$3,888,000
Richmond Hill
395 Red Maple Road, Richmond Hill (Langstaff), Ontario, L4C6P3
This industrial property in Richmond Hill is for sale. It has been on the market 5 days, fresher than the Richmond Hill average of 52 days.
Exceptional opportunity to acquire a well-maintained, income-producing automotive service property in a highly sought-after Richmond Hill location. Situated on the east side of Red Maple Road, approximately 125 metres north of 16th Avenue, and just off Yonge Street, this property occupies a 0.573-acre site and offers excellent connectivity to Highway 404, Highway 407 ETR, Yonge Street and Highway 7. The approximately 8,230 sq. ft. building features four individually leased units ranging from approximately 1,000 to 3,500 sq. ft. All units except Unit 3 include a small office. Currently generating approximately $180,000 in gross annual rental income, the property benefits from four established tenants, primarily operating automotive-related businesses, with a strong interest in remaining and pursuing long-term lease arrangements. Designed for functionality and flexibility, each unit has its own gas meter, while three hydro meters serve the building: Units 3 and 4 are separately metered, and Units 1 and 2 share a meter. Interconnecting doors between units offer potential flexibility for larger configurations, subject to existing leases and required approvals. Automotive-use properties in this central Richmond Hill location are increasingly difficult to find. Whether you are an investor seeking established rental income or an automotive business owner looking to occupy your own premises while generating income from the remaining units, this property presents a compelling opportunity to build equity and explore future use potential. A recent environmental assessment has also been completed by the owner, providing a valuable starting point for purchaser due diligence. Buyers are encouraged to conduct their own due diligence regarding zoning, existing legal non-conforming uses, environmental matters, leases, rental income and future use potential. Most of the ceiling height is 16 feet, but it varies. (id:66096)
Features and services as supplied by the listing brokerage.
Just listed: 5 days on market, against an average age of 52 days across the listings currently for sale in this city
Homes here sell faster than most markets
Sold homes in this market spent an average of 35 days on the market over the past year, against a median of 48 days across the markets we publish.
Homes here sell close to asking price
Homes in this market sold for an average of 97.7 percent of their asking price over the past year, above the 96.4 percent median across the markets we publish.
This industrial in Richmond Hill (Langstaff) has been listed for 5 days, which is 47 days fresher than the city average of 52. Act while there is still low competition.
Approximate location — exact address confirmed upon showing
This home lists at $3,888,000, about 45.2× the local median household income of $86,000.
Carrying it typically needs a household income of about $759,463 (20% down, 25-yr amortization, stress-tested) — roughly 783% above the area median.
Source: Statistics Canada, 2021 Census (FSA L4C)
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