981 Lorne Avenue, London East, ON N5W 3L4
$389,500
activeNEW
About This Property
AMAZINGLY PRICED LONDON, ON DUPLEX! Superior Up-&-Down LEGAL DUPLEX (w/ TRI-PLEX potential*) in Old East Village! This well-maintained LEGAL duplex (formerly a TRI-PLEX) is ideally located in a desirable pocket of Old East Village, close to schools, playgrounds, shopping, Western Fair District, & countless other amenities. Featuring separate entrances & separate hydro meters, this property offers flexibility, privacy, & proven strong income. The spacious main unit spans two levels & offers 2 bedrooms with the potential to be used as 3 bedrooms (given the additional living space in lower level) along with an impressive 2 FULL bathrooms. This unit feels like a full house, making it perfect for owner-occupiers or families seeking space & comfort. Helping to offset your mortgage is a great upper-level tenant in the 1 bedroom/1 bathroom unit, creating an ideal live & earn opportunity! The home is in excellent overall condition, making for truly easy "landlording". Major upgrades were completed in 2013, including wiring, plumbing, furnace, & insulation (walls and attic). The roof was replaced in 2011, & renovated bathrooms, kitchen, & windows were completed in 2019. Two full sets of appliances are included. Additional highlights include loads of parking, a fully fenced yard w/ patio & handy garden shed, & a *walk-up lower level (SEPERATE ENTRANCE to LOWER) that could potentially be converted back to a triplex, unlocking even more income. This place is irrefutably loaded with value! Both units are currently rented month-to-month, offering flexibility for investors or owner-occupiers. Live in one unit with strong rental income, or rent both for maximum returns. Turn the key & go - such a good buy! Vacant possession of primary owner occupied 2-level unit available immediately if desired, or keep the owner in that unit at $2100/month + hydro. Excellent upper unit tenant on month to month terms at $1450 + hydro would be happy to stay. $42.6K per yr gross w/ minimal expenses.
Property Details
Multi-Family
Active
X12955672
4
3
1,100
April 3, 2026
Features & Amenities
Location
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981 Lorne Avenue, London East, ON N5W 3L4
981 Lorne Avenue, London East, ON N5W 3L4
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Listing Information
Listing Information
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Re/Max Crossroads Realty Inc., Brokerage — 533 Danforth Rd, Scarborough ON M1K 1C9