376 Richmond Street, London East, ON N6A 3C7
London East
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.
Estimate only - excludes property tax, condo fees, utilities and home insurance. Rates vary by lender and term; based on semi-annual compounding.
Walkability, transit, and bike-friendliness for 376 Richmond Street, London East, ON N6A 3C7
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MLS# X13451376
Listed by THE AGENCY REAL ESTATE
On market since Jun 16, 2026
376 Richmond Street, London East, ON N6A 3C7 is listed for $6,600,000 CAD.
376 Richmond Street, London East, ON N6A 3C7 has 23 bedrooms and 23 bathrooms.
376 Richmond Street, London East, ON N6A 3C7 is a Multiplex.
376 Richmond Street, London East, ON N6A 3C7 is in London East, Ontario.
376 Richmond Street, London East, ON N6A 3C7 is currently for sale.
Contact Michael Mezheritsky at 4167164439 to arrange a private showing of 376 Richmond Street, London East, ON N6A 3C7 (MLS# X13451376). You can also send a message through the contact form on this site.
