376 Richmond Street, London East, ON N6A 3C7
London East, ON, N6A 3C7 · East K
About this property
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.
Features & Amenities
- Garage: None
- Cooling: None
- Heat Type: Forced Air
- Heat Source: Gas
- Style: 3-Storey
- Construction: Concrete, Other
- Sewer: Sewer
Property Details
| Property Type | Residential Freehold |
|---|---|
| Property Sub-Type | Multiplex |
| Architectural Style | 3-Storey |
| Bedrooms | 23 |
| Bathrooms | 23 |
| Basement | None |
| Garage | None |
| Heat Type | Forced Air |
| Heat Source | Gas |
| Cooling | None |
| Sewer | Sewer |
| Annual Tax | $45,796 |
| Tax Year | 2025 |
Interior Features
- Interior Features
- None
Exterior Features
- Pool Features
- None
Building & Construction
- Architectural Style
- 3-Storey
- Construction Materials
- Concrete, Other
- Foundation Details
- Concrete
- Roof
- Flat
- Basement
- None
Heating & Cooling
- Heat Type
- Forced Air
- Heat Source
- Gas
- Cooling
- None
Parking & Garage
- Garage Type
- None
- Parking Spaces
- 0
- Parking Total
- 0.00
- Covered Spaces
- 0
Lot & Land
- Lot Size Units
- Feet
- Lot Depth
- 100.00
- Lot Width
- 44.75
- Lot Irregularities
- 109.99 ft x 44.79 ft x 99.86 ft x 4.88
Financial & Tax
- Tax Annual Amount
- $45,796
- Tax Year
- 2025
- Possession Type
- Immediate
- Possession Details
- Immediate
Utilities & Services
- Sewer
- Sewer
Room Details
- Rooms Above Grade
- 23
- Kitchens Above Grade
- 23
- Kitchens Total
- 23
- Bedrooms Above Grade
- 23
Additional Details
- Occupant Type
- Tenant
- Direction Faces
- East
- County Or Parish
- Middlesex
- Cross Street
- Richmond Street and King Street
- Directions
- Richmond Street and King Street
- Special Designation
- Unknown
- Showing Requirements
- Showing System
Location
376 Richmond Street, London East, ON N6A 3C7, London East, ON, N6A 3C7