376 Richmond Street, London, ON N6A 3C7

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.