49 Paddington Avenue London, Ontario N6J 2S5

$727,000

This fully renovated seperately metered Three Unit income property in Manor Park works as an ideal seemless compliment to exisiting porfolios, as a solid first aquisition in the real estate investing world, and/or as a great oppurtunity to occupy one unit and generate income on the other units. The property just completed and passed fire and electrical safety inspections in July of 2024 helping reinforce this as a safe investment and/or new location to call home. This property has been creatively designed to keep all the living space above grade; with all units having been recently renovated and all major elements being replaced or upgraded; with bonus storage units created and rented below grade providing an additional income stream. This property provides very close access to the high energy major transportaion routes for public transit and is situated near to shopping centres. The area also offers great naturscapes to explore including Eustace Park and The Coves protected area. This fully tenanted property offers an annual income of at over $50,000 after expenses this property is a prime candidate for a cash flowing asset projected at a 7% Cap Rate at asking. As noted the newly renovated basement space allows for additional income with storage units with the space freshly painted, spray foamed and the cielings drywalled. The shared basement space also features a laundry room with two washers and two dryers for usage between the tenants. At the point of previous sale, all items noted in home inspection report were addressed by previous seller or current owner after possession. Between the previous professional home inspection, the electrical safety authority inspection, and the fire inspection; it is of upmost importance to the current owner than the new buyer inherites a safe property. This property is now noted as a legal three unit rental and has documentation available reflecting as much. Detailed financials are also available and can be provided. (id:58072)

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https://www.realtor.ca/real-estate/27250044/49-paddington-avenue-london-south-e