231 Greenwood Avenue
London South, ON
- 14 bed
- 6 bath
- approx. 2500-3000 sqft
- Multiplex
- 153 days on market
Purpose-built fourplex now converted to a 6-unit income property, with City-approved plans for an 8-unit build-out. All units are FULLY RENOVATED TOP TO BOTTOM, offering immediate cash flow with significant upside. Presently the 2 bedroom upper rented at $1800p/m plus utilities and two 2 bedroom lower units rented at $1600p/m plus utilities. The other two units are 2+1 bedrooms with a finished basements and lower levels roughed in for a 2nd bedroom and kitchen at $2100p/m plus utilities.. Water and Taxes are $11789 for 2025..Present Gross annual Income $132,000. Net income $114,919.83 representing a cap rate of 6.4...Potential Annual Income converting to 8 x 2 bedroom units is $163,200.00 with a potential net income of $146,119.03 representing a cap rate 8.2. Asking price includes updates to all units complete, OLT and City of London zoning approvals, permit and drawings in place with 8x2 development approximately 75% complete." Over $400,000 value upside potential based on developed property income.
Listing Details
- Taxes (2025)
- $6,136
- Listed
- April 8, 2026
Price History
Listing history
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Property
- Style
- 1 Storey/Apt
- Construction
- Brick
- Roof
- Asphalt Shingle
- Foundation
- Poured Concrete
- Interior
- None
- Lot Size
- 66 x 198 Feet
Parking
- Garage
- None
- Covered Spaces
- 0
- Total Parking
- 6
Utilities
- Sewer
- Sewer
- Heat Source
- Gas
Location & Legal
- Cross Street
- Springbank Dr.
- Parcel Number
- 084040052
- Possession
- Flexible
- Occupancy
- Tenant
Schools
Elementary
- Kensal Park Public School0.1 km
Public · Thames Valley DSB · 670 students
Grade 3 reading: 65% met the provincial standard · Grade 6 math: 57% met the provincial standard
- École élémentaire catholique Frère André0.7 km
French Catholic · Conseil scolaire catholique Providence · 460 students
Grade 3 reading: 72% met the provincial standard · Grade 6 math: 76% met the provincial standard
- Woodland Heights Public School0.9 km
Public · Thames Valley DSB · 585 students
Grade 3 reading: 50% met the provincial standard · Grade 6 math: 51% met the provincial standard
Secondary
- Westminster Secondary School1.3 km
Public · Thames Valley DSB · 980 students
Grade 10 literacy: 75% met the provincial standard
- London South Collegiate Institute2.8 km
Public · Thames Valley DSB · 880 students
Grade 10 literacy: 73% met the provincial standard
- Saunders Secondary School2.9 km
Public · Thames Valley DSB · 2010 students
Grade 10 literacy: 70% met the provincial standard
Straight-line distance. Nearby schools are not necessarily the assigned schools — confirm catchment with the school board. Scores are EQAO provincial test results for 2024-2025.
Community
Postal area N6J
- Population
- 27,497
- Private dwellings
- 13,174
- Median age
- 43.6
- Average household size
- 2.1
- Median household income
- $65,000
Source: Statistics Canada, 2021 Census of Population, catalogue 98-401-X2021013. Adapted from Statistics Canada. This does not constitute an endorsement by Statistics Canada of this product.
Local market
Residential Freehold in London South · last 12 months
- Median sold price
- $585,000
- Homes sold
- 1,888
- Median days on market
- 27
- Sale-to-list price
- 97.4%
Based on 1,888 recorded sales of residential freehold properties in London South over the last 12 months.
Listed by
PRIME REAL ESTATE BROKERAGE
Walk Score
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Location
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Mortgage Calculator
$359,800
Estimated Monthly Payment
$8,838
Land transfer tax
Ontario land transfer tax only. An estimate — not legal or financial advice. Municipal land transfer tax applies in Toronto and is not included.
Investment Analysis
No recent nearby lease data. Enter a rent to see the numbers.
Mortgage: $8,838/mo (20% down, 5.5%)
Taxes: $511/mo · Insurance: $450/mo
Estimates only. Consult a financial advisor.
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