REF: AI Tools as is.
Toronto real estate does not normally come to mind when discussing properties priced below $60,000. However, a small niche exists: individually titled commercial condominium units inside indoor shopping centres.
These are not businesses for sale or lease takeovers. The buyer owns the commercial real estate unit itself, similar conceptually to owning a residential condominium.
The following comparison focuses primarily on small commercial condos in three Scarborough shopping centres:
- Oriental Centre — 4438 Sheppard Avenue East
- Dynasty Centre — 8 Glen Watford Drive
- Splendid China Mall — 4675 Steeles Avenue East
The rankings are based primarily on estimated rental return, carrying costs, price, rentability and certainty of the available information.
Ranked Comparison
| Rank | Property | Asking Price | Size | Property Type / Location | Approx. Rent / Month | Annual Tax | Condo Fee / Month | Approx. Annual Income After Tax + Condo Fee* | Approx. Cash Return* | Comments |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | #338 – 4438 Sheppard Ave E | $49,000 | 290 sq. ft. | Inside Oriental Centre, commercial condo | $700–$850; ~$775 midpoint | $871 | ~$300 estimated | ~$4,830 | ~9.9% | Most interesting combination of low price, 290 sq. ft., low tax and potential rent. Condo fee needs confirmation. |
| 2 | 2C8 – 4675 Steeles Ave E | $49,900 | 136 sq. ft. | Inside Splendid China Mall, commercial condo | ~$700–$850; ~$775 midpoint | $963 | $408 | ~$3,441 | ~6.9% | Corner unit, water inside unit and listing shows a tenant. Actual tenant rent is not disclosed. |
| 3 | 2C6 – 4675 Steeles Ave E | $45,900 | 136 sq. ft. | Inside Splendid China Mall, commercial condo | ~$650–$800; ~$725 midpoint | $939 | $408 | ~$2,865 | ~6.2% | Lower acquisition price than 2C8. Adjacent to 2C8 and can apparently be combined with it. |
| 4 | 2A13 & 2A15 – 4675 Steeles Ave E | $50,000 | 256 sq. ft. | Inside Splendid China Mall, combined commercial condo | $1,250 asking rent | $2,311 | $828.76 | ~$2,744 | ~5.5% | Strong rent potential, but extremely high condo fees consume most of the rental income. |
| 5 | M8 – 8 Glen Watford Dr | $49,000 | 203 total / ~144 retail sq. ft. | Inside Dynasty Centre, commercial condo | $650 exact recent asking rent | $1,296 | $360.82 | ~$2,174 | ~4.4% | Exact unit has been advertised at $650/month. Includes basement locker. No water inside the unit. |
| 6 | #372 – 4438 Sheppard Ave E | $22,000 | 160 sq. ft. | Inside Oriental Centre, commercial condo | ~$350–$450; ~$400 midpoint | $2,000 | $162.35 | ~$852 | ~3.9% | Extremely inexpensive purchase price, but property tax is unusually high relative to value. Currently shown sold/under contract rather than freely available. |
| 7 | 3103 – 4438 Sheppard Ave E | $50,000 | 368 sq. ft. | Inside Oriental Centre, commercial condo | $650 exact current asking rent | $1,970 | $387 | ~$1,186 | ~2.4% | Large amount of space for $50K, but the exact unit is also offered for only $650/month, producing weak investment economics. |
| 8 | 2D22/23 – 4675 Steeles Ave E | $60,000 | 184 sq. ft. | Inside Splendid China Mall, combined corner commercial condo | ~$700–$900; ~$800 midpoint | $1,500 | $595 | ~$960 | ~1.6% | Professionally finished and attractive for an owner-user, but relatively high maintenance makes it weak as a pure rental investment. |
| 9 | 2B1 – 4675 Steeles Ave E | $59,900 | 135 sq. ft. | Inside Splendid China Mall, commercial condo | ~$650–$800 | $4,269 listed tax/TMI figure | Not disclosed | Uncertain | ≤~5.9–8.9% before any separate condo fee | Carrying-cost disclosure needs clarification before this can be evaluated reliably. |
| 10 | 2B2 – 4675 Steeles Ave E | $59,900 | 135 sq. ft. | Inside Splendid China Mall, commercial condo | ~$650–$800 | $4,269 listed | Not disclosed | Uncertain | Uncertain | Similar to 2B1. The unusually large annual tax figure and missing condo-fee information require verification. |
| 11 | 2A10 – 4675 Steeles Ave E | $39,000 | 99 sq. ft. | Inside Splendid China Mall / food-court area, commercial condo | ~$350–$500; ~$425 midpoint | $822 | $366.68 | ~-$122 at $425 rent | ~−0.3% | Cheap real estate, but the recurring condo fee is very large relative to likely rental income. Better suited as support/storage space for another mall business than as a standalone rental investment. |
*Approximate return = annual rent minus listed/estimated condo fees and property taxes, divided by asking price. It does not deduct insurance, vacancy, repairs, legal/accounting expenses, income tax, closing costs or HST. It also does not include appreciation.
