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Listed price in listed location currency (CAD).
$6,600,000

23230

MLS® X13451376

Overview

Key Facts

Type Multi Family
Levels Residential
Size -
Garage None
Taxes $45,796
Days Active 41
Lot Size 
Approx. Age 
MLS® Number X13451376

Property Address: 376 Richmond St, London, ON, N6A3C7

Average square foot calculated using Size range provided by listing agent.

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.
MLS® NumberX13451376
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
GarageNone
Approx. Age
BasementNone
DrivewayGarage Type:None
Garage Spaces
HeatGas, Forced Air
A/CNone

Extras

Price History

Last Sold Price

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Appreciation

--

Avg. Days Listed

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Today, For Sale for $6,600,000

For Sale · 40 days

$6,600,000

MLS® X13451376

A month ago

Not Sold Yet

June 2026, For Sale for $6,600,000

For Sale · 40 days

$6,600,000

MLS® X13451376

A month ago

Not Sold Yet

May 2026, Sold for $1,500

Sold · 0 days

$1,500$1,600,000

MLS® 40439081

3 months ago

Sold on Mar 12, 2024

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