$1,490,000 - 1485 Gerrard Street, Leslieville
Commercial for Sale in Leslieville
Neighbourhood: Greenwood-Coxwell
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- MLS Number
- E13758288
- Property Type
- Commercial
- Status
- active
- Days on Site
- 28
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 2,800 sqft
- Neighbourhood
- Riverdale / Leslieville
- Taxes (2025)
- $9,704
- Listing Brokerage
- RE/MAX HALLMARK REALTY LTD.
1485 Gerrard Street East offers an exceptional mixed-use income property with built-in stability and significant future upside. Located in the vibrant Gerrard India Bazaar and Greenwood-Coxwell corridor, this property features a strong commercial anchor, two expansive multi-level residential apartments, and dedicated rear parking. Crucially, with the adjacent property also available for sale, this site unlocks a rare land assembly opportunity for developers or a forward-thinking investor to assemble a wider, more versatile footprint on a major Toronto arterial road. A combined footprint opens the door to future mid-rise development, comprehensive commercial expansion, or a larger multi-residential build in a city actively pushing for density along established streetcar and transit routes.Currently tenanted by a stable, reliable business, providing predictable, long-term commercial income with an established footprint in the neighbourhood. Unlike standard compact city apartments, the upper levels house two spacious, two-story residential units. Each apartment features a generous two-bedroom, one-bathroom layout, highly appealing to young professionals and families seeking space. The Greenwood-Coxwell and Gerrard East corridor is one of Toronto's most active pockets for urban renewal, community investment, and infrastructure upgrades. The area is positioned to benefit heavily from upcoming transit expansions, including the future Ontario Line which will feature a major transit hub slightly west at Gerrard and Carlaw. The City of Toronto is prioritizing the Gerrard Street East corridor for ongoing revitalization, bringing upgraded streetscapes, pedestrian improvements, and better active transit infrastructure directly to the area. Surrounded by the eclectic dining and retail of the Gerrard India Bazaar, with Leslieville just to the south and the Danforth to the north, the location attracts a steady stream of foot traffic and premium residential tenant demand.
Estimate your monthly payments for this property
Estimated Payment
$6,590.77/mo
5-yr fixed avg.
Rates shown are estimates based on typical Ontario 5-year fixed rates. Canadian mortgages use semi-annual compounding as required by law. CMHC insurance applies to purchases under $1.5M with less than 20% down. Estimated property tax uses an approximate 0.85% rate. Contact us for current rate options and pre-approval.
Discover Greenwood-Coxwell
Greenwood-Coxwell is a vibrant community in the Greater Toronto Area, offering excellent amenities, schools, and transportation options. This area is popular with families and professionals seeking a balanced lifestyle with access to urban conveniences and natural spaces.
Why Live in Greenwood-Coxwell
- •Convenient location in Riverdale / Leslieville
- •Access to local shops and dining
- •Good public transit connections
- •Community parks and green spaces
- •Well-maintained neighbourhoods
Nearby Schools
Transit & Commuting
- •MiWay bus routes throughout the area
- •GO Transit stations within driving distance
- •Easy highway access to 401/403/QEW
- •Walking distance to local amenities
Parks & Amenities
- •Local parks and recreational facilities
- •Community centres
- •Shopping plazas nearby
- •Restaurants and cafes
Lifestyle & Community
Greenwood-Coxwell offers a wonderful quality of life with a mix of residential charm and urban convenience. Residents enjoy easy access to schools, parks, and shopping, making it an ideal location for families and professionals alike.
1485 Gerrard Street, Riverdale / Leslieville
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Key factors for evaluating this commercial property
Commercial Due Diligence Checklist
· Verify zoning and all permitted uses
· Review all existing leases (terms, renewals, net vs. gross)
· Request estoppel certificates from all tenants
· Order a Phase 1 Environmental Site Assessment
· Commission a property condition assessment
· Review operating costs (taxes, insurance, maintenance)
Commercial Financing Note
Commercial mortgages require 20–35% down, shorter amortization, and lenders underwrite based on the property's income. CMHC insurance is not available for commercial. Connect with a commercial mortgage broker early.
Commercial and land transactions are significantly more complex than residential. Joe recommends assembling a team — commercial real estate lawyer, accountant, and (for land) a land use planner — before making an offer.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Commercial Pricing Context
At $532/sqft, this is priced in the upper range for GTA commercial — typical for prime locations or newer buildings. Commercial values are highly location- and zoning-dependent, so comparable sales analysis is essential. I'll pull recent commercial comps for you.
Commercial Market Pace
Commercial real estate transactions typically take 60–120 days from offer to close — longer than residential — due to financing conditions, environmental reports, and tenant estoppel reviews. This 28-day listing is within normal commercial market exposure.
Zoning & Permitted Use — Verify First
I always confirm the zoning and permitted uses before a client gets too far into a commercial transaction. What a property is currently used for and what it's legally permitted for are sometimes different. If you plan to change the use, a zoning amendment or minor variance may be required — that's additional cost, time, and risk.
Tenancy & Income Review
If this property has existing tenants, I'd want to review all leases carefully: term lengths, renewal options, rent amounts, escalation clauses, and who's responsible for operating costs (gross lease vs. net lease). A strong long-term tenant is an asset; a lease expiring at closing is a different story. We'll request estoppel certificates from all tenants.
Environmental & Due Diligence
A Phase 1 Environmental Site Assessment is standard practice for commercial purchases in Ontario. If historical industrial use is flagged, you'll need a Phase 2. I also recommend a property condition assessment covering structure, roof, HVAC, and electrical — commercial systems are expensive to replace and often not disclosed in detail on the listing.
Commercial Financing Realities
Commercial mortgages work differently than residential. Expect 20–35% down, shorter amortization (15–25 years), and lenders who underwrite based on the property's income, not just your personal financials. CMHC insurance is generally not available for commercial, and rates are typically higher. I can connect you with commercial mortgage brokers who specialize in Leslieville transactions.