525 RICHMOND Street, London ON

$ 719,000.00

MLS# 208517

0.0400 acres • Commercial

**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.

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


Facts & Features

Type
Hospitality,Retail, Building and Land
Year Built
1900
Water
Municipal
Heating
Forced Air-Gas
Cooling
Central Air
Lot
1500 sqft.
Price/Sqft.
$479.33
Parking
Unknown
Days on LetsLook
96

Property Details

  • Area: City of London East
  • Assessed Value: $0.00
  • Age: 1900
  • Fronting: West
  • Taxes: $14,616.43 in 2018
  • Basement: Yes

Exterior

  • Finish: Brick
  • Foundation: Brick
  • Garage: No

Services

  • Electricity
  • Natural Gas
  • Public Transit
  • Telephone

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Loan Amount
Years
Interest Rate

525 RICHMOND Street, London ON N6A 3E8



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