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 +1 (416) 716-4439 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.
