$899,000 - 683 PRESTON Parkway, Cambridge
Land for Sale in Cambridge
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- MLS Number
- X13840774
- Property Type
- Land
- Status
- active
- Days on Site
- 8
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- N/A sqft
- Neighbourhood
- Cambridge
- Lot Size
- 2 sqft
- Taxes (2026)
- $9,353
- Listing Brokerage
- RE/MAX TWIN CITY REALTY INC.
An exceptional opportunity to acquire approximately 1.105 acres of strategically located development land along King Street East, surrounded by established residential communities and an extensive range of schools, parks, shopping, transit, services, and everyday amenities. The property is currently zoned R2 - Medium-High Density Residential, offering the potential for a range of multiple-unit residential uses. The R2 zoning adds significant appeal for builders, developers, and investors seeking land with residential development potential. With approximately 1.105 acres of land, the property provides a variety of future residential concepts, subject to applicable zoning provisions, municipal requirements and all required approvals. Its location along King Street East provides convenient connectivity while placing future residents within close proximity to schools, parks, public transit, shopping, restaurants and other essential amenities. The combination of substantial land area, R2 Medium-High Density Residential zoning, established surrounding neighbourhoods, and convenient access to major amenities makes this an opportunity to investigate the possibilities for future residential development. Whether you are a builder looking for your next project, a developer seeking a strategically positioned residential parcel or an investor exploring long-term development potential, this property offers an opportunity to secure a sizeable development site in an established and desirable location. Development potential is subject to municipal approvals, zoning compliance, permitted-use requirements, site plan approval, servicing and infrastructure capacity, environmental and technical requirements, and all other applicable approvals and regulations. A rare opportunity to acquire and explore the potential for future residential development in a well-established and highly connected area.
Estimate your monthly payments for this property
Estimated Payment
$4,612.34/mo
Includes CMHC insurance ($25,082)
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 Cambridge
Cambridge 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 Cambridge
- •Convenient location in Cambridge
- •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
Cambridge 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.
683 PRESTON Parkway, Cambridge
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Key factors for evaluating this land parcel
Land Due Diligence Checklist
· Confirm zoning designation and all permitted uses
· Verify servicing (water, sewer, hydro) at lot line
· Order a Phase 1 Environmental Site Assessment
· Obtain an up-to-date survey (boundaries, easements)
· Review development charges and levies with the municipality
· Consult a land use planner on development feasibility
Commercial Financing Note
Land financing typically requires 35–50% down with specialized lenders. Carrying costs (taxes, interest) accumulate during any approval or development process — factor these into your feasibility.
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
Zoning & Permitted Use
Before anything else, I'd confirm the current zoning designation and what's permitted on this land. Zoning dictates everything: residential subdivision, commercial development, agricultural use, or mixed. The Cambridge planning department can also tell you what, if any, Official Plan amendments are in progress that could affect the permitted uses.
Land Market Timeline
Vacant land typically takes longer to sell than residential homes — 60 to 180+ days is common. Commercial and development-oriented buyers need time to conduct feasibility studies, consult planners, and arrange specialized financing. Don't read anything into the days-on-market figure without comparing to similar parcels in Cambridge.
Servicing & Infrastructure
A key question for any land purchase: is it serviced (municipal water, sewer, gas, hydro at the lot line) or unserviced? Bringing services to an unserviced parcel can cost $50,000–$500,000+ depending on proximity and Cambridge's development charges. This can make or break a project's feasibility.
Environmental & Survey
I always recommend a Phase 1 Environmental Site Assessment for land purchases — it checks for historical contamination from prior uses. If the Phase 1 flags anything, a Phase 2 (soil sampling) follows. Also budget for an up-to-date survey, which confirms boundaries, easements, and encroachments.
Development Approval Timeline
If you're buying with development in mind, factor in the approval timeline. Minor variance: 3–6 months. Site plan approval: 6–18 months. Official Plan amendment or rezoning: 1–3+ years. These timelines directly affect your carrying costs — property taxes and financing accumulate the entire time. Having an experienced planner and real estate lawyer on your team from day one matters.
Let's Walk Through It Together
Evaluating land requires a different lens than buying a home. I'll walk the site with you, help you ask the right questions of the listing agent, and connect you with the right professionals — planners, environmental consultants, commercial lawyers — to make sure you know exactly what you're buying before you commit.