Multiplex · For sale

376 Richmond Street, London East

$6,600,000

Listing brokerage: THE AGENCY REAL ESTATE · MLS® X13451376

Property report for this address · zoning, second units, flood, schools (public records)

Listing brokerage

THE AGENCY REAL ESTATE

Type

Multiplex

Deal

For sale

Category

Residential · Multi-unit homes

Bedrooms

23

Bathrooms

23

Size

5000 + sq ft

Lot

44.75 x 100 ft

Area

East K

MLS® number

X13451376

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.