1042 Brough Street London East (East B), Ontario N6A 3N4
$979,900
Investors! Rare opportunity to own a licensed duplex situated in A+ location directly across from Kings College/UWO. This property is currently leased out for $6,850/month and is perfect for investors looking for a turnkey property with strong cash flow. The current leases are from May 1, 2025 to April 30, 2026 and generate $82,200/year in rental revenue, representing a 6.5% cap rate at the current list price. This deceiving large property has always been rented with ease based on the location and bedroom sizes and has never seen a vacancy since the owner has taken possession. The upper unit offers 5 bedrooms leased at $4,250/month. The lower level unit features 4 bedrooms leased at $2,600/month. Each unit has in-suite laundry. Owner pays heat ($1,280/year) and hydro ($3,501/year). There is strong potential to increase the rents to $1,000/room once the leases turnover next year based on current market rents and proximity to Kings College, adding a lot of value to your investment. Normalized revenue based on market rents would be $108,000/year, yielding an impressive cap rate of 9.5% at the current list price - See attachment for cap rate calculations based on current and potential market rents. Recent upgrades include all new flooring in lower level, pot lights throughout, sprinkler system, and fresh paint throughout. Furnace was replaced in 2014, A/C 2012, and Roof in 2011. This is an exceptional investment in a high-demand location with proven income and long-term value growth. (id:49269)
Property Details
| MLS® Number | X12168364 |
| Property Type | Multi-family |
| Community Name | East B |
| AmenitiesNearBy | Park, Public Transit, Schools |
| EquipmentType | Water Heater |
| Features | In-law Suite |
| ParkingSpaceTotal | 4 |
| RentalEquipmentType | Water Heater |
Building
| BathroomTotal | 3 |
| BedroomsAboveGround | 5 |
| BedroomsBelowGround | 4 |
| BedroomsTotal | 9 |
| Age | 51 To 99 Years |
| Appliances | Dishwasher, Dryer, Two Stoves, Two Washers, Two Refrigerators |
| ArchitecturalStyle | Bungalow |
| BasementDevelopment | Finished |
| BasementType | Full (finished) |
| CoolingType | Central Air Conditioning |
| ExteriorFinish | Aluminum Siding, Brick |
| FoundationType | Poured Concrete |
| HeatingFuel | Natural Gas |
| HeatingType | Forced Air |
| StoriesTotal | 1 |
| SizeInterior | 2000 - 2500 Sqft |
| Type | Duplex |
| UtilityWater | Municipal Water |
Parking
| No Garage |
Land
| Acreage | No |
| LandAmenities | Park, Public Transit, Schools |
| Sewer | Sanitary Sewer |
| SizeDepth | 125 Ft |
| SizeFrontage | 51 Ft |
| SizeIrregular | 51 X 125 Ft ; 51 X 125 |
| SizeTotalText | 51 X 125 Ft ; 51 X 125 |
| ZoningDescription | R1-6(1) |
Rooms
| Level | Type | Length | Width | Dimensions |
|---|---|---|---|---|
| Lower Level | Recreational, Games Room | 5.1 m | 5.83 m | 5.1 m x 5.83 m |
| Lower Level | Kitchen | 3.57 m | 5.1 m | 3.57 m x 5.1 m |
| Lower Level | Primary Bedroom | 3.41 m | 3.9 m | 3.41 m x 3.9 m |
| Lower Level | Bedroom 2 | 4.06 m | 2.76 m | 4.06 m x 2.76 m |
| Lower Level | Bedroom 3 | 4.3 m | 4.78 m | 4.3 m x 4.78 m |
| Lower Level | Bedroom 4 | 3.86 m | 2.86 m | 3.86 m x 2.86 m |
| Lower Level | Bathroom | 2.02 m | 2.66 m | 2.02 m x 2.66 m |
| Main Level | Bathroom | 2.57 m | 1.38 m | 2.57 m x 1.38 m |
| Main Level | Bathroom | 3.44 m | 2.28 m | 3.44 m x 2.28 m |
| Main Level | Living Room | 4.77 m | 4.37 m | 4.77 m x 4.37 m |
| Main Level | Dining Room | 4.77 m | 2.13 m | 4.77 m x 2.13 m |
| Main Level | Kitchen | 3.73 m | 4.49 m | 3.73 m x 4.49 m |
| Main Level | Primary Bedroom | 3.43 m | 4.71 m | 3.43 m x 4.71 m |
| Main Level | Bedroom 2 | 3.74 m | 3.27 m | 3.74 m x 3.27 m |
| Main Level | Bedroom 3 | 3.74 m | 3.29 m | 3.74 m x 3.29 m |
| Main Level | Bedroom 4 | 3.76 m | 3.77 m | 3.76 m x 3.77 m |
| Main Level | Bedroom 5 | 3.76 m | 3.21 m | 3.76 m x 3.21 m |
| Main Level | Laundry Room | 3.73 m | 2.36 m | 3.73 m x 2.36 m |
https://www.realtor.ca/real-estate/28355956/1042-brough-street-london-east-east-b-east-b
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May 23 2025 04:18:20
London and St. Thomas Association of REALTORS®
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