Matthew Tenk
Broker of Record
396 Richmond Street London, Ontario N6A 3C7
$1,100,000
Cap rate 7.8%! Prime location in downtown London! Approx 3530 SqFt. Three story building. Main floor approx 1330 Sqft retail used as Richmond Magazine and Variety, successfully running since 1997. The second floor fully renovated in 2011 with three bedroom apartment approx 1100 Sqft. The third level three bedroom unit approx 1100 Sqft. Brand new building added on in 2004. Newer shingle 2013. Currently the owner live on the third floor and run variety store business. The asking price includes the variety business. Suitable for people looking for property to run their business living on the premise. For investor, the potential income: NOI $87,388 per year ( Retail $3500 per month plux $500 of tax/insurance & residential income of 6 bedroom at $760/per room utility inclusive). Call for detail. Zoning DA1 does allow mulitiple commercial usage including restaurants, retail, apartment building, hotel, supermarket, amusement game, art gallery, bake shop, assembly halls, clinics, day care, group house etc. Excellent choice for business owners or investors! (id:39551)
Business
| Name | Richmond Magazine & Variety |
Property Details
| MLS® Number | 40364689 |
| Property Type | Other |
| Amenities Near By | Hospital, Public Transit, Shopping |
| Community Features | High Traffic Area, School Bus |
Building
| Basement Development | Unfinished |
| Basement Type | Crawl Space (unfinished) |
| Construction Style Attachment | Detached |
| Cooling Type | Central Air Conditioning |
| Fireplace Present | No |
| Heating Fuel | Natural Gas |
| Heating Type | Baseboard Heaters, Forced Air |
| Stories Total | 3 |
| Size Exterior | 3400.0000 |
| Utility Water | Municipal Water |
Land
| Access Type | Road Access |
| Acreage | No |
| Land Amenities | Hospital, Public Transit, Shopping |
| Sewer | Municipal Sewage System |
| Size Depth | 55 Ft |
| Size Frontage | 24 Ft |
| Zoning Description | Da1 |
https://www.realtor.ca/real-estate/25189370/396-richmond-street-london
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London and St. Thomas Association of REALTORS®
Sutton - Jie Dan Realty Brokerage
June 23 2023 07:40:14