1. #338, 4438 Sheppard Avenue East — Best Overall Candidate
This 290-square-foot commercial condo inside the Oriental Centre is currently listed at $49,000, with annual property tax of only about $871. The unit is marketed for retail or professional-office uses.
Rental comparables in the same shopping centre are useful. A 368-square-foot unit is currently offered at $650/month, while a particularly well-located 282-square-foot ground-floor unit is offered at $950/month.
That suggests roughly $700–$850/month may be a reasonable preliminary rental range for #338, depending heavily on its precise location and visibility within the mall.
The listing does not clearly disclose its maintenance fee. Using other units in the same building suggests something around $300/month as a rough working estimate, but that number should be verified before relying on the projected return.
At approximately $775 rent and a $300 maintenance assumption:
Annual rent: $9,300
Estimated maintenance: −$3,600
Property tax: −$871
Approximate income: $4,829
On a $49,000 cash purchase, that equals approximately 9.9% before vacancy, insurance and other expenses.
That makes #338 the most interesting property in this group if the maintenance fee is confirmed near the estimated level.
2. 2C8, 4675 Steeles Avenue East
This 136-square-foot unit is listed at $49,900. Annual tax is approximately $963 and the commercial condo fee is $408/month. Importantly, the unit has a water supply and the listing identifies the occupant as a tenant.
That is valuable because plumbing can expand the pool of potential commercial tenants.
At approximately $775/month:
Annual rent: $9,300
Condo fees: −$4,896
Property tax: −$963
Approximate annual income: $3,441
Estimated return: 6.9%.
The most important unanswered question is the current tenant’s actual rent and lease expiry date.
3. 2C6, 4675 Steeles Avenue East
The neighbouring 2C6 unit is priced slightly lower at $45,900, with annual tax of $939 and the same $408 monthly condo fee.
At an estimated $725/month rent:
Annual rent: $8,700
Condo fees: −$4,896
Tax: −$939
Approximate annual income: $2,865
Estimated cash return: 6.2%.
Because 2C6 and 2C8 are owned by the same seller and can apparently be combined, an investor could also investigate whether purchasing both at a negotiated price improves the economics.
4. 2A13 & 2A15 — High Rent, but High Expenses
This combined 256-square-foot unit is asking $50,000. It carries approximately $2,311/year in property tax and a substantial $828.76 monthly condo fee.
The interesting part is that the same unit has also appeared for lease at approximately $1,250/month.
That sounds excellent until expenses are considered:
Annual rent: $15,000
Condo fees: −$9,945
Property tax: −$2,311
Approximate annual income: $2,744
Return on $50,000: approximately 5.5%.
This illustrates why commercial condos should never be compared based solely on purchase price and rent. The maintenance fee can radically change the investment.
5. M8, 8 Glen Watford Drive — A Useful Real-World Benchmark
M8 at Dynasty Centre has an unusually useful data point: the exact unit itself has been offered for lease for $650/month.
It is listed for sale at $49,000. The commercial condo fee is $360.82/month, annual tax is approximately $1,296, and the property includes about 144 square feet of retail area plus a basement locker. There is no water supply inside the unit.
At $650/month:
Annual rent: $7,800
Condo fees: −$4,330
Property tax: −$1,296
Approximate annual income: $2,174
Estimated return: 4.4%.
This is useful as a reality check. A $49,000 Toronto commercial property can sound extraordinarily cheap, but recurring expenses can reduce the actual yield to a fairly ordinary level.
6. Unit 372 — An Actual $22,000 Toronto Commercial Condo
Unit 372 at 4438 Sheppard is particularly noteworthy because its asking price is only $22,000.
It is approximately 160 square feet, with a $162.35 monthly maintenance fee and approximately $2,000 annual property tax. The listing describes it as a corner retail unit suitable for retail or professional-office use.
The problem is the unusually high property tax relative to the purchase price.
Using a hypothetical $400 monthly rent:
Annual rent: $4,800
Maintenance: −$1,948
Tax: −$2,000
Approximate annual income: $852
Return: approximately 3.9%.
It is also currently shown as conditionally sold, so this is more useful as evidence of how inexpensive these commercial condos can become than as an immediately actionable listing.
