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    For Sale - 376 Richmond Street, London East, Ontario

    Est payment $31,693/mo
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    Views   3
    Time on Jump  68 day

    AI Summary *

    • Fully repositioned 23-unit mixed-use loft building in downtown London.
    • Diverse unit mix with studios and one-bedroom options for various tenants.
    • Sub-metered utilities help reduce landlord exposure significantly.
    • Ground-floor space ideal for a boutique gym or fitness studio.
    • Strong potential for increased NOI as leases turn over.




    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.
    Listing IDX13451376
    Address376 Richmond Street
    CityLondon East, Ontario
    Price$6,600,000
    Bed / Bath23 / 23 Full
    Style3-Storey, Multiplex
    ConstructionConcrete, Other
    TypeMulti-Family
    StatusFor Sale

    Subtype MultiplexIndoor Features NoneOwnership FreeholdWaterfront NoneBasement NoneFoundation ConcreteHeating / Cooling Forced AirHeating Fuel GasSewer Sewer

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    Listing Agency:  THE AGENCY REAL ESTATE

    * Data is provided courtesy of PROPTX. The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial purpose or any other purpose. The information is deemed reliable but is not guaranteed accurate by PROPTX.

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    376 Richmond Street
    London East , Ontario
    23 23 $6,600,000
    Get more info