178 Mill Street Richmond Hill, Ontario L4C 4B2

$2,800,000

Exceptional 21,700 sq ft R2-zoned development site in prime Richmond Hill offering immediate rental income through flexible seller lease-back arrangement for up to 24 months. This rare investment opportunity combines instant cash flow with transformative development potential on one of the area's largest residential lots. With ~69 feet of frontage and approximately 320 feet depth, the property offers sophisticated investors multiple development pathways that have been professionally evaluated by WND Planners. The conceptual plans demonstrate two compelling options: three luxury single-detached homes ranging from 4,735 to 8,020 sq ft totaling 17,490 sq ft of premium living space, or six semi-detached units averaging 2,370 sq ft each for 14,200 sq ft total, appealing to a broader buyer demographic. The oversized lot exceeds R2 minimum requirements by 4x, with each potential lot surpassing the 5,000 sq ft minimum and 50 ft frontage requirement, providing exceptional flexibility for lot severance and entitlement enhancement strategies. The seller's lease-back eliminates traditional vacant land carrying costs, generating returns from day one while you navigate municipal approvals, market pre-construction units, or simply land bank in this appreciating neighborhood. With 30% lot coverage allowance, 11-meter height permissions allowing 3 storeys, and full municipal services already available, the property is primed for development. Located in an established Richmond Hill neighborhood with mature infrastructure, walking distance to schools, parks, shopping, and easy highway access to the Greater Toronto Area, this property positions investors at the forefront of the region's densification initiatives. The combination of immediate income, development flexibility, and strategic location makes this one of Richmond Hill's most compelling investment opportunities. Contact for private viewing. (id:60365)

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https://www.realtor.ca/real-estate/28939601/178-mill-street-richmond-hill-mill-pond-mill-pond