrete |
| Heating Type | Forced Air |
| Stories Total | 2 |
| Size Interior | 3000 Sqft |
| Utility Water | Municipal Water |
Parking
| None |
Land
| Access Type | Road Access |
| Acreage | No |
| Fence Type | Partially Fenced |
| Land Amenities | Public Transit, Schools, Shopping |
| Sewer | Municipal Sewage System |
| Size Depth | 90 Ft |
| Size Frontage | 25 Ft |
| Size Total Text | Under 1/2 Acre |
| Zoning Description | Ac2(1) |
https://www.realtor.ca/real-estate/27909411/246-wharncliffe-road-s-london
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February 12 2025 10:57:01
REALTORS® Association of Hamilton-Burlington
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