Scott Morgan - Sutton
44 Baldwin Street
Brooklin, ON L1M1A2
$1,300,000 $6,979 est/mo Sourced by Back At You
500-502 Colborne Street,London East (East F), ON N6B2T5
London East (East F), ON N6B2T5
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. 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:13843)
Details
| MLS # | X13773394 |
|---|---|
| Listing Type | For Sale |
| Status | Active |
| Days On Site | 44 |
| Listing Provided By | PRIME REAL ESTATE BROKERAGE | JUSTIN KONIKOW |
Features
| Bed(s) | 11 |
|---|---|
| Bath(s) | 5 Total |
| SQ Feet | 5,000 |
| Basement | Y |
| Story(s) | 3 |
| Zoning | R3-2 |
Interior
| Cooling | None |
|---|---|
| Heating | Forced air, Natural gas |
| Appliances | Refrigerator, Dishwasher, Stove, Dryer, Two Washers, Water Heater |
| Fireplace Yes / No | No |
Exterior
| Security Features | Smoke Detectors |
|---|---|
| Lot Features | Flat site |
| Foundation Details | Block |
| Fencing | Partially fenced |
Parking
| Parking Features | No Garage |
|---|---|
| Parking Total | 6 |
Utilities
| Sewer | Sanitary sewer |
|---|---|
| Water Source | Municipal water |
Taxes
| Tax Annual Amount | 13410 |
|---|
Area Information
| Province | ON |
|---|---|
| City | London East (East F) |
| Postal Code | N6B2T5 |
| Listing VS Median (in N6B2T5) | |
Price: $1,300,000 low | high Med: $1,599,500 sqft: 5,000 low | high Med: 4,250 $ / sqft: $260 low | high Med: $401 On site: 44 low | high Med: 32 | |
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Learn More About This Property
| Province | ON |
|---|---|
| City | London East (East F) |
| Postal Code | N6B2T5 |
| Listing VS Median (in N6B2T5) | |
Price: $1,300,000 low | high Med: $1,599,500 sqft: 5,000 low | high Med: 4,250 $ / sqft: $260 low | high Med: $401 On site: 44 low | high Med: 32 | |
Listing Updated: September 28, 2026 at 11:06:37 PM PDT
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