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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
Listing Status Active
Purchase Type For Sale
Approx. Sqft 5000 - 100000
Subdivision East K
MLS® Listing ID X13451376
Bedrooms 23
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. (id:24570)
Location
State ON
Rooms
Kitchen 0.0
Interior
Heating Forced air
Cooling None
Exterior
Parking Features No
View Y/N No
Attached Garage No
Garage No
Private Pool No
Building
Story 3
Sewer Sanitary sewer
Listed by THE AGENCY REAL ESTATE
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