474 Cheapside Street, London East, ON N5Y 3X3

About this property

CHARM, CHARACTER & INCOME POTENTIAL! This beautifully maintained Old North bungalow offers the perfect blend of timeless Craftsman character and modern functionality, with $3,900 in current monthly rental income ($46,800 annually). The upper unit rents for $2,200/month and the lower unit for $1,700/month. Both units have separate hydro meters, with tenants paying their own hydro. Original architectural details, including elegant millwork, decorative pillars separating the living and dining rooms, an original French door, and mosaic tile, preserve the home's historic appeal.Now registered and licensed as a legal duplex, this R1-4 zoned property features two self-contained units with separate hydro services, making it an exceptional opportunity for investors or owner-occupants looking to offset their mortgage with rental income. If a single-family home is preferred, the property can be easily converted back by reinstating the rear staircase. Extensive renovations completed in 2023 include the creation of a fully legal lower suite, updated mechanical systems, separate heating and cooling, ERV systems, and numerous capital improvements throughout. Located in the highly desirable Old North neighbourhood, the property is just minutes from Western University, St. Joseph's Hospital, downtown London, parks, schools, shopping, and transit. Whether you're looking for a turnkey income property, a mortgage helper, or a multi-generational living opportunity, this property offers outstanding flexibility in one of London's most sought-after communities. All measurements are approximate. See attachments for list of upgrades, and City of London Rental Licence.

Property facts & features

Property type

Duplex

MLS® number

X13642796

Source status

New

Bedrooms

3

Bathrooms

2

Reported interior area

Not provided

Neighbourhood

Not provided

Postal code

N5Y 3X3

Parking spaces

4

Garage

None

Lot depth (source units)

130

Annual property tax

4991.35

Basement

Apartment, Separate Entrance, Finished

Laundry

Not provided

Interior features

Air Exchanger, Primary Bedroom - Main Floor

Exterior features

Porch

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

Floor plans & room measurements

Floor plans and verified room measurements are not available for this property.

Property value & listing history

Multi-event history, valuations and sold comparables require verified property identity and display permissions. No historical events or estimated values have been inferred.

Plan your monthly ownership costs

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Planning estimate with Canadian semiannual compounding. Excludes mortgage insurance, closing costs and special assessments. This is not a lender quote or mortgage approval.

Location & neighbourhood

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