Licensed 7-bedroom century home on Richmond Street

Property details for 1051 Richmond Street N, London East

Type: Residential
Bedrooms: 7
Bathrooms: 4
Lot Size: 26.5 x 80 FT
Stories: 2.5
Basement: Partially finished, N/A
Parking: No Garage
Heating: Forced air, Natural gas
Cooling: None
Exterior: Wood, Brick
Ownership: Freehold
Annual Taxes: $5,130 (2025)

This Old North brick century home on Richmond Street is a rare find with a rental licence for seven bedrooms. You're looking at roughly 3,000 square feet across three storeys plus a basement, and the layout is flexible enough for a big family or serious rental income. The main floor has a large living and dining area with original hardwood floors that run through much of the upper levels. The kitchen is at the back with original cabinets and direct access to the fenced yard. A two-piece bath finishes off that level. Second floor holds four bedrooms, all with hardwood and ceiling fans, plus a full bath. Third floor adds two more bedrooms, another full bath, and a potential eighth bedroom with a walk-in closet and slightly lower ceiling. There's a dedicated fire exit from this level down to the yard. Basement has two additional bedrooms, a three-piece bath, and laundry, so it's set up for tenants. Exterior is a mix of brick and aluminum siding, no garage but two parking spots on the 26.5 by 80 foot lot. Yard is fully fenced with a fire pit and a small porch. Location is killer: steps to bus routes, walking distance to King's University College (1 km), Western University (1.5 km), and TD Stadium. Restaurants like Aroma and Mongolian Grill are within 1.4 km. Tax bill last year was $5,130. Active listings nearby are scarce, and the median sold price is around $899,500, so at $950,000 it's priced for its rental potential. Two sold recently took over 100 days on market, though.

About 1051 Richmond Street N, London East — Property Score

Prime Location

Score: 62/100

Value

Priced 55.2% above area median of $611,995 based on 22 comparable properties nearby 1

Stable pricing - no price changes since original listing date 50

Size

7 bedrooms - 3 more than similarly priced 4-bedroom homes nearby 96

4 bathrooms - 1 more than similarly priced properties nearby 72

2,120 sqft lot - a compact lot for the area 55

Location

$116K median household income - above the Canadian average of $70K 88

97% of residents hold postsecondary credentials - a highly educated neighbourhood 100

76% homeownership rate - indicating a stable, owner-occupied community 83

85% of residents commute under 30 minutes - excellent commuter accessibility 98

1,629/km² population density - a well-balanced suburban area 86

Market

Just listed - area average is 61 days on market 100

-4.2% median price change over 1 month - declining prices in the area 29

30.3 months of housing supply - 303 active listings with 10 sold last month (buyer's market) 40

Features

2-car garage - area average is 4 spots 80

Partially finished, N/A basement - potential for additional finished space 85

efficient gas forced air heating 80

None 30

No premium extras like pool, waterfront, or view 50

Investment

0.54% effective tax rate ($5,130/yr) - very low tax burden 84

27% renter population - primarily owner-occupied area 63

Quality

Condition

Listing

46 photos provided - 35% more than the area average of 34 photos 92

6 of 7 key property details provided (86%) - comprehensive listing with excellent detail 86

* This property score is an approximate estimate based on publicly available data, nearby comparable listings, and automated analysis. Scores are for informational purposes only and should not be relied upon as professional appraisals or investment advice. Actual property values may vary. We recommend consulting a licensed real estate professional for accurate assessments.