507 Pall Mall Street London, Ontario N5Y 2Z5

$589,900

Welcome to an exceptional investment opportunity with prime real estate in the Woodfield neighbourhood! This grandfathered commercial, mixed-use property offers a laundromat tenant and a one-bedroom apartment, with the exciting potential to add more square footage and income. This property was formerly a hot spot for downtown laundry needs, making it an attractive opportunity for those looking to enter or expand their investment portfolio. The current Laundromat Tenant has four years left on their lease and is offering to stay with their equipment at $2,000 per month, plus all utilities and common area maintenance. Current owner is only responsible for property tax and insurance (annual expenses of $10,303). Talk about low overhead! For those savvy investors with an entrepreneurial spirit, there's opportunity to purchase the laundry equipment and expand the building footprint, maximizing your returns and diversifying your income streams. Would you add a cafe? Additional equipment, retail space or more residential units? You'll be pleasantly surprised with the turnkey, one bedroom apartment, accessible from the rear stairs. This property promises a rare blend of immediate income, long-term stability, and the exciting potential for further development. For more information or to schedule a viewing, please inquire within. 6% CAP rate with projected rents. (id:49476)

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https://www.realtor.ca/real-estate/26388240/507-pall-mall-street-london