$25/mo - 7181 Yonge Street Unit 33/34/35, Markham
Commercial for Rent in Markham
- MLS Number
- N13209320
- Property Type
- Commercial
- Status
- active
- Days on Site
- 16
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 5,109 sqft
- Neighbourhood
- Markham
- Listing Brokerage
- REMAX YOUR COMMUNITY REALTY
Shops on Yonge at Yonge St & Steeles Ave. Fabulous prime fully finished retail/commercial courtyard units available: Unit 33 (approx. 1,582 Sq.Ft. GLA, property tax $11,167, maintenance $2,419), Unit 34 (approx. 1,529 Sq.Ft. GLA, property tax $10,893 maintenance $2,338), and Unit 35 (approx. 1,998 Sq.Ft. GLA, property tax $14,031, maintenance $3,055), with a total combined area of approximately 5,109 Sq.Ft. GLA with total maintenance fee of $7,811. Previously operated as a karaoke bar/lounge with magnificent high-end finishes, offering a turnkey opportunity to start your business or customize the space for a variety of permitted uses, including retail, restaurant, medical, office, beauty, professional services, and more. Located within a vibrant indoor/outdoor shopping mall featuring banks, restaurants, medical offices, retail stores, and professional businesses. Directly connected to four high-rise residential towers, office spaces, and a hotel, generating strong and consistent foot traffic year-round. Excellent courtyard exposure with ample surface parking and 3 levels of underground visitor parking. Conveniently located near public transit, major highways, and the future subway extension. Exceptional opportunity to establish or expand your business at a competitive price in one of the GTA's most dynamic mixed-use commercial complexes.
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.
7181 Yonge Street Unit 33/34/35, 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
Commercial property values in Markham are driven by location, zoning, current tenancy, and income potential — not the same $/sqft benchmarks as residential. I'll run a proper comparable sales analysis using recent commercial transactions in this area.
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 16-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.