Property Details

376 RICHMOND STREET, London East (East K), Ontario, N6A3C7

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For sale, ID#: X13451376
376 RICHMOND STREET
London East (East K) Ontario
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23 Beds
23 Bath
$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:2471)

Representatives
Isabel Gomes
Isabel GomesSales Representative
Synergy Realty Ltd. Brokerage
Property Details
  • Property Address: 376 RICHMOND STREET, London East (East K), Ontario, N6A3C7
  • Community Name: East K
  • Property Type: Multi-family
  • Lot Size: 44.8 x 100 FT ; 109.99 ft x 44.79 ft x 99.86 ft x 4.88
  • Acreage: 44.8 x 100 FT ; 109.99 ft x 44.79 ft x 99.86 ft x 4.88
  • Sewage Type: Sanitary sewer
  • Water Type: Municipal water
  • Driveway: No Garage
  • Maintenance Fee: 0.00
Structure Details
  • Structure Style: Other
  • Storeys: 3
  • Floor Space: 5000 - 100000 sqft
  • Bedrooms: 23
  • Bathrooms: 23-Total
  • Basement Type: None
  • Heating Type: Natural gas, Forced air
  • Cooling: None
  • Exterior Type: Concrete
  • Foundation Type: Concrete
Neighbourhood Information

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376 RICHMOND STREET, London East (East K), Ontario, N6A3C7

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