Space
Finished area and layout
- Square Feet
- 1,100-1,500 sqft
- Bedrooms
- 4
- Bathrooms
- 2
4
Bedrooms
2
Bathrooms
1,100-1,500 sqft
Square Feet
0.136 ac
Lot
2
Parking
Property Snapshot
Key details for this listing
MLS #X13784218
Property
Type, style and structure
- Type
- residential
- Style
- multi-family / Multiplex
- Ownership
- Freehold
About This Property
This 4-bedroom, 2-bathroom multi-family in London East offers 1,100-1,500 sqft of square feet on a 0.136 ac lot. The property has lot dimensions of 0.136, cross street East on SImcoe Street and right on Clarence Street, zoned R3-1. The home features no heat heating, none.
MLS Remarks
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. (id:60351)
Full Listing Details
Address196-198 CLARENCE STREET
MLS#X13784218
Listing StatusActive
Property TypeResidential
Sub-TypeMulti-family
TransactionSale
List DateSep 15, 2026
Days on Market41
Common InterestFreehold
Annual Tax$2,245 (2023)
Parking2
Structure TypeMulti-Family
AttachedAttached
StyleMultiplex
Approximate Age51-99
FacingEast
Bedrooms4
Bathrooms2
Full Baths2
Rooms Above Grade2
Bedrooms Above Grade4
Bedrooms Below Grade0
Square Feet1,100-1,500 sqft
Kitchens2
Den/Family RoomNo
3-pc · Ground ×2
CityLondon East
NeighbourhoodEast K
ProvinceOntario
Postal CodeN6B2J7
CountyMiddlesex
Cross StreetEast on SImcoe Street and right on Clarence Street
Lot Size0.136 ac
Lot Dimensions0.136
Lot ShapeRectangular
Frontage57 ft
Lot Depth110 ft
ZoningR3-1
Zoning DetailsR3-1
Total Parking2
Garage Spaces0
Garage TypeNone
Covered Spaces2
HeatingNo heat
CoolingNone
InteriorSump Pump, Water Meter, Water Heater
Water SourceMunicipal water
WaterMunicipal
ElevatorNo
Annual Tax$2,245 (2023)
Business TypeApts - 6 To 12 Units
Cross Streets: Simcoe St. & Clarence St. ** Directions: East on Simcoe Street and right on Clarence Street.
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