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Investment signal

$999,999

398 RICHMOND STREET

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Beds

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Baths

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Sqft

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Year

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Type

Business

Suite

Suite potential

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Location nearby

Nearby school, halal, mosque, grocery, park, and transit layers are still being built for London East (East K). The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.

About this home

An opportunity like this doesn't come around often. Own the building and the business in one of the city's most dynamic, high traffic locations offered as the current owner prepares for retirement after decades of success. Perfectly positioned just steps from Fanshawe College, Dundas Place, Budweiser Gardens, and Covent Garden Market, this standout three storey mixed use property delivers the ultimate blend of visibility, versatility, and income potential. At street level, a thriving 1,330 sq ft convenience store anchors the property, a well established, owner operated convenience store business since 1997 with strong goodwill and a loyal customer base. Included in the sale (inventory extra), this turnkey operation offers immediate cash flow from day one. Above, two spacious 3-bedroom residential units provide excellent rental income potential in a location tenants actively seek. Zoning allows for a wide range of uses retail, cafe, restaurant, bar, or personal services giving you the flexibility to evolve the space as you grow. Live, work, and invest all under one roof. Rent out both apartments and the commercial space for maximum returns, or move into one unit while the rest of the property pays for itself. This is more than a property, it's a proven income generator in a prime downtown location. (id:65958)

Subtype: Business
Community: East K
Living area: 3,203 square feet
Lot dimensions: 24.05 x 54.51 FT
On market: Apr 22, 2026
Status changed: Apr 22, 2026
Annual tax: $9,787 (2025)
Zoning: DA1
Photos: 43
MLS#: X13030498
Area: LONDON_EAST_(EAST_K)

Features and systems

Heating

Forced airNatural gas

Cooling

Fully air conditioned

Negative cash flow ~$1,092/mo at these assumptions

Monthly rent (CAD)Adjust to your local market estimateDown payment (%)Investment props typically 20-25%Mortgage rate (% annual)Default 4.5% — adjust to your rate holdAmortization (years)

Cash on cash

-6.55%

Cap rate

3.55%

GRM

16.7

Break-even rent

$6,149

Financing

Down payment$200,000

Loan amount$799,999

Mortgage$4,053/mo

Operating expenses (monthly)

Property tax(est. 0.55%/yr (AB avg))$458

Insurance$80

Maintenance$833

CapEx reserve$417

Vacancy loss$250

Estimates only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 4.5% rate, 30-year amortization, 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.

Mortgage estimate

Estimated $4,053/mo at 4.5% with 20% down, 30-yr amortization.Estimate only — actual payment varies by qualification + insurance.

Listing brokerage

Listing brokerage on file

Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 22, 2026.