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$ 6,600,000
Est. payment | /mo
23 Beds
23 Baths
$ 6,600,000
Est. payment | /mo
23 Beds
23 Baths
Key Details
Property Type Multi-Family
Sub Type Multiplex
Listing Status Active
Purchase Type For Sale
Approx. Sqft 5000 +
Subdivision East K
MLS Listing ID X13451376
Style 3-Storey
Bedrooms 23
Annual Tax Amount $45,796
Tax Year 2025
Property Sub-Type Multiplex
Property 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.
Location
Province ON
County Middlesex
Area Middlesex
Rooms
Family Room No
Basement None
Kitchen 23
Interior
Interior Features None
Cooling None
Fireplace No
Heat Source Gas
Exterior
Pool None
Waterfront Description None
Roof Type Flat
Lot Frontage 44.75
Lot Depth 100.0
Building
Foundation Concrete
Others
ParcelsYN No
Listed by THE AGENCY REAL ESTATE
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