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380-390 Princess AVE Middlesex, ON N6B 2A9
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Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Subdivision East F
MLS Listing ID X12513726
Annual Tax Amount $126,651
Tax Year 2025
Property Sub-Type Investment
Property Description
Situated at 380-390 Princess Avenue in London, Ontario, this multifamily property offers an exceptional investment opportunity. Comprising of 88 units across two buildings constructed in 2010 and 2017, this asset stands in excellent condition. In addition to traditional rental income, the property benefits from additional revenue streams through parking rentals and laundry facilities, enhancing its cash flow profile. The investment is further supported by a Municipal Contribution Agreement with the City of London, including substantial forgivable loans totaling $9,245,500. These loans, provided at zero interest, significantly reduce the required equity and support the property's affordable housing mandate. For 380 Princess Avenue, affordability must be maintained until May 31, 2042, while 390 Princess Avenue requires compliance until September 30,2035, with a phase-out period starting in 2030. Located in a thriving area of London, this property offers immediate cash flow, minimal capital expenditure needs, and long-term value in a market known for steady tenant demand and growth potential.
Location
Province ON
County Middlesex
Community East F
Area Middlesex
Interior
Cooling No
Exterior
Utilities Available Yes
Lot Frontage 198.0
Lot Depth 182.0
Others
ParcelsYN No
Listed by COLLIERS