For Sale: 500-502 Colborne Street, London, ON - REW
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$1,300,000
11 bd • 5 ba • 5000 - 99999 sf • Multifamily
500-502 Colborne Street
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$1,300,000
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500-502 Colborne StreetLondon, ON, N6B 2T5

Central London
  • 11 Bed
  • 5 Bath
  • 5000 - 99999 Sqft
  • Multifamily

About this home

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:63626)
Listed by: JUSTIN KONIKOW, Salesperson, PRIME REAL ESTATE BROKERAGE

Home facts and features

Price details
List Price
$1,300,000
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Gross Taxes for 2026
$13,410
Home facts
Bedrooms
11
Full Bathrooms
5
Parking Spaces
6
Parking Details
No Garage
Property Type
Multifamily
Lot Size
45 ft x 105 ft (4725 ft²)
Depth
105 feet
Frontage
45.0 feet
Exterior Finish
Brick
Heating Type
Forced air, Natural gas
Basement Details
Partially finished, Walk out, ,
Features
Flat site, Separate Electricity Meters, Separate Heating Controls, Smoke Detectors
Appliances
Dishwasher, Dryer, Refrigerator, Stove, Two Washers, Water Heater
Community
Agent details
Primary Agent
JUSTIN KONIKOW
Primary Broker
PRIME REAL ESTATE BROKERAGE
Secondary Agent
Secondary Broker
PRIME REAL ESTATE BROKERAGE
Listing details
Days on REW
1 Day
MLS® Number
X13773394
Source
Canadian Real Estate Association
Board
London and St. Thomas Association of REALTORS®
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Property Insights

London Central Secondary School
  • Public
  • 9 - 12
Catholic Central High School
  • Catholic
  • 9 - 12
H B Beal Secondary School
  • Public
  • 9 - 12
St Mary School
  • Catholic
  • 5 - 8
St Georges Public School
  • Public
  • JK - 8
Aberdeen Public School
  • Public
  • JK - 8
St. John French Immersion School
  • Catholic
  • JK - 8
St Michael School
  • Catholic
  • JK - 8
Ryerson Public School
  • Public
  • JK - 8
Jeanne-Sauvé Public School
  • Public
  • K - 8
School catchments and distances are intended to be used as reference only. To verify enrolment eligibility for a property, contact the school directly.Report Incorrect Info
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Call Agent
Salesperson
JUSTIN KONIKOW
Phone:
519-860-6547
Cell:
519-473-9992
Office:
519-473-9992
Salesperson
KELLAN JAMES PANICCIA
Office:
519-473-9992
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