380-390 Princess Avenue, London East, ON N6B 2A9, London East, ON
0.84 sqft
Located at 380-390 Princess Avenue in London, Ontario, this purpose-built multifamily asset comprises 88 rental units across two well-maintained buildings, completed in 2010 and 2017. The properties feature modern construction, efficient layouts, and stable cash flow supported by additional income from parking and on-site laundry facilities.The asset participates in a Municipal Contribution Agreement (MCA) with the City of London, which provides forgivable loans totaling approximately $9.25 million. These zero-interest loans were advanced to support the delivery of affordable housing and are fully forgivable over time, provided the affordability requirements continue to be met. The remaining affordability periods extend to May 31, 2042 for 380 Princess Avenue and September 30, 2035 (phasing out from 2030) for 390 Princess Avenue. This municipal partnership ensures a stable tenant base and predictable revenue profile while aligning with growing demand for affordable rental housing in London. The buildings require minimal near-term capital expenditure and offer investors the opportunity to own a well-performing, government-supported housing asset with strong in-place income and long-term value appreciation potential once the affordability period concludes.
Property Highlights
For Sale
MLS NO.
X12513726
Type
Commercial
Sub Type
Investment
Square Footage
0.84 sqft
Complete Property Details
Property Type
Commercial
Sub Type
Investment
Transaction Type
For Sale
Status
Pending
Contract Status
Available
MLS® Number
X12513726
Lot Width
198.0
Lot Size
0.84
Lot Size Units
Acres
Garage Type
Outside/Surface
Cooling
No
Heat Type
Gas Forced Air Closed
Internet Address Display Yn
Yes
Internet Entire Listing Display Yn
Yes
Full Address
380-390 Princess Avenue, London East, ON N6B 2A9
City
London East
Neighbourhood
East F
County / Region
Middlesex
Province / State
ON
Postal Code
N6B 2A9
Cross Street
Princess Ave & Colborne St
Directions
Princess Ave & Colborne St
Country
CA
List Price
$12,200,000
Annual Taxes
$126,652
Tax Year
2025
Legal Description
LOTS 4, 5, 6, 7, 10, 11, 12, 13, 14 & PT LT 3 PLAN 158(E) AS IN 887914; S/T ESAE AS IN ER270923; LONDON SUBJECT TO AN EASEMENT AS IN ER1130011
Possession Type
Immediate
Possession Details
Immediatr
Listing Office
COLLIERS
Board
Toronto Regional Real Estate Board
Original Entry
2025-11-05T19:46:07Z
Media Updated
2025-11-05T19:46:08Z
Photos Updated
2025-11-05T19:46:08Z
Last Modified
2025-12-12T20:21:35Z
System Modified
2025-12-12T20:21:35.436678Z
MLS Status
Sold Conditional
Basement Yn
Yes
Co List Office Name
COLLIERS
Ddfyn
Yes
Expiration Date
2026-04-30
Heat Type Multi
Gas Forced Air Closed
Hstapplication
Not Subject to HST
Occupant Type
Tenant
Originating System Id
A00001796
Parcel Number
082700081
Public Remarks
Located at 380-390 Princess Avenue in London, Ontario, this purpose-built multifamily asset comprises 88 rental units across two well-maintained buildings, completed in 2010 and 2017. The properties feature modern construction, efficient layouts, and stable cash flow supported by additional income from parking and on-site laundry facilities.The asset participates in a Municipal Contribution Agreement (MCA) with the City of London, which provides forgivable loans totaling approximately $9.25 million. These zero-interest loans were advanced to support the delivery of affordable housing and are fully forgivable over time, provided the affordability requirements continue to be met. The remaining affordability periods extend to May 31, 2042 for 380 Princess Avenue and September 30, 2035 (phasing out from 2030) for 390 Princess Avenue. This municipal partnership ensures a stable tenant base and predictable revenue profile while aligning with growing demand for affordable rental housing in London. The buildings require minimal near-term capital expenditure and offer investors the opportunity to own a well-performing, government-supported housing asset with strong in-place income and long-term value appreciation potential once the affordability period concludes.
