585 Colborne St
London, N6B 2V1
FOR SALE
$849,900
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4 + 2
BEDROOMS4
BATHROOMS3
KITCHENS0
ROOMSX8258096
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Property Description
Prime Location Triplex in London, Ontario - Ideal Investment Opportunity: Welcome to this well-maintained triplex in the heart of London, Ontario, offering three separate units including a 1-bedroom apartment, 2-bedroom apartment and 3-bedroom apartments. Situated in a prime location with consistent high rental demand and walkable distance to downtown, this property presents an excellent income-generating opportunity. Features include modern amenities, strong occupancy rates, and proximity to schools, parks, and amenities. Don't miss out on adding this lucrative investment to your portfolio - schedule a viewing today!
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Property Details
Street
City
Property Type
Triplex, 2 1/2 Storey
Lot Size
52' x 50'
Fronting
East
Taxes
$6,005 (2023)
Basement
Finished, Full
Exterior
Brick
Heat Type
Other
Heat Source
Other
Air Conditioning
None
Water
Municipal
Parking Spaces
4
Driveway
Front Yard
Garage Type
Detached
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London Market Statistics
London Price Trend
585 Colborne St is a 4-bedroom 4-bathroom home listed for sale at $849,900, which is $31,525 (3.6%) lower than the average sold price of $881,425 in the last 30 days (April 3 - May 2). During the last 30 days the average sold price for a 4 bedroom home in London declined by $9,941 (1.1%) compared to the previous 30 day period (March 4 - April 2) and up $26,925 (3.2%) from the same time one year ago.Inventory Change
There were 181 4-bedroom homes listed in London over the last 30 days (April 3 - May 2), which is up 364.1% compared with the previous 30 day period (March 4 - April 2) and up 852.6% compared with the same period last year.Sold Price Above/Below Asking ($)
4-bedroom homes in London typically sold ($18,811) (2.1%) below asking price over the last 30 days (April 3 - May 2), which represents a $7,588 increase compared to the previous 30 day period (March 4 - April 2) and ($741) less than the same period last year.Sales to New Listings Ratio
Sold-to-New-Listings ration (SNLR) is a metric that represents the percentage of sold listings to new listings over a given period. The value below 40% is considered Buyer's market whereas above 60% is viewed as Seller's market. SNLR for 4-bedroom homes in London over the last 30 days (April 3 - May 2) stood at 127.6%, down from 189.7% over the previous 30 days (March 4 - April 2) and up from 63.2% one year ago.Average Days on Market when Sold vs Delisted
An average time on the market for a 4-bedroom 4-bathroom home in London stood at 23 days when successfully sold over the last 30 days (April 3 - May 2), compared to 65 days before being removed from the market upon being suspended or terminated.Listing contracted with Century 21 First Canadian Corp.
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Exciting Update on Rental Property! Achieving a 5.1% Cap Rate with Over $50,000 in Gross Income! Explore this property with an exceptionally deep lot, just moments away from Downtown, Western University, Fanshawe College, St. Joseph's Hospital, and numerous amenities. This two-story brick residence is fully occupied and ready for a new owner. It comprises lower, first, and second-floor units, each with its own entrance. The lower and first-floor units include utilities, while the second unit is separately metered for electricity. Additional revenue streams come from local businesses leasing parking spaces at the rear of the property. Don't miss out on this opportunity to own a slice of downtown London! Income and expense details are available upon request. This property is completely turnkey!
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