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New15 hours ago

281 Elgin Mills Road W

Mill Pond, Richmond Hill

$2,199,000

Detached|Bungalow
3 | 3 | 11
About this home

ATTENTION BUILDERS, DEVELOPERS & INVESTORS - DON'T MISS THIS RARE OPPORTUNITY!A rare opportunity to acquire a substantial infill development site in the highly desirable Yonge Street and Elgin Mills corridor of Richmond Hill. Featuring an impressive 102 x 212 ft lot, this property offers significant redevelopment potential in a supply-constrained market. The proposed development envisions 10 to 11 spacious, freehold townhomes, each approximately2,000 sq. ft., featuring three-storey layouts, attached single-car garages, and private rooftop terraces. A site plan is available for review. The property may also offer potential for a purpose-built rental apartment development through the CMHC (Canadian Housing And Mortgage Corporation) purpose built rental Program! Ideally located just steps from Yonge Street, the property offers convenient access to public transit, shopping, schools, parks, Mill Pond, the hospital, and a wide range of everyday amenities. The existing homes may also provide rental income during the holding period, subject to their condition and applicable requirements. A PRIME INFILL OPPORTUNITY WITH MULTIPLE DEVELOPMENT POSSIBILITIES. Whether you're a builder looking for your next townhouse project, a developer exploring purpose-built rental housing, oran investor seeking long-term value, this property deserves your immediate attention. Opportunities like this are rare - secure your position in one of Richmond Hill's desirable growth corridors. Contact me today to request the available site plan, discuss the development potential, and arrange a private property showing. Bring your vision, explore the possibilities, and take the next step toward your next successful project!

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agent
Jonathan Lee
(647) 983-0770
TypeDetached
StyleBungalow
Approx. AgeNot available
Size700-1100 sq. ft.
Property Tax$8,019
Lot Size102.68 ft x 212.16 ft
mls© NumberN14119826
Listed ByRE/MAX REALTRON REALTY INC.

Listing History

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  • No recent lease history for this listing.

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What the bank counts

This home's actual carrying costs, payment stress-tested at 6%

Mortgage, tested at 6%
$11,255
Property tax
$668
Heat allowance
$150
Housing costs
$12,074 / mo

Lenders cap these at 39% of gross income — that sets the number.

Down payment20% · $439,800
25-yr amortization

Income needed

$371,000

gross annual household income

Payment at 4%
$9,254 / mo
Cash down
$439,800

Assumes no other monthly debts · 25-yr amortization

Full affordability check

Investment Analysis

Estimated rent, cap rate and monthly cash flow for this property

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