$12,200,000
Available - For Sale
Listing ID: X12513726
380-390 Princess Avenue , London East, N6B 2A9, Middlesex
| Located at 380-390 Princess Avenue in London, Ontario, this purpose-built multifamily asset comprises 88 rental units across two well-maintained buildings, completed in 2010 and 2017. The properties feature modern construction, efficient layouts, and stable cash flow supported by additional income from parking and on-site laundry facilities.The asset participates in a Municipal Contribution Agreement (MCA) with the City of London, which provides forgivable loans totaling approximately $9.25 million. These zero-interest loans were advanced to support the delivery of affordable housing and are fully forgivable over time, provided the affordability requirements continue to be met. The remaining affordability periods extend to May 31, 2042 for 380 Princess Avenue and September 30, 2035 (phasing out from 2030) for 390 Princess Avenue. This municipal partnership ensures a stable tenant base and predictable revenue profile while aligning with growing demand for affordable rental housing in London. The buildings require minimal near-term capital expenditure and offer investors the opportunity to own a well-performing, government-supported housing asset with strong in-place income and long-term value appreciation potential once the affordability period concludes. |
| Price | $12,200,000 |
| Taxes: | $126651.98 |
| Tax Type: | Annual |
| Occupancy: | Tenant |
| Address: | 380-390 Princess Avenue , London East, N6B 2A9, Middlesex |
| Postal Code: | N6B 2A9 |
| Province/State: | Middlesex |
| Legal Description: | LOTS 4, 5, 6, 7, 10, 11, 12, 13, 14 & PT |
| Directions/Cross Streets: | Princess Ave & Colborne St |
| Washroom Type | No. of Pieces | Level |
| Washroom Type 1 | 0 | |
| Washroom Type 2 | 0 | |
| Washroom Type 3 | 0 | |
| Washroom Type 4 | 0 | |
| Washroom Type 5 | 0 | |
| Washroom Type 6 | 0 | |
| Washroom Type 7 | 0 | |
| Washroom Type 8 | 0 | |
| Washroom Type 9 | 0 | |
| Washroom Type 10 | 0 |
| Category: | Apartment |
| Use: | Apts - Over 20 Units |
| Building Percentage: | T |
| Total Area: | 0.84 |
| Total Area Code: | Acres |
| Washrooms: | 0 |
| Heat Type: | Gas Forced Air Close |
| Central Air Conditioning: | No |
| Sewers: | Sanitary+Storm |
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At a Glance:
| Type: | Com - Investment |
| Area: | Middlesex |
| Municipality: | London East |
| Neighbourhood: | East F |
| Tax: | $126,651.98 |
| Fireplace: | N |
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