About this property

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.

Features & finishes

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Air Conditioning

Basement

Property details

MLS® Number	X13451376
Status	Active
Listing Type	For Sale
Property Type	Single Family Home
Interior Size	5,000 sq ft
Beds / Baths	23 bed · 23 bath
Neighbourhood	East K
City	London East
Postal Code	N6A 3C7
Province	ON
Listed Date	June 16, 2026
Days on Market	51
Price per Sq Ft	$1,320
Brokerage	THE AGENCY REAL ESTATE