





196 Elgin Mills Road W
Westbrook, Richmond Hill
$4,250,000
This property is under Power of sale. 0.95 acre of land together with an existing detached residence of approximately 3,000 sq.ft. with a double-car garage - 41 Cooperage Cres (61.51 x164.49), providing potential rental income or interim use while pursuing future development plans. Previous development concepts contemplated approximately 14 townhouse units and 2 detached dwellings (buyer to conduct their own due diligence and verify all development potential with the municipality). An exceptional opportunity for developers, investors, land bankers and builders. Generate holding income from the existing residence while advancing planning applications, site plan approvals, redevelopment proposals, or potential future land assembly opportunities. Properties of this size and location rarely become available, and even more rarely under Power of Sale. Whether your strategy is redevelopment, investment, land banking, or assembly, this property offers significant upside potential in a highly desirable Richmond Hill location. Sold on an "As Is, Where Is" basis. Buyer to conduct their own due diligence regarding zoning, planning, development potential, permitted uses, and all other matters. However, Historical planning, engineering, and development-related materials may be available for review.
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| Type | Detached |
| Style | Bungalow |
| Approx. Age | Not available |
| Size | 1100-1500 sq. ft. |
| Property Tax | $15,910 |
| Lot Size | 122.9 ft x 335.22 ft |
| mls© Number | N13486498 |
| Listed By | RE/MAX ELITE REAL ESTATE |
Listing History
- No recent sale history for this listing.
- No recent lease history for this listing.
Schools
Could you afford this home?
What the bank counts
This home's actual carrying costs, payment stress-tested at 6%
- Mortgage, tested at 6%
- $21,753
- Property tax
- $1,326
- Heat allowance
- $150
- Housing costs
- $23,229 / mo
Lenders cap these at 39% of gross income — that sets the number.
Income needed
$715,000
gross annual household income
- Payment at 4%
- $17,885 / mo
- Cash down
- $850,000
Assumes no other monthly debts · 25-yr amortization
Full affordability checkInvestment Analysis
Estimated rent, cap rate and monthly cash flow for this property
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