196-198 Clarence Street

About this home

196-198 Clarence Street consists of two separate lots and is fully approved and ready to build, with plans, permits and due diligence completed, making this a true shovel-ready 8-unit redevelopment opportunity. City of London housing incentives may provide a forgivable loan of up to $45,000 per qualifying unit, representing potential funding of up to $360,000, subject to program availability, eligibility requirements and municipal approval. Based on projected rents of $1,250 per unit, plus anticipated parking and locker income, the completed project could generate approximately $134,400 in annual gross revenue and projected NOI of approximately $108,920. At stabilization, this supports an estimated value of approximately $2,178,400 at a 5% capitalization rate or $1,815,333 at a 6% capitalization rate. Once completed and stabilized, the property may also qualify for CMHC MLI Select financing, subject to applicable program and lender requirements. The property is conveniently located near Downtown London, transit, employment, shopping and amenities. Complete plans and due diligence package are available upon request. All projections, incentives and financing opportunities are estimates only and should be independently verified by the purchaser.

Details

Type

Investment

Lot

57 × 110 ft

Garage

None

Property tax

$2,245 (2026)

Neighbourhood

East K

Municipality

London East

Heating, cooling and services

Utilities

Yes

Building and exterior

Building area

0 Acres

More

Possession

Immediate

Cross street

Simcoe St. & Clarence St.

Business type

Apts - 6 To 12 Units