380-390 Princess Ave 88 Unit Apartment Building $12,200,000 CAD ($138,636 CAD/Unit) 3.31% Cap Rate London, ON N6B 2A9

Situated at 380 - 390 Princess Avenue in London, Ontario, this multifamily property offers an exceptional investment opportunity. Comprising of 88 units across two buildings constructed in 2010 and 2017, this asset stands in excellent condition and is expected to generate a strong Year 1 NOI of $403,377. In addition to traditional rental income, the property benefits from additional revenue streams through parking rentals and laundry facilities, enhancing its cash flow profile.
The property is supported by Municipal Contribution Agreements with the City of London providing about $9.25 million in forgivable municipal contributions. These are 0 percent-interest funding agreements, secured by City charges on title, and forgiven over 25 years while affordability requirements are
met. They are not loans, debt, or purchaser equity. With City consent, a buyer may assume the agreements so the funding stays on title without payout.
390 Princess affordability runs to September 30 2035, with market rents permitted on turnover beginning in 2030. 380 Princess affordability runs to May 31 2042 with market rents permitted on turnover beginning in 2037. This long-term commitment not only aligns with municipal incentives for affordable housing but also secures ongoing support from the city, making the investment both financially and socially rewarding. Located in a thriving area of London, this property offers immediate cash flow, minimal capital expenditure needs, and long-term value in a market known for steady tenant demand and growth potential. This is a rare, high-value investment with robust financial benefits and strong city backing, ideal for investors seeking both profitability and positive community impact.