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Investment signal

$1,799,000

231 GREENWOOD AVENUE

Beds

Baths

Sqft

—

Year

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Location

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About this home

Purpose-built fourplex now converted to a 6-unit income property, with City-approved plans for an 8-unit build-out. All units are FULLY RENOVATED TOP TO BOTTOM, offering immediate cash flow with significant upside. Presently the 2 bedroom upper rented at $1800p/m plus utilities and two 2 bedroom lower units rented at $1600p/m plus utilities. The other two units are 2+1 bedrooms with a finished basements and lower levels roughed in for a 2nd bedroom and kitchen at $2100p/m plus utilities.. Water and Taxes are $11789 for 2025..Present Gross annual Income $132,000. Net income $114,919.83 representing a cap rate of 6.4...Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 with a potential net income of $146,119.03 representing a cap rate 8.2. Asking price includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings in place with 8x2 development approximately 75% complete." Over $400,000 value upside potential based on developed property income. (id:65958)

Subtype: Multi-family
Structure: Other
Community: South D
Lot dimensions: 66 x 198 FT
Bedrooms: 14 above grade
Parking: 6 total
On market: Apr 8, 2026
Status changed: Apr 13, 2026
Annual tax: $6,136 (2026)
Photos: 38
MLS#: X12971596
Area: LONDON_SOUTH_(SOUTH_D)

Features and systems

Parking

No GarageShared

Basement

FinishedN/A

Appliances

Water meter

Heating

Heat PumpElectric

Cooling

Central air conditioning

Exterior

Brick

Foundation

Poured Concrete

Lot

Flat siteLane

Utilities

SewerElectricityCable

Negative cash flow ~$3,433/mo at these assumptions

Monthly rent (CAD)Adjust to your local market estimateDown payment (%)Investment props typically 20-25%Mortgage rate (% annual)2026 default 5.49% — adjust to your rate holdAmortization (years)

Cash on cash

-11.45%

Cap rate

3.60%

GRM

16.7

Break-even rent

$12,613

Financing

Down payment$359,800

Loan amount$1,439,200

Mortgage$8,829/mo

Operating expenses (monthly)

Property tax(est. 0.55%/yr (AB avg))$825

Insurance$80

Maintenance$1,499

CapEx reserve$750

Vacancy loss$450

Estimates only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.

Lifestyle nearby

Nearby school, halal, mosque, grocery, park, and transit layers are still being built for London South (South D). The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.

Mortgage estimate

Estimated $8,829/mo at 5.49% with 20% down, 25-yr amortization.Estimate only — actual payment varies by qualification + insurance.

Listing brokerage

Listing brokerage on file

Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 13, 2026.