London, ON N6J2S5 49 PADDINGTON AVENUE
$699,000
Presented By: EXP REALTY
Home Details
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. Basement additionally waterproofed, insulated and ceiling / walls newly drywalled. 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. Detailed financials are also available and can be provided. (id:7434)
Presented By: EXP REALTY
Interior Features for 49 PADDINGTON AVENUE
Other Interior Features
Basement TypePartial
Building Fireplace PresentFalse
Building Heating FuelElectric
Building Heating TypeBaseboard heaters
General for 49 PADDINGTON AVENUE
Building AmenitiesCanopy
Building AppliancesWater Heater, Dishwasher, Dryer, Microwave, Refrigerator, Stove, Washer, Window Coverings
Building Basement FeaturesSeparate entrance
Building TypeTriplex
Building.StoriesTotal2
CommunityNameSouth E
FeaturesFlat site
Foundation TypeBlock
Location DescriptionPaddington & Emery
Parking Space Total4
Property TypeSingle Family
Suite - LegalNo
Exterior for 49 PADDINGTON AVENUE
Exterior FinishVinyl siding, Concrete
SewerSanitary sewer
StructureShed
Additional Details
Paul Dojcinovic
TEAM LEADER, REALTOR® at eXp Realty