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$6,600,000
Ontario,London East (East K)
For Sale Active
376 RICHMOND STREET, London East (East K), Ontario N6A3C7
  • 23
  • 23
  • 699 Sqft
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Basic Details
Description

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:62650)

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Basic Details
  • Property Type: Residential Income
  • Listing Type: For Sale
  • Listing ID: X13451376
  • Price: $6,600,000
  • Bedrooms: 23
  • Bathrooms: 23
  • Square Footage: 699 Sqft
  • Status: Active
  • Property Sub Type: Multi-family
  • Office Key: 275910
Features & Appliances
Features
  • Heating System: Forced air, Natural gas
  • Cooling System: None
  • Basement: None
  • Parking: No Garage
  • Exterior Features: Concrete
  • Sewer: Sanitary sewer
Address Map
  • Location: CA, Ontario, London East (East K), N6A3C7
  • Street: Richmond
  • Street Number: 376
  • Street Suffix: Street
  • Longitude: W82° 45' 3.2''
  • Latitude: N42° 58' 58.2''
Additional Information
  • Water Source:
  • Foundation Details:
  • Lot Size Dimensions: 44.8 x 100 FT ; 109.99 ft x 44.79 ft x 99.86 ft x 4.88
  • Stories: 3.0
Financial
  • Tax Annual Amount: 45796
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Listing updated: 2026-06-17 19:34:02
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Listing Information
  • List Agent Key: 2000692
  • List Office Key: 275910
  • Modification Timestamp: 2026-06-16T17:30:19Z
  • Originating System Name: London and St. Thomas Association of REALTORS®
  • Status Change Timestamp: 2026-06-16T17:21:56Z
Powered by REALTOR.ca
Listing updated: 2026-06-17 19:34:02
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