525 Richmond St

London, ON, N6A 3E8
MLS® #: 208517
MEL F. VETERO, RE/MAX Centre City Realty Inc

$719,000

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Business Type: Business

Date Listed: Wed, Jul 10, 2019

Property Tax: $14,616 (2018)

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525 Richmond St

London, ON, N6A 3E8

$719,000

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1500 sqft|Business
MLS® #: 208517
MEL F. VETERO, RE/MAX Centre City Realty Inc

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Property Description

**Lot size: 22,28' x 78.84' x 86.39' x 21.39' R. Mixed use commercial/residential property in the heart of Richmond Row.Main floor, approx. 1,500 square feet level leased to Top Gun Steak and Burgers for 5 years, lease expiring on January31, 2024. Main level was completely re-built-kitchen, mechanical equipment, walk-in cooler washrooms, flooring, digitalsecurity cameras. Two 2 bedroom apartments have been updated and are rented at $1,150 and $950 per month plus50% of hydro. Laundry facilities. Net operating income of $42,822-year 1, $45,222-year 2 and $47,622-years 3-5.Cap rate increasing from 6% to 6.6% in year 3 at the asking price. Copy of commercial lease and summary of income andexpenses available to interested parties.

Details

Property Type: Commercial
Property Tax: $14,616 (2018)
Fees: N/A
Last Updated: Mon, September 30, 2019
Property Subtype: Building and Land
Sale Rent: For Sale
Title: Freehold

Key Facts

MLS® #: 208517
Ownership-Type: N/A
Year Built: 1900
sqft: 1500 SQFT
Date Listed: Jul 10, 2019
Lot Size: 0.0400
Occupancy: N/A
Total Acres: 0.04
Type: Retail, Hospitality
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Data was last updated Monday, September 30, 2019 at 8:47:43 PM
Agent's profile picture

RE/MAX CENTRE CITY REALTY INC.

London, ON

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(519) 872-1319

PH: (519) 872-1319
I'd prefer to be reached by text or phone call

I'm looking to:

Buy
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Introduction to Investing in Commercial Real Estate

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