$11,200,000
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 | $11,200,000 |
| 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 | |
| Washroom Type 11 | 0 | |
| Washroom Type 12 | 0 | |
| Washroom Type 13 | 0 | |
| Washroom Type 14 | 0 | |
| Washroom Type 15 | 0 | |
| Washroom Type 16 | 0 | |
| Washroom Type 17 | 0 | |
| Washroom Type 18 | 0 | |
| Washroom Type 19 | 0 | |
| Washroom Type 20 | 0 | |
| Washroom Type 21 | 0 | |
| Washroom Type 22 | 0 | |
| Washroom Type 23 | 0 | |
| Washroom Type 24 | 0 | |
| Washroom Type 25 | 0 | |
| Washroom Type 26 | 0 | |
| Washroom Type 27 | 0 | |
| Washroom Type 28 | 0 | |
| Washroom Type 29 | 0 | |
| Washroom Type 30 | 0 | |
| Washroom Type 31 | 0 | |
| Washroom Type 32 | 0 | |
| Washroom Type 33 | 0 | |
| Washroom Type 34 | 0 | |
| Washroom Type 35 | 0 | |
| Washroom Type 36 | 0 | |
| Washroom Type 37 | 0 | |
| Washroom Type 38 | 0 | |
| Washroom Type 39 | 0 | |
| Washroom Type 40 | 0 | |
| Washroom Type 41 | 0 | |
| Washroom Type 42 | 0 | |
| Washroom Type 43 | 0 | |
| Washroom Type 44 | 0 | |
| Washroom Type 45 | 0 | |
| Washroom Type 46 | 0 | |
| Washroom Type 47 | 0 | |
| Washroom Type 48 | 0 | |
| Washroom Type 49 | 0 | |
| Washroom Type 50 | 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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| COLLIERS |
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Ali Shahpazir
Sales Representative
Dir:
416-473-8225
Bus:
416-473-8225
| Book Showing | Email a Friend |
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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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