$2,788,000 - 83 Elm Avenue, Richmond Hill
Detached for Sale in Richmond Hill
New — Listed 3 days ago- MLS Number
- N13429058
- Property Type
- Detached
- Status
- active
- Days on Site
- 3
- Bedrooms
- 9
- Bathrooms
- 9
- Square Feet
- 5,000+ sqft
- Neighbourhood
- Richmond Hill
- Listing Brokerage
- RE/MAX WEST REALTY INC.
Truly Magnificent Custom-Built Residence Situated On An Impressive 65.8-Foot Wide Lot. Offering Exceptional Versatility With 3 Self-Contained Units, Each Featuring Separate Entrances, This Unique Property Is Ideal For Multi-Generational Living, Investors, Or End Users Seeking Significant Income Potential. Meticulously Upgraded Throughout, This Home Showcases Elegant Craftsmanship And Luxury Finishes At Every Turn, Including New Hardwood Flooring (2021), Designer Kitchens And Bathrooms, Coffered Ceilings, Skylights, Pot Lights, Custom Millwork, And California Shutters. The Upper Two Levels Feature A Spacious Family Residence With 4 Bedrooms, 4 Bathrooms, A Full Kitchen, And Laundry Facilities. The Main Level Offers 3 Bedrooms, A Large Bathroom, Kitchen, And Laundry, With Potential For Residential Or Commercial Use. The Finished Walk-Up Basement Includes 2 Bedrooms, A Full Kitchen, Laundry, And Separate Entrance. Currently Generating Approximately $8,000 Per Month In Rental Income From The Main Floor And Basement Units Exceptional Features Include 3 Fireplaces, 2 Skylights, Sprinkler System, Jacuzzi, Steam Sauna, Integrated Sound System, Stainless Steel Appliances, Built-In Dishwasher, Cooktop, Microwave, Washer, Dryer, And All Basement Appliances. A Rare Opportunity To Own A Truly One-Of-A-Kind Luxury Property With Outstanding Income Potential.
Estimate your monthly payments for this property
Estimated Payment
$12,332.26/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 Richmond Hill
Richmond Hill 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 Richmond Hill
- •Convenient location in Richmond Hill
- •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
Richmond Hill 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.
83 Elm Avenue, Richmond Hill
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Monthly Cash Flow Breakdown
Note: These are estimates only. Actual figures may vary based on market conditions, property condition, and other factors. Consult with a financial advisor for personalized advice.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Competitive Pricing
At $558/sqft, this is priced below the area average. This could represent genuine value, but let's investigate why. In my experience, underpriced homes often have deferred maintenance, unfavourable layouts, or motivated sellers. I'll help you determine which it is.
Just Listed - Act Strategically
This property hit the market within the last week. In Richmond Hill's current market, desirable homes often receive multiple offers within 5-7 days. If you're seriously interested, I recommend booking a showing immediately. However, never let urgency override due diligence - we'll still do proper inspections.
Detached Home Advantages
Detached homes in Richmond Hill are increasingly scarce and valuable. You'll have no shared walls, full control over renovations, and typically stronger appreciation. Consider the lot size and potential for future additions or basement apartment income. Detached homes also offer the most flexibility for growing families.
Larger Home Realities
At 5,000 sqft, this is a substantial home. Budget approximately $400-600/month more for utilities compared to an average-sized home. Maintenance costs scale with size too - roof, HVAC, and cleaning all cost more. That said, space is a luxury that's hard to add later, and larger homes often have better resale in family-oriented neighbourhoods.
Excellent Flexibility
With 9 bedrooms, you have genuine flexibility. Beyond the master and kids' rooms, you can have a dedicated home office, guest room, hobby space, or even rental income potential. In today's work-from-home era, extra bedrooms add significant value. Properties with 5+ bedrooms are relatively rare in Richmond Hill.
Bathroom Count Matters
With 9 bathrooms, morning routines are much smoother. Multiple bathrooms significantly improve daily livability and are a major selling point for resale. Buyers consistently pay more for adequate bathroom counts - this is a strong feature.