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$ 1,300,000
Est. payment /mo
New
500-502 COLBORNE STREET London East (east F), ON N6B2T5
11 Beds
5 Baths
5,000 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Approx. Sqft 5000 - 100000
Square Footage 5,000 sqft
Price per Sqft $260
Subdivision East F
MLS® Listing ID X13773394
Bedrooms 11
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:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Forced air
Cooling None
Exterior
Parking Features No
Fence Partially fenced
View Y/N No
Attached Garage No
Total Parking Spaces 6
Garage No
Private Pool No
Building
Lot Description Landscaped
Story 3
Sewer Sanitary sewer
Listed by PRIME REAL ESTATE BROKERAGE
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