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Listed 1 month ago

196 Elgin Mills Road W

Westbrook, Richmond Hill

$4,250,000

Detached|Bungalow
0 | 0 | 5
About this home

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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Contact BrokerHub Inc..

BrokerHub Inc.
(647) 254-1864
TypeDetached
StyleBungalow
Approx. AgeNot available
Size1100-1500 sq. ft.
Property Tax$15,910
Lot Size122.9 ft x 335.22 ft
mls© NumberN13486498
Listed ByRE/MAX ELITE REAL ESTATE

Listing History

  • No recent sale history for this listing.
  • No recent lease history for this listing.

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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.

Down payment20% · $850,000
25-yr amortization

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 check

Investment Analysis

Estimated rent, cap rate and monthly cash flow for this property

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