500-502 Colborne Street, London East (East F), Ontario N6B2T5
Listing courtesy of PRIME REAL ESTATE BROKERAGE.
- $1,300,000
- 11
- BD
- 5
- BA
- List Price
- $1,300,000
- Status
- ACTIVE
- Days on Market
- 0
- MLS® #
- LondonandStThomasAssociationofREALTORS-X13773394
- Bedrooms
- 11
- Bathrooms
- 5
- Subdivision
- East F
- Neighborhood
- East F
- MLS Area Major
- East F
Property 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. (id:5764)
Additional Information
- Exterior Features
- Brick
- Taxes
- $13,410
- Community Features
- East F
- Appliances
- Refrigerator, Dishwasher, Stove, Dryer, Two Washers, Water Heater
- Heating
- Forced air, Natural gas
- Air Conditioning
- None
- Stories
- 3
- Foundation
- Block
- Parking Features
- No Garage
