500-502 Colborne Street
London East, ON
- 11 bed
- 5 bath
- approx. 5000 + sqft
- Multiplex
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.
Listing Details
- Taxes (2025)
- $13,410
- Listed
- September 11, 2026
Price History
Listing history
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Property
- Style
- 3-Storey
- Age
- 100+
- Construction
- Brick
- Roof
- Asphalt Shingle
- Foundation
- Block
- Interior
- Separate Heating Controls, Separate Hydro Meter, Storage Area Lockers, Storage, Water Heater Owned
- Lot Size
- 45 x 105 Feet
Parking
- Garage
- None
- Covered Spaces
- 0
- Total Parking
- 6
Utilities
- Sewer
- Sewer
- Heat Source
- Gas
Location & Legal
- Cross Street
- Colborne and Dufferin
- Zoning
- R3-2
- Parcel Number
- 082720024
- Possession
- 60-89 days
- Occupancy
- Tenant
Included
- Inclusions
- 5 Refrigerators, 5 stoves, 3 Dishwashers, 2 Washers, 2 Dryers, 3 Hot water heaters
- Exclusions
- Tenants belongings
Schools
Elementary
- St. John French Immersion School0.4 km
Catholic · London District Catholic School Board · 540 students
Grade 3 reading: 90% met the provincial standard · Grade 6 math: 58% met the provincial standard
- Aberdeen Public School0.6 km
Public · Thames Valley DSB · 295 students
Grade 3 reading: 43% met the provincial standard · Grade 6 math: 33% met the provincial standard
- St Mary School1 km
Catholic · London District Catholic School Board · 230 students
Grade 6 math: 85% met the provincial standard
Secondary
- H B Beal Secondary School0.7 km
Public · Thames Valley DSB · 1525 students
Grade 10 literacy: 79% met the provincial standard
- Catholic Central High School0.7 km
Catholic · London District Catholic School Board · 1310 students
Grade 10 literacy: 89% met the provincial standard
- London Central Secondary School1.1 km
Public · Thames Valley DSB · 955 students
Grade 10 literacy: 91% met the provincial standard
Straight-line distance. Nearby schools are not necessarily the assigned schools — confirm catchment with the school board. Scores are EQAO provincial test results for 2024-2025.
Community
Postal area N6B
- Population
- 11,101
- Private dwellings
- 7,181
- Median age
- 38
- Average household size
- 1.6
- Median household income
- $49,200
Source: Statistics Canada, 2021 Census of Population, catalogue 98-401-X2021013. Adapted from Statistics Canada. This does not constitute an endorsement by Statistics Canada of this product.
Local market
Residential Freehold in London East · last 12 months
- Median sold price
- $460,000
- Homes sold
- 1,327
- Median days on market
- 25
- Sale-to-list price
- 97.0%
Based on 1,327 recorded sales of residential freehold properties in London East over the last 12 months.
Listed by
PRIME REAL ESTATE BROKERAGE
Walk Score
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Location
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Mortgage Calculator
$260,000
Estimated Monthly Payment
$6,387
Land transfer tax
Ontario land transfer tax only. An estimate — not legal or financial advice. Municipal land transfer tax applies in Toronto and is not included.
Investment Analysis
No recent nearby lease data. Enter a rent to see the numbers.
Mortgage: $6,387/mo (20% down, 5.5%)
Taxes: $1,118/mo · Insurance: $325/mo
Estimates only. Consult a financial advisor.
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