344.5 Richmond St

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 7.5% + cap rate at the current asking price with potential for higher Income. Projected Gross Income: Approx. Over $78,232 per year. Projected Net Income: $60,070 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. The Main floor commercial cafe was completely updated and renovated. 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 1,150 SF - Commercial Unit - Cafe. The cafe tenant has invested over approx. $150,000 in renovations in the unit. New Improved Asking Price: $799,999. Site Area: 0.045 acres. Zoning: DA1 - Permits a wide range of uses.