$6,980/mo - 398 Ferrier Street Unit 68 & 69, Markham
Commercial for Rent in Markham
185 days on marketNeighbourhood: Milliken Mills West
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- MLS Number
- N12958694
- Property Type
- Commercial
- Status
- active
- Days on Site
- 185
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 2,182 sqft
- Neighbourhood
- Markham
- Taxes (2026)
- $18
- Listing Brokerage
- RE/MAX REALTRON WENDY ZHENG REALTY
Extremely Rare Offered Close-To 2,000 Sq Ft Units Exposed To High Traffic At New Century Plaza! Among Over One Hundred Plaza's Units, These Are THE ONLY UNITS Right At New Century Plaza & Metro Square's Parking Entrance With A Convenient & UNIQUE DOOR OPENING To Street & Driveway & A Secondary Indoor Hallway Access In Mall Available! Directly Exposed To IBM & Multiple Mid Rise Offices, Many Stores & Restaurants Plus Tons Of Retail, Office & Warehouse Buildings Nearby, Targeting One Of The Most Affluent Markham Employee Group. This highly versatile unit is especially well-suited for a restaurant, medical clinic, or pharmacy, in addition to a wide range of retail and professional uses. Ideal For Restaurants (Full-Service Restaurant Use Possible), Retail, Dental Clinic, Beauty Salon/Medical Aesthetics, And Other Professional Services. Superb Busy Traffic At Steeles/Ferrier Intersection, Located At Heart Of Markham & Northwestern Scarborough's Busiest Business & Industrial Parks With Close Proximity To 404/407. Hundreds Of Surface & Covered Parking Spaces Available At Plaza.
Discover Milliken Mills West
Milliken Mills West 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 Milliken Mills West
- •Convenient location in Markham
- •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
Milliken Mills West 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.
398 Ferrier Street Unit 68 & 69, Markham
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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 $3/sqft, this is priced on the lower end for commercial, which warrants investigating condition, zoning restrictions, and tenancy. Commercial values are highly location- and zoning-dependent, so comparable sales analysis is essential. I'll pull recent commercial comps for you.
Extended Exposure — Negotiating Room
At 185 days on market, this commercial property has had significant exposure. Commercial listings typically take longer to sell than residential, but this timeline may indicate pricing or tenancy issues worth exploring. A motivated seller often means better terms for a prepared buyer.
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 Markham transactions.