587 Lambton Street, London East, ON N5Y 4G1

About this property

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.

Property facts & features

Property type

Detached

MLS® number

X13798490

Source status

New

Bedrooms

3

Bathrooms

3

Reported interior area

Not provided

Neighbourhood

Not provided

Postal code

N5Y 4G1

Parking spaces

8

Garage

None

Lot depth (source units)

143.71

Annual property tax

10143.5

Basement

Finished

Laundry

Not provided

Interior features

Water Heater Owned

Exterior features

Not provided

Values and units are reported by the listing source. Verify measurements and fees with the brokerage.

Floor plans & room measurements

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Property value & listing history

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Location & neighbourhood

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