344.5 Richmond Street
London East, ON
- 3,560 sqft
- Investment
- 208 days on market
Prime Mixed-use Commercial / Residential Investment opportunity in London. Opportunity to acquire mixed-use commercial/residential property in the heart of downtown London, just steps from Covent Garden Market and Canada Life Place. This property offers exceptional returns and endless potential. Based on the current projected Net Income, the property is offering a compelling 7.1% + cap rate at the current asking price with potential for 7.5% cap rate .Projected Gross Income: Approx. Over $78,232 per year. This 3 Storey building has a commercial unit on the main floor, with 4 - One Bedroom Residential units on the upper floors. The property features Two newly renovated One-Bedroom residential units, currently vacant, ready for occupancy, which allows the buyer to select tenants at market rates and a recently tenanted commercial unit on a 4-year lease term with guarantees. The property has undergone significant upgrades, including a brand-new roof (2024), as well as plumbing and electrical enhancements. Each unit is equipped with separate hydro meters and baseboard electric heating, leaving the landlord responsible only for water expenses. Total Building Area: Approx. 3,560 SF - 3 Storey building. Main Floor approx. 1,150 SF - Commercial Unit - Cafe. The cafe tenant has invested over approx. $150,000 in renovations in the unit. New Improved Asking Price: $849,000. Site Area: 0.045 acres. Zoning: DA1 - Permits a wide range of uses.
Listing Details
- Taxes (2025)
- $6,942
- Listed
- February 9, 2026
Price History
Property
- Lot Size
- 20 x 97.31 Feet
Parking
- Garage
- None
Utilities
- Sewer
- Sanitary
Location & Legal
- Cross Street
- Located directly on Richmond Street, just south of King St and just north of York St.
- Zoning
- DA1
- Parcel Number
- 083210092
- Possession
- Flexible
- Occupancy
- Tenant
Commercial
- Business Type
- Apts - 2 To 5 Units
Community
Postal area N6A
- Population
- 13,810
- Private dwellings
- 9,768
- Median age
- 34
- Average household size
- 1.8
- Median household income
- $61,200
Source: Statistics Canada, 2021 Census of Population, catalogue 98-401-X2021013. Adapted from Statistics Canada. This does not constitute an endorsement by Statistics Canada of this product.
Local market
Commercial in London East · last 12 months
- Median sold price
- $462,500
- Homes sold
- 1,325
- Median days on market
- 24
- Sale-to-list price
- 97.0%
Based on 1,325 recorded sales of commercial properties in London East over the last 12 months.
Listed by
CUSHMAN & WAKEFIELD SOUTHWESTERN ONTARIO
Walk Score
Walk Score is unavailable for this address right now.
Location
Street View
Commercial figures
- Building area
- 3,560 sq ft
- Price per sq ft
- $238.48
- Annual property tax
- $6,942
- Tax per sq ft
- $1.95
Derived from the listing's own figures. Taxes are as reported by the listing brokerage and may be a prior year.
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