$1,199,000 - 478 Cosburn Avenue, Danforth
Commercial for Sale in Danforth
75 days on marketNeighbourhood: East York
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- MLS Number
- E13602088
- Property Type
- Commercial
- Status
- active
- Days on Site
- 75
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 2,644 sqft
- Neighbourhood
- Danforth / East York
- Taxes (2025)
- $8,011
- Listing Brokerage
- RE/MAX HALLMARK REALTY LTD.
478 Cosburn Avenue puts two revenue streams under one roof on one of East York's most active neighbourhood commercial corridors. The ground-floor office suite has been professionally renovated from top to bottom, featuring a commanding reception area (approx. 15'5" x 16'10"), six private offices finished with drop ceilings, recessed pot lighting, and updated flooring throughout-the kind of polished, move-in-ready space that established professional tenants compete for. Prefer a different configuration? The existing layout could potentially be opened up into a more open-concept retail or service-commercial format, giving a future owner genuine flexibility to tailor the space to their business. The finished basement adds a washroom, bank vault, and substantial storage, keeping operations running smoothly off the main floor. Upstairs, a self-contained two-bedroom apartment with its own independent entrance generates residential income completely independent of what happens below-no shared expenses, no entanglement. Three hydro meters and one gas meter keep costs neatly separated by unit. Two surface parking spaces are located at the rear via a laneway. C-Commercial zoning supports a wide range of commercial and residential uses. Positioned in Danforth Village-East York, the property offers direct TTC bus service at the door, Coxwell Subway Station just minutes away, and convenient access to the DVP for city-wide access.
Estimate your monthly payments for this property
Estimated Payment
$5,303.58/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 East York
East York 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 East York
- •Convenient location in Danforth / East York
- •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
East York 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.
478 Cosburn Avenue, Danforth / East York
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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 $453/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.
Extended Exposure — Negotiating Room
At 75 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 Danforth transactions.