$3,400,000 - 458 Markham Street, Downtown Toronto
Commercial for Sale in Downtown Toronto
Popular ListingNeighbourhood: Palmerston-Little Italy
- MLS Number
- C13482698
- Property Type
- Commercial
- Status
- active
- Days on Site
- 13
- Bedrooms
- 5
- Bathrooms
- 7
- Square Feet
- 4,427 sqft
- Neighbourhood
- Downtown Toronto / Waterfront
- Listing Brokerage
- RE/MAX HALLMARK REALTY LTD.
Professionals or Investors. Main floor DENTAL OFFICE plus 4 residential units. This grand beauty has been very well maintained and it represents a time of design and construction not seen in generations. There are currently 4 units plus an unoccupied professional dental office which has an entrance on Harbord Street with great exposure and is approximately 1,400 sq. ft. . Located in the heart of the Annex, you are right along Harbord Street at Markham and only steps to Bathurst, Bloor street nd the subway. This is a perfect live/work space or investment opportunity. Over 4,200 square feet, the building was extensively renovated in 1990 and the roof was fully replaced 2 years ago. There is parking at the rear with easy access off Harbord St. This bustling neighborhood attracts people who want a beautiful downtown area with character, architecturally beautiful homes from the early 1900's and super convenient access to downtown, U of T and hospital row. Currently there are 2-two bedroom units, 1-one bedroom unit and a bachelor unit. Three of the units have their own balconies. The basement is a high and very dry basement with a separate entrance, storage and a laundry area for the dental clinic. Plans currently exist to convert the dental office into 2 more residential units. Call LA to discuss.
Estimate your monthly payments for this property
Estimated Payment
$15,039.35/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 Palmerston-Little Italy
Palmerston-Little Italy 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 Palmerston-Little Italy
- •Convenient location in Downtown Toronto / Waterfront
- •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
Palmerston-Little Italy 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.
458 Markham Street, Downtown Toronto / Waterfront
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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 $768/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 13-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 Downtown Toronto transactions.