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New4 days ago

587 Lambton Street

East B, London East

$864,900

Detached|2-Storey
2 | 3 | 8
About this home

LOCATED AT ADELAIDE / LAMBTON, HIGH TRAFFIC COUNT WITH EXCELLENT COMMERCIAL/RESIDENTIAL USE. Unique freehold mixed-use opportunity in a great London location! This versatile property offers a combination of commercial space, residential income and additional living flexibility, all on one property. The upper level features a bright 2-bedroom apartment with a full 4-piece bathroom, updated kitchen finishes and refinished hardwood floors, currently rented and providing immediate income. The main floor offers flexible office space with two separate office/flex areas, a kitchenette and 2-piece bathroom, making it ideal for a business owner or professional office. Finished basement offering additional living space with an existing kitchen area and plumbing in place, providing potential for future use. Basement has not been rented in many years. Buyer to verify continued use. Situated on a property with 8 on-site parking spaces accessible off of Lambton Street, this building offers exceptional flexibility for an owner-user, investor or entrepreneur looking to combine residential and commercial uses. Additional updates include a metal roof and eavestroughs (2020/21), two owned hot water tanks (2020), newer front door, dedicated bell fibre optic line and various updates throughout the home. The property is equipped with two furnaces, with one serving the main and lower levels and the other dedicated to the upper-level apartment. Double-brick construction with additional insulation provides excellent sound separation, making the interior remarkably quiet. Zoned OC5/R2-2, offering a range of permitted uses. A rare opportunity to own a flexible mixed-use property with multiple potential revenue streams.

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agent
Jonathan Lee
(647) 983-0770
TypeDetached
Style2-Storey
Approx. Age51-99
Size2000-2500 sq. ft.
Property Tax$10,144
Lot Size48.85 ft x 143.71 ft
mls© NumberX13798490
Listed ByRE/MAX CENTRE CITY REALTY INC.

Listing History

  • No recent sale history for this listing.
  • No recent lease history for this listing.

Could you afford this home?

What the bank counts

This home's actual carrying costs, payment stress-tested at 6%

Mortgage, tested at 6%
$4,427
Property tax
$845
Heat allowance
$150
Housing costs
$5,422 / mo

Lenders cap these at 39% of gross income — that sets the number.

Down payment20% · $172,980
25-yr amortization

Income needed

$167,000

gross annual household income

Payment at 4%
$3,640 / mo
Cash down
$172,980

Assumes no other monthly debts · 25-yr amortization

Full affordability check

Investment Analysis

Estimated rent, cap rate and monthly cash flow for this property

Values and trends

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