338 MILLBANK DRIVE · Detached rental

338 MILLBANK DRIVE is a detached rental in London, ON, asking $599,000 — $599,000 per door.

That sits above the London band of $210k - $360k per door. A price above the band has to be earned by rents, condition, or upside that the listing has not yet shown. London cap rates screen 4.5% - 5.8% against average rent near $1,900 a door.

At 1 unit this finances as residential, not commercial — MLI Select starts at five units. The qualifying rate still applies: federally regulated lenders test a 1–4 unit rental at the greater of your contract rate plus two points or 5.25%.

London is useful for student and small-multifamily strategies, but management and licensing drive outcomes. Investor demand reads medium, vacancy balanced.