Address: 376 RICHMOND STREET, London East (East K) FOR SALE Postal Code: N6A3C7 Style: Type: Multi-family Other Bedrooms: 23 Bathrooms: 23 Bedrooms Aboveground: 23 Parking: No Garage Garage: No Garage Lot Size (Approximate): 44 ft ,9 in x 100 ft Property Size (Approximate): 44.8 x 100 FT ; 109.99 ft x 44.79 ft x 99.86 ft x 4.88 Stories: 3
About 376 Richmond Street
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:56071). Get more information on 376 Richmond Street
Property Features
Rental Equipment: Directions: Richmond Street and King Street Interior Size (Approximate): 0 - 699 sqft Lot (Approximate): 44.8 x 100 FT ; 109.99 ft x 44.79 ft x 99.86 ft x 4.88 44.8 x 100 FT ; 109.99 ft x 44.79 ft x 99.86 ft x 4.88 Exterior Finish: Concrete Water: Municipal water, Sanitary sewer Heating / Cooling: Natural gas / None Age (Approximate): Foundation: Concrete Basement: None
Rooms & Sizes
(Approximate)
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John DiRenzo
Sales Representative RE/MAX Centre City John DiRenzo Team Brokerage
Direct Phone: (519) 857-3490
John DiRenzo, Salesperson. Cell: (519) 857-3490. RE/MAX Centre City John DiRenzo Team Brokerage.
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