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Banmeet Bhatia

gtaestatehomes@gmail.com +1(647) 923-3013

Est. payment | -/mo

9 Beds

5 Baths

Save

Est. payment | -/mo

Save

9 Beds

5 Baths

Key Details

Property Type Multi-Family

Sub Type Multiplex

Listing Status Active

Purchase Type For Sale

Approx. Sqft 5000 +

Subdivision East F

MLS Listing ID X13773394

Style 3-Storey

Bedrooms 9

Annual Tax Amount $13,410

Tax Year 2025

Property Sub-Type Multiplex

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.

Location

Province ON

County Middlesex

Area Middlesex

Zoning R3-2

Rooms

Family Room No

Basement Walk-Out, Partially Finished

Kitchen 5

Separate Den/Office 2

Interior

Interior Features Separate Heating Controls, Separate Hydro Meter, Storage Area Lockers, Storage, Water Heater Owned

Cooling None

Inclusions 5 Refrigerators, 5 stoves, 3 Dishwashers, 2 Washers, 2 Dryers, 3 Hot water heaters

Exterior

Exterior Feature Landscaped, Porch, Porch Enclosed

Parking Features Available

Pool None

Roof Type Asphalt Shingle

Lot Frontage 45.0

Lot Depth 105.0

Total Parking Spaces 6

Building

Building Age 100+

Foundation Block

Others

Senior Community No

Security Features Carbon Monoxide Detectors,Smoke Detector

ParcelsYN No

Listed by PRIME REAL ESTATE BROKERAGE

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500-502 Colborne ST London East, ON N6B 2T5