196-198 CLARENCE STREET, London East (East K)
$739,999
For sale: Multiplex
- Property type
- Investment
- MLS®
- MLS® X13784218
- Neighbourhood
- East K
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.
Sold data
Homes in East K — recent sold market
Homes in East K took a median of 38 days to sell over the last 365 days, with the quickest quarter selling within 19 days and the slowest quarter taking more than 80, across 80 recorded sales.
That clock counts only the listing each home finally sold on. Measured from the first time these properties came to market, including any earlier listings that were withdrawn and re-entered, the median is 93 days.
The median sale price was $319,900.
Homes sold for about 4.1% below asking on average, so there was room to negotiate.
About 8% of sales closed above the list price.
Around 34% of sellers reduced their price before finding a buyer.
- Median days to sell
- 39
- Median sale price
- $319,900
- Sale-to-list ratio
- 95.9%
- Sold above asking
- 8%
Based on 80 recorded sales in the last 1 year — a small sample, so treat these figures as indicative. Aggregate statistics only; individual sale prices are not shown.
Schools
Schools in London East (East K)
London East (East K) has 116 Fraser Institute–rated schools (97 elementary and 19 secondary), averaging 5.5/10.
- Rated schools
- 116
- Elementary
- 97
- Secondary
- 19
- Average rating
- 5.5 / 10
Top-rated schools in London East (East K)
- John Dearness — elementary, LondonFraser rating 9.8/10
- St George — elementary, LondonFraser rating 9.1/10
- Jack Chambers — elementary, LondonFraser rating 8.8/10
- Sir Arthur Currie — elementary, LondonFraser rating 8.8/10
- London Central — secondary, LondonFraser rating 8.7/10
- Ryerson — elementary, LondonFraser rating 8.7/10
School ratings from the Fraser Institute's Ontario school report cards.
Currently for sale
Homes for sale near 196-198 CLARENCE STREET
$689,900
Detached321,100–1,500 sqft345 TECUMSEH AVENUE E, South F, London South
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Vacant Land1033 DUNDAS STREET, East M, London East
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Apartment3+121,800–1,999 sqft114 - 480 CALLAWAY ROAD, North A, London North
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Multiplex521,500–2,000 sqft307 GREY STREET, East K, London East
$399,000
Multiplex621,500–2,000 sqft173 ADELAIDE STREET N, East K, London East
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Multiplex521,500–2,000 sqft439 SOUTH STREET, East K, London East
$549,000
Multiplex421,100–1,500 sqft431 SOUTH STREET, East K, London East
$829,000
Multiplex9+332,000–2,500 sqft433 SOUTH STREET, East K, London East