CAONLondonCentral London500-502 Colborne St
Listing image | Image 1

500-502 Colborne St, London, ON

House

For Sale

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1156

MLS® X13773394

  • Property Details
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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:58753)Show Description

Key Facts

Levels Residential Income
Size -
Garage Yes
Taxes $13,410
Days Active 7
MLS® Number X13773394
Central VacNo
FireplaceNo
GarageYes
BasementPartially finished, Walk out, N/A
DrivewayNo Garage
HeatForced air, Natural gas
A/CNone

Property Address: 500-502 Colborne St, London, ON, N6B2T5

Average square foot calculated using Size range provided by listing agent.

Additional Information

Siding Brick
Sewage System Other
Landscaping Flat site

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  • Commute

Commute

Starting Address
Destination Address
500-502 Colborne St, London, ON

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