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:61499)
Property Details
| MLS® Number | X13451376 |
| Property Type | Multi-family |
| Community Name | East K |
Building
| BathroomTotal | 23 |
| BedroomsAboveGround | 23 |
| BedroomsTotal | 23 |
| BasementType | None |
| CoolingType | None |
| ExteriorFinish | Concrete |
| FoundationType | Concrete |
| HeatingFuel | Natural Gas |
| HeatingType | Forced Air |
| StoriesTotal | 3 |
| SizeInterior | 5000 - 100000 Sqft |
| Type | Other |
| UtilityWater | Municipal Water |
Parking
| No Garage |
Land
| Acreage | No |
| Sewer | Sanitary Sewer |
| SizeDepth | 100 Ft |
| SizeFrontage | 44 Ft ,9 In |
| SizeIrregular | 44.8 X 100 Ft ; 109.99 Ft X 44.79 Ft X 99.86 Ft X 4.88 |
| SizeTotalText | 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
Interested?
Contact us for more information
Jeff Wybo
Broker
304-1886 Oxford Street West
London, Ontario N6K 0J8
Mazen Joukhaji
Salesperson
304-1886 Oxford Street West
London, Ontario N6K 0J8
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademark DDF® is owned by The Canadian Real Estate Association (CREA) and identifies CREA's Data Distribution Facility (DDF®)
June 18 2026 12:52:43
The Agency Real Estate