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London, Ontario


600 Sarnia Road London Ontario, Canada

600 Sarnia Road

600 Sarnia Road

Units46

Built2007

Registered as condos2005 and 2007

Average MLS Selling Price 2023$524,000 (based on 2 MLS sales)

Average MLS Selling Price 2022$594,000 (based on 4 MLS sales)

Average MLS Selling Price 2021$431,400 (based on 2 MLS sales)

Average MLS Selling Price 2020Sample size (1) too small to report

Average MLS Selling Price 2019$320,500 (based on 3 MLS sales)

Average MLS Selling Price 2018No MLS sales

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Details:

"Western Crossing"

"Domus Built". Purpose-built, three plus two-bedroom units built for rental purposes and owned mainly by investors. No other condo complexes in north-west London share this design feature. These units have 1183, 1300 or 1386 sq. ft. of above ground living space. With the lower levels being finished the living space numbers jump to 1657 and 1850 sq. ft. Built with one block of two units, two blocks of three units, four blocks of five units and one block of six units. This project is built on slightly sloping lands and some units have rear basement windows slightly above grade. These are all cream-coloured full vinyl sided units with black shutters, white trim, black shingles, false upper dormers and a small front covered entranceway. Each unit has a rear single door with wooden steps leading out areas of grass. There are no rear decks or patio areas. Each unit has a rear door with primitive wooden steps leading down to the ground level.

Rear train tracks slightly below grade abut the southern side of this complex. Outdoor open parking and minimal landscaping. On the plus side is the purpose-built design. Each unit has three upper bedrooms with an upper four-piece bathroom, a main floor kitchen and living room/dining room area and on the lower level two more additional bedrooms with legal sized windows and a second four-piece bathroom. What a clever way to accommodate the needs of five different occupants.

We note that for a number of years a large billboard sign was posted on the side wall of one of the easterly clusters. The billboard has now been removed and a somewhat smaller sign has gone up in front middle of the complex facing the street saying there are rentals available with the wording, "Five bedrooms great for students or young families". For the past 30 years, these units have been predominantly used for student living rental purposes. Such usage can be hard on a unit. Many front doors now need to be refurbished, screens need to be replaced and other deficiencies require attention. Somehow, it all seems to work and many landlord investors are long term owners. EQB Ltd. Is based out of Cambridge, ON and their website shows that they manage several complexes. We caution investors to do their own homework. Investing in real estate isn't a walk-in-the-park as much as it once was. The concept of "Rent to own" back in the 80's and 90's was more common to promote. London has never been a city overly kind to that ideal. Once again, this complex was built for rental purposes.

The condo fees going into 2024 are in the $328 per month range and include garbage removal. There is a no pet policy.

Property Manager: EQB Ltd.

EQB 905-848-3300



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