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The Globe and Mail

Mixed-use space in the Beaches comes with long-term tenant

2154 QUEEN ST. E., TORONTO

ASKING PRICE $820,000

SELLING PRICE $810,000

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TAXES $10,598 (2013)

DAYS ON THE MARKET Three

LISTING AGENT Ken Priestman, Century 21 Leading Edge Realty Inc.

The Action: Just steps from the beach, a boardwalk and waterfront parks, this two-storey building was the only mixed-use space available with a Queen Street address east of Woodbine Avenue in December. Serious buyers moved quickly and one opted to let the long-term retail tenant remain on site.

What They Got: This century-old, brick structure houses 645 square feet of commercial space with an unfinished basement below and a one-bedroom, one-bathroom apartment above with a sky-lit kitchen, living and dining areas and covered balcony overlooking the private 16-by-85-foot lot.

The Agent's Take: "It's dead centre in the Beaches within walking distance of a lot of people who want to live down there or have a small business," agent Ken Priestman said.

"East of Woodbine in the Beach, there might be one or two properties a year … that come up that are storefront type properties, so it is a rare event."

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Though this property is run down, buyers saw its potential. "They could spend $100,000 renovating the place and add $200,000 in value," Mr. Priestman said.

"[Plus] if they were to lease out the bottom and the top to different tenants – one being the commercial business on the bottom and residential on the top – you'd definitely have positive cash flow."

Editor's Note: Done Deals contain information gathered from real estate agents, home buyers, home sellers and sale prices that are publicly available from government sources. While we try to publish Done Deals as soon as possible after the transaction has occurred, long closings can cause delays.

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