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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:24093)
Listed by FAISAL ANWAR and of SUTTON - JIE DAN REALTY BROKERAGE

Property Details of 396 Richmond Street

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"Based on information submitted to CREA as of February 5, 2023 . All data is obtained from various sources and has not been, and will not be, verified by broker or CREA.  All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing."

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