$130,000 - 4801 Steeles Avenue Unit 6, Downsview
Commercial for Sale in Downsview
37 days on marketNeighbourhood: Humber Summit
- MLS Number
- W13580422
- Property Type
- Commercial
- Status
- active
- Days on Site
- 37
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 1,051 sqft
- Neighbourhood
- Downsview / Black Creek
- Listing Brokerage
- SUTTON GROUP ELITE REALTY INC.
Turnkey Restaurant Opportunity - Prime North York Location. Your Restaurant Dream Starts Here. Opportunities like this don't come along often. Position your business for success in this beautifully renovated, fully equipped restaurant located on the highly travelled Steeles Avenue West corridor in North York. Whether you're launching your first concept or expanding an established brand, this turnkey space allows you to open your doors from day one. Strategically located just minutes from Highway 400, York University, and surrounded by a thriving mix of commercial, industrial, and residential communities, this location benefits from steady daily traffic and excellent visibility. Property Highlights: Recently renovated with a clean, and inviting interior, Approximately 1000sq ft of functional restaurant space, Fully equipped commercial kitchen with quality equipment, Spacious prep and cooking areas designed for efficient service, Customer dining area ready for immediate operation, Established infrastructure-no costly build-out required, Convenient customer parking, Easy access to Highways 400, 407, and major transit routes. Endless Possibilities, Perfect for :Caribbean cuisine, Italian, Mediterranean, Middle Eastern or Asian concepts, Breakfast and brunch, Café or bakery, Fast casual or dine-in restaurant, Ghost kitchen or catering operation, The space has been thoughtfully designed to support high-volume food production while maintaining an inviting atmosphere for guests. Whether you're an experienced restaurateur or an ambitious entrepreneur ready to bring your culinary vision to life, this is an opportunity to step into a professionally built restaurant without the time, expense, and uncertainty of starting from scratch. Fully equipped restaurant with major commercial equipment included. Simply bring your concept and your small wares to begin operations. Bring your concept. Turn on the lights. Open for business.
Estimate your monthly payments for this property
Estimated Payment
$666.97/mo
Includes CMHC insurance ($3,627)
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 Humber Summit
Humber Summit 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 Humber Summit
- •Convenient location in Downsview / Black Creek
- •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
Humber Summit 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.
4801 Steeles Avenue Unit 6, Downsview / Black Creek
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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 $124/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.
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 37-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 Downsview transactions.