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344.5 Richmond St 4 Unit Apartment Building $849,000 CAD ($212,250 CAD/Unit) 6.90% Cap Rate London, ON N6A 3C3
Investment Highlights
- Three-story mixed-use property with one commercial unit and four residential apartments.
- Café tenant secured on a four-year lease with guarantees and significant investment in space upgrades.
- Recent capital improvements include a new roof, electrical updates, and enhanced plumbing.
- Located steps from major downtown landmarks, shopping, and entertainment in a thriving urban core.
Executive Summary
This offering presents a rare chance to acquire a fully upgraded mixed-use asset in the heart of downtown London, just steps from Covent Garden Market and Canada Life Place. The property features a three-story configuration with a ground-floor commercial unit and four one-bedroom apartments on the upper floors. The main-floor café is stabilized under a long-term lease and has undergone substantial renovations totaling over $150,000. Two of the residential units have been recently refurbished and are move-in ready, providing flexibility for new tenancy at market rates.
Property Facts
| Price | $849,000 CAD | Property Subtype | Apartment |
| Price Per Unit | $212,250 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.90% | Building Size | 3,699 SF |
| No. Units | 4 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1987 |
| Zoning | DA1 | ||
| Price | $849,000 CAD |
| Price Per Unit | $212,250 CAD |
| Sale Type | Investment |
| Cap Rate | 6.90% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Building Size | 3,699 SF |
| No. Stories | 3 |
| Year Built | 1987 |
| Zoning | DA1 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
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Exceptionally walkable
90/100
Moderately drivable
70/100
Exceptional public transit
90/100
Very bikeable
80/100
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344.5 Richmond St
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