$1,600,000 - 202 Main Street, Markham
Commercial for Sale in Markham
Popular Listing- MLS Number
- N13176682
- Property Type
- Commercial
- Status
- active
- Days on Site
- 13
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 2,229 sqft
- Neighbourhood
- Markham
- Listing Brokerage
- CENTURY 21 LEADING EDGE REALTY INC.
Markham Village heritage property * R3 zoning * Flexible live/work potential * Corner lot * Walk to GO Transit * Circa 1870 Station Master's House * 5-car parking * Rare opportunity to own a landmark heritage property in Old Markham Village with flexible R3 zoning that supports residential and commercial/office use. Situated on a prominent corner lot, 202 Main Street N offers approximately 2,229 sq ft with a layout currently configured for offices and residential living, including a second-floor apartment setup. Originally built circa 1870 as the Station Master's House, the property retains many preserved architectural details including original wood floors and staircase, 10'6" ceilings on the main level, oversized 15" baseboards, arch windows with wood shutters, and a second-floor cupola that fills the upper level with natural light. The flexible floor plan presents a range of possibilities for professional offices, live/work use, duplex conversion, multi-generational living, or continued residential occupancy. Recent basement waterproofing and sealing completed in 2021 adds functional value and peace of mind. Additional features include central air conditioning, forced air gas heating, a full basement, ramp access to the main floor, mature perennial gardens, landscaped grounds, and private parking for up to five vehicles. Located in the heart of Markham Village within walking distance to GO Transit, Main Street shops, restaurants, and daily conveniences, this distinctive property combines historic character with long-term investment and mixed-use potential.
Estimate your monthly payments for this property
Estimated Payment
$7,077.34/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 Markham
Markham 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 Markham
- •Convenient location in Markham
- •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
Markham 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.
202 Main Street, Markham
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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 $718/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 Markham transactions.