$719,000 525 Richmond Street, London, Ontario, N6A3E8

Overview

Property Type: Retail
Building Type: Retail
4 Bathrooms
Title: Freehold
Leadex ID: 20908572

Description

**Lot size: 22,28' x 78.84' x 86.39' x 21.39' R. Mixed use commercial/residential property in the heart of Richmond Row. Main floor, approx. 1,500 square feet level leased to Top Gun Steak and Burgers for 5 years, lease expiring on January 31, 2024. Main level was completely re-built-kitchen, mechanical equipment, walk-in cooler washrooms, flooring, digital security cameras. Two 2 bedroom apartments have been updated and are rented at $1,150 and $950 per month plus 50% of hydro. Laundry facilities. Net operating income of $42,822-year 1, $45,222-year 2 and $47,622-years 3-5. Cap rate increasing from 6% to 6.6% in year 3 at the asking price. Copy of commercial lease and summary of income and expenses available to interested parties. (id:18021)



Building

Built in

1900

Exterior Finish

Brick

Heating

Natural gas, Forced air

Cooling

Central air conditioning

Utility Sewer

Sanitary sewer

Water

Municipal water

Details

Ammenities Nearby

Public Transit

Parking Spaces

2

Zoning Description

DA2

Land

Land Size

0.04 ac|under 1/2 acre

Frontage

22 ft

Land Depth

78 ft

Listing Office

Office

RE/MAX CENTRE CITY REALTY INC., BROKERAGE, INDEPENDENTLY OWNED AND OPERATED

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