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BEDROOMS2
BATHROOMS2
KITCHENS12
ROOMSX11976341
MLSIDContact Us
Property Description
A turnkey income property with even greater potential licenced duplex is already generating steady rental income with a 2-bedroom main floor unit and an upper bachelor unit, both fully leased. But the true value lies in the unfinished basement, a prime opportunity to unlock additional income. With excellent ceiling height, a separate walkout to the backyard, and a spacious footprint, it's an ideal candidate for adding another residential unit (buyer to verify). This could significantly boost cash flow and maximize the property's highest and best use. There's more, a a large shed on the property presents another income stream, having been previously rented out. Recent updates, including deck repairs, fresh paint in the main unit, a new vanity, toilet, and bathroom window, ensure the property is well-maintained and tenant-ready. Situated on a corner lot with two parking spaces and a generous backyard, this property is just minutes from Victoria Hospital and transit routes.
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Listing History
| List Date | End Date | Days Listed | List Price | Sold Price | Status |
|---|---|---|---|---|---|
| 2024-06-17 | 2024-09-30 | 105 | $479,000 | - | Expired |
| 2021-06-22 | 2021-06-30 | 9 | $399,900 | $375,000 | Sold |
| 2003-12-29 | 2004-01-06 | 15 | $114,900 | $112,000 | Sold |
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Property Details
Street
Community
City
Property Type
Duplex, 1 1/2 Storey
Lot Size
125' x 40'
Fronting
East
Taxes
$2,517 (2024)
Basement
Sep Entrance, Unfinished
Exterior
Brick
Heat Type
Forced Air
Heat Source
Gas
Air Conditioning
None
Water
Municipal
Parking Spaces
1
Garage Type
None
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London Market Statistics
London Price Trend
42 Terrace St is a 3-bedroom 2-bathroom home listed for sale at $449,900, which is $175,311 (28.0%) lower than the average sold price of $625,211 in the last 30 days (January 21 - February 19). During the last 30 days the average sold price for a 3 bedroom home in London declined by $14,001 (2.2%) compared to the previous 30 day period (December 22 - January 20) and up $370,637 (145.6%) from the same time one year ago.Inventory Change
There were 193 3-bedroom homes listed in London over the last 30 days (January 21 - February 19), which is up 27.8% compared with the previous 30 day period (December 22 - January 20) and up 915.8% compared with the same period last year.Sold Price Above/Below Asking ($)
3-bedroom homes in London typically sold ($13,503) (2.2%) below asking price over the last 30 days (January 21 - February 19), which represents a $14,518 increase compared to the previous 30 day period (December 22 - January 20) and ($3,099) less than the same period last year.Sales to New Listings Ratio
Sold-to-New-Listings ration (SNLR) is a metric that represents the percentage of sold listings to new listings over a given period. The value below 40% is considered Buyer's market whereas above 60% is viewed as Seller's market. SNLR for 3-bedroom homes in London over the last 30 days (January 21 - February 19) stood at 64.2%, down from 101.3% over the previous 30 days (December 22 - January 20) and down from 210,715.8% one year ago.Average Days on Market when Sold vs Delisted
An average time on the market for a 3-bedroom 2-bathroom home in London stood at 27 days when successfully sold over the last 30 days (January 21 - February 19), compared to 69 days before being removed from the market upon being suspended or terminated.Listing contracted with Blue Forest Realty Inc.
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