50 Mill Street
Centre Wellington, ON
- 6 bed
- 5 bath
- approx. 3500-5000 sqft
- Store W Apt/Office
- 321 days on market
In the heart of historic Elora, where cobblestone charm meets the gentle flow of the Grand River, stands a property that captures the very essence of this beloved village. Surrounded by artisan shops, cafés, and galleries, this stunning building is more than a place of business; it is a cornerstone of opportunity in one of Ontario's most picturesque and thriving communities. Set along the river's edge, the rear of the property opens to a raised deck and stone patio offering an extraordinary vantage point. Here, the sound of rushing water and views of the Grand create a setting that draws people in and keeps them lingering, an atmosphere ideal for a destination business or a peaceful retreat for those who call it home. The main level features a beautifully maintained commercial unit perfectly suited for a boutique, gallery, or café. With high visibility and steady foot traffic, it offers the ideal stage for an entrepreneur or investor looking to establish a lasting presence in downtown Elora. Above, two separately metered two-bedroom apartments provide additional versatility and income potential. These bright, inviting spaces are rich with character and offer views that celebrate the river and the surrounding heritage architecture. Owning a property that combines commercial and residential spaces opens a world of possibility. Operate your own business below while living steps away, or lease both levels for a steady multi-stream income. The configuration offers flexibility to evolve with your goals today, tomorrow, and years into the future. Few properties balance such beauty, functionality, and potential. With its riverfront setting, historic character, and prime location within Elora's lively core, this is an opportunity to invest in a building that embodies the soul of the village itself - creative, enduring, and full of promise.
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Listing Details
- Taxes (2025)
- $5,702
- Originally Listed
- $10,000,000
- Listed
- October 20, 2025
Price History
Listing history
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Property
- Style
- 3-Storey
- Construction
- Stone
- Roof
- Shingles
- Foundation
- Stone
- Interior
- Water Softener, Water Heater Owned
- Lot Size
- 44.7 x 70.54 Feet
Parking
- Garage
- None
- Covered Spaces
- 0
- Total Parking
- 0
Utilities
- Heat Source
- Electric
Location & Legal
- Cross Street
- Metcalfe/Mill
- Parcel Number
- 714100091
- Possession
- Other
- Occupancy
- Owner+Tenant
Included
- Inclusions
- 2 fridges, 2 stoves, 2 dishwashers, 2 clothes washers and dryers, 3 microwaves, 3 hot water heaters, 3 gas fireplaces, 1 water softener, 6 portable air conditioning units, 3 alarm systems
Waterfront
- Water Body
- Grand River
- Shoreline
- Unknown
- Docking
- None
Schools
Elementary
- St Mary - Elora Catholic Elementary School1 km
Catholic · Wellington CDSB · 400 students
Grade 3 reading: 91% met the provincial standard · Grade 6 math: 62% met the provincial standard
- Elora Public School1.2 km
Public · Upper Grand DSB · 545 students
Grade 3 reading: 86% met the provincial standard · Grade 6 math: 52% met the provincial standard
- Salem Public School1.9 km
Public · Upper Grand DSB · 285 students
Grade 3 reading: 82% met the provincial standard · Grade 6 math: 79% met the provincial standard
Straight-line distance. Nearby schools are not necessarily the assigned schools — confirm catchment with the school board. Scores are EQAO provincial test results for 2024-2025.
Community
Postal area N0B
- Population
- 86,919
- Private dwellings
- 31,269
- Median age
- 42.8
- Average household size
- 2.9
- Median household income
- $120,000
Source: Statistics Canada, 2021 Census of Population, catalogue 98-401-X2021013. Adapted from Statistics Canada. This does not constitute an endorsement by Statistics Canada of this product.
Local market
Residential Freehold in Centre Wellington · last 12 months
- Median sold price
- $770,000
- Homes sold
- 475
- Median days on market
- 31
- Sale-to-list price
- 97.4%
Based on 475 recorded sales of residential freehold properties in Centre Wellington over the last 12 months.
Rooms
2-piece on Main, 3-piece on Upper, 2 × 4-piece on Upper, 5-piece on Upper
Third
- Bathroom3' x 10'7"
- Bathroom6'11" x 5'7"
- Bedroom13' x 10'
- Bedroom11'6" x 13'2"
- Bedroom11'7" x 10'5"
- Bedroom13' x 11'1"
Upper
- Bathroom10'1" x 7'8"
- Bedroom11'11" x 13'5"
- Bedroom13'6" x 13'9"
- Dining Room7'3" x 8'11"
- Kitchen8'3" x 12'
- Kitchen14'7" x 11'
- Living Room14'6" x 15'3"
- Living Room12'7" x 12'10"
Main
- Other12'10" x 17'1"
- Other15'4" x 15'1"
- Other9'9" x 17'6"
- Other34'3" x 13'3"
Listed by
ROYAL LEPAGE RCR REALTY
Walk Score
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Location
Street View
Mortgage Calculator
$1,599,800
Estimated Monthly Payment
$39,297
Land transfer tax
Ontario land transfer tax only. An estimate — not legal or financial advice. Municipal land transfer tax applies in Toronto and is not included.
Investment Analysis
No recent nearby lease data. Enter a rent to see the numbers.
Mortgage: $39,297/mo (20% down, 5.5%)
Taxes: $475/mo · Insurance: $2,000/mo
Estimates only. Consult a financial advisor.
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