$478,000 - 372 Highway 7 N/A Unit 120, Richmond Hill
Commercial for Sale in Richmond Hill
Neighbourhood: Doncrest
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- MLS Number
- N13802088
- Property Type
- Commercial
- Status
- active
- Days on Site
- 19
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 507 sqft
- Neighbourhood
- Richmond Hill
- Taxes (2026)
- $2,770
- Listing Brokerage
- ROYAL LEPAGE SIGNATURE REALTY
Prime ground-floor commercial opportunity at Shops at Royal Gardens, strategically positioned on Highway 7 E in Richmond Hill. This approximately 505 sq. ft. retail/commercial unit offers exceptional street-level exposure in a high-traffic location surrounded by established residential condominiums, retail, restaurants and everyday amenities.The versatile space presents an excellent opportunity for an owner-operator, entrepreneur or investor looking to establish a retail, professional service, personal service or other permitted commercial business. Potential concepts may include boutique retail, beauty or salon services, studio, professional office and other service-oriented businesses, subject to zoning, condominium declaration, licensing and all applicable municipal approvals.Enjoy convenient surface parking directly in front of the unit, plus one private underground parking space. The unit offers excellent visibility and accessibility for both customers and operators, with a strong residential customer base immediately surrounding the property.Ideally located near Bayview Avenue with quick access to Highway 404 and Highway 407, and with Viva/YRT transit conveniently accessible along Highway 7. Surrounded by established residential communities, shops, banks, restaurants and other amenities, this location offers outstanding convenience and exposure.A rare opportunity to own a highly visible ground-floor commercial unit in one of Richmond Hill's established mixed-use communities. Bring your business vision and explore the possibilities at Royal Gardens.
Estimate your monthly payments for this property
Estimated Payment
$2,452.39/mo
Includes CMHC insurance ($13,336)
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 Doncrest
Doncrest 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 Doncrest
- •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
Doncrest 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.
372 Highway 7 N/A Unit 120, 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 $943/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 19-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.