376 RICHMOND STREET, London East (East K)
$6,600,000
For sale: Multiplex
- Property type
- Multiplex
- Bedrooms / bathrooms
- 23 bedrooms, 23 bathrooms
- Living area
- 100,000 sqft
- MLS®
- MLS® X13451376
- Neighbourhood
- East K
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.
Sold data
Multiplex homes in London East (East K) — recent sold market
Multiplex homes in London East (East K) took a median of 40 days to sell over the last 365 days, with the quickest quarter selling within 22 days and the slowest quarter taking more than 78, across 123 recorded sales.
That clock counts only the listing each home finally sold on. Measured from the first time these properties came to market, including any earlier listings that were withdrawn and re-entered, the median is 114 days.
The median sale price was $599,900.
Homes sold for about 3.8% below asking on average, so there was room to negotiate.
About 13% of sales closed above the list price.
Around 28% of sellers reduced their price before finding a buyer.
- Median days to sell
- 40
- Median sale price
- $599,900
- Sale-to-list ratio
- 96.2%
- Sold above asking
- 13%
Based on 123 recorded sales in the last 1 year. Aggregate statistics only; individual sale prices are not shown.
Schools
Schools in London East (East K)
London East (East K) has 116 Fraser Institute–rated schools (97 elementary and 19 secondary), averaging 5.5/10.
- Rated schools
- 116
- Elementary
- 97
- Secondary
- 19
- Average rating
- 5.5 / 10
Top-rated schools in London East (East K)
- John Dearness — elementary, LondonFraser rating 9.8/10
- St George — elementary, LondonFraser rating 9.1/10
- Jack Chambers — elementary, LondonFraser rating 8.8/10
- Sir Arthur Currie — elementary, LondonFraser rating 8.8/10
- London Central — secondary, LondonFraser rating 8.7/10
- Ryerson — elementary, LondonFraser rating 8.7/10
School ratings from the Fraser Institute's Ontario school report cards.
Currently for sale
Homes for sale near 376 RICHMOND STREET
$5,700,000
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Multiplex22225,000–100,000 sqft724 YORK STREET, East L, London East
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Multiplex22+1165,000–100,000 sqft1395 GERRARD STREET E, Greenwood-Coxwell, Toronto
$1,800,000
Multiplex9115,000–100,000 sqft1-11 - 825 LOUIS AVENUE, Windsor
$8,449,000
Multiplex17+8115,000–100,000 sqft97 LEE AVENUE, The Beaches, Toronto
$2,700,000
Multiplex12125,000–100,000 sqft368 WEBER STREET W, Kitchener
$3,100,000
Multiplex16165,000–100,000 sqft468-476 MAIN STREET E, Stinson, Hamilton
$2,495,000
Multiplex15+4135,000–100,000 sqft41 ALBERT STREET, Blakeley, Hamilton