$99,000 - 9688 Leslie Street Unit #16, Richmond Hill
Commercial for Sale in Richmond Hill
38 days on market- MLS Number
- N13092812
- Property Type
- Commercial
- Status
- active
- Days on Site
- 38
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 783 sqft
- Neighbourhood
- Richmond Hill
- Listing Brokerage
- HOMELIFE/MIRACLE REALTY LTD
Step into a vibrant business opportunity with this thriving nail salon, perfectly situated in the bustling city of Richmond Hill. Nestled in a high-traffic plaza, the salon enjoys the benefit of being at the heart of a dynamic area, surrounded by prestigious residential neighborhoods and a lively mix of commercial and industrial activity. With a constant stream of foot traffic, this location naturally attracts a loyal clientele eager for quality service. Inside, you'll find a dedicated team of skilled and professional technicians, each committed to delivering top-tier results. The salon has built a strong reputation for excellence, offering an impressive menu of services including manicures, pedicures, nail enhancements, intricate nail art, waxing, and the potential to expand into in-demand treatments like nail extensions. Two private treatment rooms offer exciting possibilities for additional services such as laser treatments, threading, or massage therapy, giving a new owner the freedom to innovate and meet evolving customer needs. The possibilities for growth are truly endless. With creative marketing and a personal touch, a new owner could easily introduce fresh offerings, attract new customers, and elevate the business to even greater heights. The salon benefits from very low rent and a favorable lease, providing a solid foundation for future success. Best of all, the current team of talented technicians is eager to stay on, and the seller is enthusiastic about offering comprehensive training to ensure a seamless transition. This is your chance to take the reins, bring your own expertise, and unlock the full potential of a beloved local business-making your mark in a flourishing community.
Estimate your monthly payments for this property
Estimated Payment
$507.92/mo
Includes CMHC insurance ($2,762)
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.
9688 Leslie Street Unit #16, Richmond Hill
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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 $126/sqft, this is priced on the lower end for commercial, which warrants investigating condition, zoning restrictions, and tenancy. 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 38-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 Richmond Hill transactions.