1071.5 Florence Street London East, Ontario N5W 2M7

$549,900

Exceptional Investment Opportunity - Legal Triplex with Strong Cash Flow & Future Upside! Own a fully legal two-storey triplex on a rare 37.09 ft x 168.63 ft lot in one of London's rapidly growing neighbourhoods. Certified by the City of London, this income-producing property offers immediate cash flow, low operating costs, and excellent long-term appreciation potential. Currently generating $3,289/month from the main floor ($1,689) and upper unit ($1,600 including parking), with only the basement unit remaining to be leased at $1,350/month, bringing the projected gross rental income to approximately $4,639/month ($55,668 annually). Property taxes are only $2,716/year, making this an attractive opportunity for investors. The impressive 168-foot-deep lot provides added privacy and future development potential, subject to municipal approvals. Ideally located with a bus stop at the doorstep and within walking distance to the Hard Rock Hotel, casino, restaurants, shopping, and entertainment district, this high-demand location continues to attract quality tenants. Major updates include a waterproofing membrane around the foundation (2021), interior drainage system, exterior painting, soundproofing between the main and upper floors, and a renovated main-floor kitchen (2022).Additional features include separate entrances, separate hydro meters, four parking spaces, coin-operated laundry for extra income, and a private tree-lined backyard with a paved patio and fire pit. Whether expanding your portfolio or purchasing your first investment property, this well-maintained legal triplex offers strong income, excellent upside, valuable updates, and outstanding long-term investment potential. (id:49929)

Property Details

MLS® Number	X13589054
Property Type	Multi-family
Community Name	East M
Amenities Near By	Hospital, Park, Schools
Community Features	School Bus
Equipment Type	Water Heater
Features	Carpet Free
Parking Space Total	4
Rental Equipment Type	Water Heater

Building

Bathroom Total	3
Bedrooms Above Ground	4
Bedrooms Total	4
Age	100+ Years
Appliances	Dryer, Stove, Washer, Refrigerator
Basement Development	Finished
Basement Features	Apartment In Basement, Separate Entrance
Basement Type	N/a, N/a, Full, N/a (finished)
Cooling Type	None
Exterior Finish	Brick, Vinyl Siding
Foundation Type	Block
Heating Fuel	Electric
Heating Type	Baseboard Heaters
Stories Total	2
Size Interior	1,100 - 1,500 Sqft
Type	Triplex
Utility Water	Municipal Water

Parking

No Garage

Land

Acreage	No
Land Amenities	Hospital, Park, Schools
Sewer	Sanitary Sewer
Size Depth	168 Ft ,7 In
Size Frontage	37 Ft ,1 In
Size Irregular	37.1 X 168.6 Ft
Size Total Text	37.1 X 168.6 Ft|under 1/2 Acre
Zoning Description	R2-2

Rooms

Level	Type	Length	Width	Dimensions
Second Level	Bedroom	3.6 m	3 m	3.6 m x 3 m
Second Level	Bedroom	3.6 m	3 m	3.6 m x 3 m
Second Level	Kitchen	3 m	2.6 m	3 m x 2.6 m
Second Level	Office	3.3 m	3 m	3.3 m x 3 m
Basement	Bedroom	3.2 m	2.7 m	3.2 m x 2.7 m
Basement	Living Room	2.9 m	3.6 m	2.9 m x 3.6 m
Basement	Kitchen	2.9 m	2.4 m	2.9 m x 2.4 m
Main Level	Living Room	4.7 m	3 m	4.7 m x 3 m
Main Level	Bedroom	3.3 m	3.2 m	3.3 m x 3.2 m
Main Level	Kitchen	3.3 m	2.8 m	3.3 m x 2.8 m

Utilities

Electricity	Available
Sewer	Available

https://www.realtor.ca/real-estate/30060905/10715-florence-street-london-east-east-m-east-m