376 Richmond Street London East, Ontario N6A 3C7
$6,600,000
Rare chance to acquire a fully repositioned, 23-unit mixed-use loft building in the heart of downtown London with assumable financing available. 376 Richmond Street is a concrete-frame, three-storey building fully converted in 2025, offering a diverse unit mix of studios, one-bedrooms, and one-bedroom-plus-dens, with electricity and water sub-metered directly to tenants, dramatically reducing landlord utility exposure. The property is financed under CMHC MLI Select Level 3 with a 50-year amortization, providing a buyer with long-term, low-cost debt and a clear decision point at mortgage maturity in 2030, at which point the buyer can maintain CMHC financing or exit the covenant and bring all units to market rent. The ground-floor commercial space presents a compelling boutique gym or premium fitness conversion opportunity, with downtown London's growing professional tenant base supporting above-average retail rents. In-place NOI of $311,093 grows to a market-stabilized $425,577 as below-market leases roll over on unit turnover. A fully optimized asset, including unit turnover, gym conversion, and covenant exit, represents a great value add strategy. (id:28006)
Property Details
| MLS® Number | X13451376 |
| Property Type | Multi-family |
| Community Name | East K |
Building
| Bathroom Total | 23 |
| Bedrooms Above Ground | 23 |
| Bedrooms Total | 23 |
| Basement Type | None |
| Cooling Type | None |
| Exterior Finish | Concrete |
| Foundation Type | Concrete |
| Heating Fuel | Natural Gas |
| Heating Type | Forced Air |
| Stories Total | 3 |
| Size Interior | 0 - 699 Ft2 |
| Type | Other |
| Utility Water | Municipal Water |
Parking
| No Garage |
Land
| Acreage | No |
| Sewer | Sanitary Sewer |
| Size Depth | 100 Ft |
| Size Frontage | 44 Ft ,9 In |
| Size Irregular | 44.8 X 100 Ft ; 109.99 Ft X 44.79 Ft X 99.86 Ft X 4.88 |
| Size Total Text | 44.8 X 100 Ft ; 109.99 Ft X 44.79 Ft X 99.86 Ft X 4.88 |
https://www.realtor.ca/real-estate/29910621/376-richmond-street-london-east-east-k-east-k
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June 16 2026 05:21:56
London and St. Thomas Association of REALTORS®
The Agency Real Estate