$2,750,000 - 186 KING Road, Richmond Hill
Commercial for Sale in Richmond Hill
Popular ListingNeighbourhood: Oak Ridges
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- MLS Number
- N13833212
- Property Type
- Commercial
- Status
- active
- Days on Site
- 10
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 8,187 sqft
- Neighbourhood
- Richmond Hill
- Taxes (2025)
- $12,222
- Listing Brokerage
- LUXURY HOME REALTY INC.
Prim RICHMOND HILL FREESTANDING COMMERCIAL & INCOME OPPORTUNITY - OVER 4,000 SQ. FT. ON A 56 x 146.19' LOT!Rarely Offered! A renovated, turnkey freestanding building in an exceptional Richmond Hill location, just steps from King Road and minutes' walk to Yonge Street. This versatile property offers an outstanding combination of owner-user potential, investment opportunity, and multiple income streams. the property has a 600-amp electrical service. it is ready for a wide range of professional and commercials.The main floor features approximately five separate rooms/offices, offering an ideal configuration for a medical or dental clinic, professional office, legal practice, daycare, wellness/healthcare operation, or other permitted office and commercial uses.The upper level features two separate 3-bedroom units, creating significant flexibility for additional rental income, residential use, professional use, or live/work arrangements.Why this property stands out: Freestanding building Approx. 56 x 146.19 lot Over 4,000 sq. ft. of total space Renovated and turnkey Prime Richmond Hill location on King Road & minutes walk to Yonge Street. Whether you're a medical or dental professional looking for your own location, Or you need a location for daycare or an entrepreneur seeking a turnkey business property, or an investor looking for a versatile income-producing asset, this is an opportunity worth exploring.Opportunities like this rarely come available. Don't miss your chance to secure a freestanding property in one of Richmond Hill's established and highly accessible locations.
Estimate your monthly payments for this property
Estimated Payment
$12,164.18/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 Oak Ridges
Oak Ridges 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 Oak Ridges
- •Convenient location in Richmond Hill
- •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
Oak Ridges 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.
186 KING Road, Richmond Hill
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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 $336/sqft, this is priced in the mid-range for GTA commercial space. 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 10-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 Richmond Hill transactions.