551 ADELAIDE STREET N · Triplex

551 ADELAIDE STREET N is a 3-unit triplex in London, ON, asking $624,900 — $208,300 per door.

That sits below the London band of $210k - $360k per door. A price under the band usually means condition, location, or an in-place rent roll well below market — confirm which before treating it as a discount. London cap rates screen 4.5% - 5.8% against average rent near $1,900 a door.

At 3 units this finances as residential, not commercial — MLI Select starts at five units. The qualifying rate still applies: federally regulated lenders test a 1–4 unit rental at the greater of your contract rate plus two points or 5.25%.

London is useful for student and small-multifamily strategies, but management and licensing drive outcomes. Investor demand reads medium, vacancy balanced.