7. Unit 3103 — Large Unit, Weak Yield
Unit 3103 at Oriental Centre is particularly easy to evaluate because it is simultaneously advertised:
- For sale: $50,000
- For rent: $650/month
It measures approximately 368 square feet, has annual property tax of approximately $1,970, and a commercial condo fee of $387/month.
Annual rent: $7,800
Condo fee: −$4,644
Tax: −$1,970
Approximate annual income: $1,186
Estimated return: 2.4%.
That is not particularly compelling for an illiquid commercial property carrying vacancy risk.
8. 2D22/23 — Attractive Space, Weak Investment Mathematics
The combined 184-square-foot 2D22/23 unit is listed for $60,000. Annual tax is approximately $1,500, while the commercial condo fee is approximately $595/month.
The property is professionally finished and includes furniture and built-in storage.
Assuming approximately $800/month rent:
Annual rent: $9,600
Condo fees: −$7,140
Tax: −$1,500
Approximate annual income: $960
Estimated return: only 1.6%.
It may therefore make considerably more sense for an owner-operated professional office than as a passive rental investment.
9–10. 2B1 and 2B2 — More Information Needed
Both units are approximately 135 square feet and listed for $59,900 each. They are inside Splendid China Mall and are close to Milliken GO and Pacific Mall.
However, each listing shows approximately $4,269 annually in tax/TMI-related costs, while a separate commercial condo fee is not clearly disclosed.
That makes a reliable return calculation impossible without reviewing the condominium status certificate and obtaining a breakdown from the seller.
If $4,269 represented the complete annual tax/TMI burden and there were no additional maintenance charge, approximately $700/month rent would produce:
$8,400 rent
− $4,269 costs
= $4,131
That would represent about 6.9%.
But if a substantial condo fee must also be paid, the true yield could be dramatically lower. These units therefore rank below properties with transparent carrying costs until the figures are clarified.
11. 2A10 — Cheap Does Not Necessarily Mean Profitable
At $39,000, 2A10 is one of the cheapest active commercial condos found.
The 99-square-foot unit is in the Splendid China Mall food-court area. Annual property tax is only approximately $822, but its condo fee is about $366.68/month.
At approximately $425/month rent:
Annual rent: $5,100
Condo fees: −$4,400
Tax: −$822
Approximate result: a small annual loss before insurance or vacancy.
The listing itself describes the unit as potentially useful as support or storage space for nearby food-court operations, which may explain why its economic value as a standalone rental property is limited.
What These Listings Show
The surprising lesson is that it is genuinely possible to own titled Toronto commercial real estate for $20,000–$60,000.
But purchase price is almost irrelevant without studying carrying costs.
A $39,000 unit with a $367 monthly condo fee may be a worse investment than a $49,000 unit with lower expenses and stronger tenant demand.
A useful screening formula is:
Estimated cash yield =
(Annual rent − annual condo fees − property tax) ÷ purchase price
For these very small commercial condos, a prospective buyer should ideally seek a sufficiently high return to compensate for:
- periods of vacancy;
- difficulty finding replacement tenants;
- commercial insurance;
- legal and leasing costs;
- possible special assessments;
- commercial-condominium fee increases;
- HST implications;
- low resale liquidity;
- limited financing options.
A calculated 4% return before those costs is generally much less attractive than it initially appears.
A projected 8%–10%+ return before vacancy and insurance provides considerably more room for error.
Current Shortlist
Based on the presently available information, the strongest properties for further investigation are:
1. #338, 4438 Sheppard Avenue E — potentially the best return, provided its condo fee is reasonable.
2. 2C8, 4675 Steeles Avenue E — interesting because it already shows a tenant and has water inside the unit.
3. 2C6, 4675 Steeles Avenue E — inexpensive entry price with relatively transparent carrying costs.
4. 2A13/15, 4675 Steeles Avenue E — demonstrated high asking rent but also unusually high recurring fees.
5. M8, 8 Glen Watford Drive — easy to analyze because the exact unit’s recent asking rent is known, although the resulting yield is only moderate.
The strongest warning from this small sample is equally clear: low-priced commercial real estate should not be confused with high-return commercial real estate.
Methodology and Disclaimer
Figures are based on publicly advertised listings reviewed in August 2026. Rental figures marked as estimates use exact-unit asking rents where available and comparable units in the same shopping centre where exact rent was unavailable.
Returns assume an all-cash purchase and exclude financing. They also exclude vacancy, insurance, repairs, renovations, leasing commissions, legal fees, accounting costs, income taxes, land-transfer tax, closing costs, HST and capital appreciation.
Asking rent is not necessarily achieved rent, and asking price is not necessarily market value. Commercial condominium fees, permitted uses, existing leases, special assessments and HST treatment should be independently verified before purchasing.
