Mill Pond 0.88-Acre Bathurst Estate with In-Law Suite and Mixed-Use Zoning Upside
A 0.88-acre Bathurst Street parcel in Richmond Hill's Mill Pond with a 3,500+ sq ft custom home, a newly finished basement in-law suite with separate entrance, and mixed-use zoning that supports a long-horizon redevelopment thesis. Rental economics do not carry the deal at the $2,500,000 list; the value is in the land, the income-conversion potential, and the corridor zoning.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$2,500,000
Cap rate
-0.48%
Est. monthly rent
$2,450
Source: comparables_city_avg
Est. net spread
+$565K
6mo hold
Annualized ROI
+45%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
-0.48% on the existing single-unit rent. The thesis is the income uplift after the conversion is complete, not today's number.
Projected post-conversion spread
$565,000 estimated over a 6-month hold using default market reno costs and the underwritten rent source.
Recommended leverage
100% down to reach neutral or positive carry during the conversion window.
Rent backed by
Estimate sourced from city-average comparables, not a CMHC fallback.
Every property published on 6Yield clears a multi-stage screen — universal financial floor, per-tier quality gate, and an editorial review on listing evidence. These bullets summarize the specific facts that cleared this property’s tier. Estimates only; not financial advice.
Fix-and-flip projection
The spread, before the buy-and-hold math.
Preliminary · adjust scope & uplift
Renovation scope
Projection
Preliminary estimate. Renovation costs use 6Yield default per-sqft figures. Post-renovation value is modeled as a multiple of list price — replace with comparable post-renovation sales for higher precision. Carrying costs include property tax, condo fees if any, and insurance; financing costs not yet modeled.
Section · Buy-and-hold backup
If you held instead. The carrying math, side by side.
Each column shows the actual monthly cash flow and cash-on-cash return at that leverage. Click a column for the full breakdown.
Acquisition
| Down payment | $875,000 |
| Mortgage principal | $1,625,000 |
| Land transfer tax | $37,500 |
| Closing costs | $37,500 |
| Total acquisition | $950,000 |
Monthly cash flow
| Estimated rent | +$2,450 |
| Operating expenses | -$3,444 |
| Mortgage payment | -$9,490 |
| Net cash flow | -$10,484/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $123/mo |
| Maintenance reserve | $2,083/mo |
| Insurance | $1,042/mo |
| Property management | $196/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from city-level rental averages (n=80).
Breakeven
Negative carry at every scenario. Rent does not cover operating expenses; mortgage adds further drag.
Run your own scenario
Move the assumptions. See the math live.
Live result
All figures are estimates only and do not constitute financial advice. The sliders use the same math as the locked five-scenario calculator; only assumptions change. Total acquisition includes the down payment, land transfer tax ($37,500), and closing costs ($37,500).
Section · Investment Thesis
Why this property.
This is a value-add and land-banking play for an advanced investor or builder with the balance sheet to carry a $2,500,000 trophy parcel on Bathurst Street through entitlement and tenant stabilization. The mechanic is twofold: monetize the newly renovated basement in-law suite with separate entrance as a secondary income stream against the main 5-bedroom residence, and underwrite the 0.88-acre lot for its mixed-use zoning optionality. Current rental economics do not carry the deal; the estimated cap rate is -0.48% at a $2,450 city-average rent.
The parcel fronts Bathurst Street in Mill Pond, Richmond Hill's central established neighborhood near Mill Pond Park and Mackenzie Health hospital. Bathurst here is a YRT bus arterial feeding south to Highway 407 and connecting east to Yonge Street, where Richmond Hill's Yonge North Subway Extension is planned to bring the TTC's Line 1 north of Steeles. The lot sits within the Richmond Hill High School and Alexander Mackenzie HS catchments, both established draws for end-user demand in the 905. The listing references mixed-use zoning and a high-demand corridor designation, which is the type of frontage that intensification policy across York Region targets over a 5- to 10-year horizon.
Recommended structure is 100% cash or near-cash; even at full cash the estimated monthly carry is -$993.50, and at 50% down the bleed widens to -$8,293.59 monthly. Hold 60+ months while stabilizing the in-law suite income, then evaluate either a refinance against re-leased income or a redevelopment submission under the corridor's mixed-use permissions. Exit is land value, not yield.
Key features
- 0.88-acre lot fronting Bathurst Street in Mill Pond, Richmond Hill
- Over 3,500 sq ft above grade plus fully finished basement
- 5 bedrooms, 4 bathrooms, 2 ensuites in main residence
- Newly renovated basement (2026) with full kitchen, 2 bedrooms, bathroom and separate entrance
- Mixed-use zoning permissions support redevelopment scenarios
- Mature landscaping and private backyard setting
Original MLS description
Prime location meets exceptional opportunity on this oversized 0.88-acre lot in sought-afterRichmond Hill. This custom-built home showcases quality craftsmanship and offers over 3,500 sq ft of living space, plus a fully finished basement with a large in-law suite and separate entrance-delivering space, versatility, and outstanding future potential.The main residence features 5 spacious bedrooms and 4 bathrooms including 2 ensuite baths, with generous principal rooms designed for comfortable family living and effortless entertaining.The newly renovated basement (2026) includes a full kitchen, 2 bedrooms, and a bathroom, making it ideal for extended family, multi-generational living, or added income potential.Surrounded by mature landscaping and offering exceptional privacy with backyard oasis, this property provides a rare estate-style setting just minutes from urban amenities, major routes, and everyday conveniences. Located within an evolving neighborhood with mixed-use zoning, the property presents significant long-term upside for redevelopment or strategic investment.With its prime frontage and flexible zoning permissions, this is a standout opportunity for custom home builders, investors, or small business owners looking to capitalize on a high-demand corridor.Whether you're searching for a spacious family home, an income-generating property, or a redevelopment project with strong future value, this is a rare offering that truly has it all. (42841076)
Section · Neighborhood
Where it sits.
Mill Pond
Mill Pond is one of Richmond Hill's established central neighborhoods, anchored by Mill Pond Park and the Yonge Street corridor to the east. The subject sits directly on Bathurst Street, a north-south arterial carrying YRT bus service and feeding Highway 407 to the south and Major Mackenzie Drive east-west.
The Bathurst frontage at this lot size (0.88 acres) is the defining attribute. With mixed-use zoning noted in the listing, the parcel sits within the type of corridor that York Region and the Town of Richmond Hill have flagged for intensification over the long term. End-user demand in Mill Pond proper remains driven by the Richmond Hill High School and Alexander Mackenzie HS catchments and proximity to Mackenzie Health hospital.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Estimated cap rate is -0.48% at the city-average rent assumption of $2,450/month; rental economics do not support the price as a standalone income play.
All five leverage scenarios produce negative monthly cash flow, ranging from -$12,673.65 at 20% down to -$993.50 at 100% cash; carry costs are material and require deep liquidity.
High leverage sensitivity: moving from 20% down to 100% cash compresses the monthly bleed by roughly $11,680, but does not produce positive carry at the modeled rent.
Rent estimate is based on city-average comparables rather than a unit-specific comparable set; actual achievable rent for a 5-bed main plus 2-bed in-law configuration could materially differ.
Redevelopment thesis depends on municipal approvals under mixed-use zoning that the listing references but does not specify; entitlement timing and permitted density are not confirmed.
Basement renovation is dated 2026 in the listing; investor should verify permits, occupancy, and legal secondary-suite status before underwriting two-unit income.
Sqft field in the listing data shows 325 and conflicts with the description's 3,500+ sq ft; buyer should verify GFA independently.