About 500-502 Colborne Street
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. All five units are tenanted and producing incredible rents with A+ tenants. 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:6289)
More Info on this East F Other MLS® listing
500-502 Colborne Street is an other listing for sale in London East (East F). The MLS® number is X13773394. It features 11 bedrooms, 5 bathrooms. It's currently listed for $1,300,000. For more details on MLS® X13773394, including price history, disclosures, or to schedule a private showing, fill out the form on this page. This other listing in East F is available now!
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