NEW! Buy and sell safely with virtual options - Learn More
About the Listing 377101 -
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 Highlights
Status
Active
Days on Site
29
Property Type
Multi-Family
MLS ®
X13451376
Year Built
Total Square Footage
5,000
Lot/Acreage
N/A
Interior Details
- Bedrooms: 23
- Bathrooms: 23 Full
- Appliances:
- Air Cond:
- Heating: Gas
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other: 23 Kitchens
- Water:
Exterior Details
- Garage Capacity: N/A
- Roof: Flat
- Others:
- Sewer: Sewer
- Parking Features: No Garage
Financial Details
- Tax Amount: $45,796
- Taxes w/Assessments: N/A
- Tax/Property ID: 083210076
- Tax Year: 2025
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Years
% Down Payment
% Mortgage Rate
Questions About..
376 Richmond St London, ON N6A 3C7
Never Miss A New Property
Get notified any time there's a new home on the market in this neighborhood!
Don't worry! We'll never spam you or sell your details. You can unsubscribe whenever you'd like.
Listing Courtesy of
