429 16th Ave
Langstaff, Richmond Hill, L4C 7A7
FOR SALE
$3,780,000
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Property Description
Prime Development Opportunity! Zoned for Mixed-Use Development with Montessori School Opportunity Located On 16th Avenue In A Highly Sought-After Area, This Exceptional Property With 82 Feet Frontage Offers Outstanding Potential For Development. Previously Zoned R6 (Permitting Two Detached Houses In The Back) And SR-1 In The Front, The Property Now Features Enhanced Versatility With Institutional Zoning For The SR-1 Portion, Allowing For Residential Use Or A Day Nursery. The Site Plan Approval (SPA) And Permits Including Demolition, Site Servicing, And Building Permits Are Ready To Be Transferred To The New Owner (For An Applicable Fee) For A Montessori School Project. The Plans Allow For A Capacity Of 80 Students, Expandable To 90 Students, And Include 4 Classrooms, 3 Administrative Offices, A Full-Service Kitchen, Indoor/Outdoor Play Areas, And 16 Parking Spaces. These Ready-To-Build Plans Provide A Seamless Development Path While Allowing Flexibility For Other Uses Within The Existing Zoning.With The Simultaneous Sale Of The Adjacent Property, This Site Presents A Rare Land Assembly Opportunity, Ideal For Large-Scale Residential, Commercial, Or Mixed-Use Developments. Located In The Heart Of A Rapidly Growing Development District And Surrounded By Vibrant Neighbourhoods, This Property Offers Unparalleled Potential For Developers, Investors, Or Educational Institutions.Don't Miss The Chance To Secure A Key Piece Of Real Estate In One Of Richmond Hill's Most Dynamic And Fast-Growing Areas!
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Extras
Legal Description: PART LOT 17 PLAN 3806 PARTS 2, 4 & 5 65R38961 CITY OF RICHMOND HILL
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Property Details
Street
Community
City
Property Type
Detached, Bungalow
Lot Size
83' x 272'
Acreage
.50-1.99
Fronting
South
Taxes
$9,563 (2024)
Basement
Part Fin
Exterior
Vinyl Siding
Heat Type
Forced Air
Heat Source
Gas
Air Conditioning
Central Air
Water
Municipal
Parking Spaces
10
Driveway
Private
Garage Type
Detached
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Richmond Hill Market Statistics
Richmond Hill Price Trend
429 16th Ave is a 3-bedroom 1-bathroom home listed for sale at $3,780,000, which is $2,541,101 (205.1%) higher than the average sold price of $1,238,899 in the last 30 days (December 19 - January 17). During the last 30 days the average sold price for a 3 bedroom home in Richmond Hill declined by $102,927 (7.7%) compared to the previous 30 day period (November 19 - December 18) and down $170,924 (12.1%) from the same time one year ago.Inventory Change
There were 33 3-bedroom homes listed in Richmond Hill over the last 30 days (December 19 - January 17), which is down 21.4% compared with the previous 30 day period (November 19 - December 18) and up 65.0% compared with the same period last year.Sold Price Above/Below Asking ($)
3-bedroom homes in Richmond Hill typically sold $4,708 (0.4%) above asking price over the last 30 days (December 19 - January 17), which represents a $4,855 increase compared to the previous 30 day period (November 19 - December 18) and ($58,382) more than the same period last year.Sales to New Listings Ratio
Sold-to-New-Listings ration (SNLR) is a metric that represents the percentage of sold listings to new listings over a given period. The value below 40% is considered Buyer's market whereas above 60% is viewed as Seller's market. SNLR for 3-bedroom homes in Richmond Hill over the last 30 days (December 19 - January 17) stood at 63.6%, up from 54.8% over the previous 30 days (November 19 - December 18) and down from 85.0% one year ago.Average Days on Market when Sold vs Delisted
An average time on the market for a 3-bedroom 1-bathroom home in Richmond Hill stood at 48 days when successfully sold over the last 30 days (December 19 - January 17), compared to 76 days before being removed from the market upon being suspended or terminated.Listing contracted with Re/Max Hallmark Realty Ltd.
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Prime Development Opportunity! Situated on 16th Avenue in the heart of Richmond Hill, this exceptional property offers a rare chance for redevelopment. Boasting a lot size of 82 x 315 feet, with the adjacent lot also available for potential land assembly, the possibilities are endless.Located in a thriving development district and surrounded by vibrant neighborhoods, this site is perfect for large-scale residential projects, commercial schools, or mixed-use developments. The simultaneous sale of the adjacent property amplifies its potential, making it an unparalleled opportunity for developers, investors, or educational institutions.Dont miss out on this rare chance to secure a key piece of real estate in one of Richmond Hills most dynamic and rapidly growing areas!
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Attentions Builder and Developer!!! Discover a unique investment with this property, designated as NEIGHBORHOOD USE in the Official Plan. It is one of a couple of pockets of older, small-scale commercial/industrial uses in Richmond Hill where, over the long-term, the City of Richmond Hill expects the area to change to something more residential, as opportunities for redevelopment occur. Currently has 3 tenants, fully leased until March 2027. One Residential House with 2 bedrooms. One Warehouse with 2 units and 8000 SF. Perfectly positioned near the bustling intersection of 16th Avenue and Yonge Street, this freestanding warehouse offers excellent access to major routes, including Hwy 407. Located amidst numerous condominium and townhouse developments, it's ideal for future business operations or redevelopment. The versatile zoning accommodates uses such as automobile repairs, offices, data processing centers, day nurseries, financial institutions, health centers, hotels, parking facilities, printing services, private clubs, libraries, restaurants, retail establishments, and warehousing. Adding to its appeal, the property includes a house, providing the convenience of living where you work, perfect for streamlining daily routines. Capitalize on this opportunity in a rapidly developing area, with exceptional connectivity and potential for various commercial and mixed-use ventures.
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