1563 Allen Place, London East, ON N5W 2V9 (Allen and Spruce)

Price : $1,269,000.00 , MLS®# : X12463938

Description

Investor Alert! Welcome to 1563 Allen Place, a well-maintained six-plex offering exceptional cash flow potential in a sought-after London location. This solid income-producing property features five 3-bedroom units and one 1-bedroom unit. Current gross annual income exceeds $102,900. The property includes an on-site coin-operated laundry (owned) for additional revenue and is self-managed, keeping operating costs low. Estimated monthly expenses average $2,238, including insurance, taxes, cleaning, hydro for common areas, and snow removal, resulting in an impressive projected NOI of $76,000 per year. Tenants enjoy spacious layouts, ample parking, and proximity to Western University, Fanshawe College, shopping, parks, and public transit, making this a highly desirable rental location with consistent demand. With stable tenants in place and rental growth on the horizon, this property is a turnkey addition to any investor's portfolio. Whether you're expanding your holdings or looking for a reliable income property in London's rental market, 1563 Allen Place offers the perfect balance of steady income, future growth, and low management overhead. Full Income/Expense Summary can be found in Documents.

Location Description

Allen and Spruce

Property Details
  • Community: East H
  • Property Type: Tenant/Residential Freehold
  • Bedrooms: 16
  • Bath: 6
  • Garages: None
  • Annual Property Taxes : $ 10276
Building Features
  • Foundation Type: Poured Concrete
  • Counstruction Material : Brick
  • Total Parking Space : 10
  • Parking Type : None
Building Features
  • Heating : RadiantOther
  • Sewer : Sewer ,
Land (Lot Features)
  • Frontage: 75.35 sq.ft
  • Land Depth: 150.34sq.ft

Listing Contracted With: OAK AND KEY REAL ESTATE BROKERAGE, INC.