500-502 COLBORNE STREET
London East (East F), Ontario
MLS® X13773394
$1,300,000
- Status
- Active
- Property type
- Multi-family
- MLS® number
- X13773394
- Bedrooms
- 11
- Bathrooms
- 5
- Year built
- —
1 / 34Listing description
Five licensed units, $110,712 in gross annual income, and a City of London rental license already in hand - 500/502 Colborne is the rare Woodfield multiplex already doing the work for you. This five-unit brick building sits on a 45' x 105' lot minutes from downtown, transit at the door. Scheduled rents total $9,226/month across a 3 bed/2 bath, two 2 bed + dens, a 2 bed, and a 1 bed.
Every unit is separately metered - tenants pay hydro, and both 502 units pay their own gas heat. Landlord costs run roughly $27,962 (taxes $13,678. 72 verified with the City, insurance $7,983, water/sewer $4,200, gas $1,350, common electricity $750), leaving approximately $82,750 NOI - a cap rate near 6.
4% at $1,300,000. The license matters as much as the income: a buyer inherits a legal, rentable five-plex on closing day, not a compliance project. Unit 2 at 502 is currently offered at $1,700, letting a new owner pick their own tenant; the other four are tenanted and producing.
Built 1905, over 5,500 sq ft, 9+2 bedrooms, five baths, five kitchens, one unit recently updated. In-suite and shared laundry, storage lockers, owned water heaters, walk-out lower level, parking for six. R3-2.
Flexible possession.
Property summary
- MLS® number
- X13773394
- Property type
- Multi-family
- Building type
- Other
- Land size
- 45 x 105 FT
- Annual property taxes
- $13,410.00
- Parking
- 6 spaces · No Garage
- Days on market
- 8 days
Features & details
- Heating
- Forced air, Natural gas
- Cooling
- None
- Basement
- Partially finished, Walk out, N/A, N/A
- Appliances
- Refrigerator, Dishwasher, Stove, Dryer, Two Washers, Water Heater
- Exterior features
- Brick
- Lot features
- Flat site
What would this home cost you?
Based on the $1,300,000 asking price at a 5.00% example rate, semi-annual compounding.
Renanza Realty Inc. can represent you on this property — send an enquiry to arrange a private viewing.
Listing courtesy of PRIME REAL ESTATE BROKERAGE, LONDON.
The listing data displayed here is provided in part by the Canadian Real Estate Association (CREA) through its Data Distribution Facility (DDF®) and is drawn from Boards and Associations across Canada. Information is deemed reliable but is not guaranteed accurate by CREA. The listings are held by brokerages other than Renanza Realty unless otherwise noted.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.