1378 Queen St W

Three-storey Victorian mixed-use building on Queen Street West in the heart of Parkdale. 1378 Queen Street West holds three separate incomes — a full-service restaurant at grade and two two-bedroom residential suites above — across 3,656 SF above grade with a further 839 SF on the lower level, on a 16.66 by 120 ft lot with laneway access. Tibet Kitchen occupies the ground floor on a ten-year net lease to 30 June 2036 at $96,000 net in year one, escalating 2.75% annually from year four with three five-year renewal options. Both suites are occupied at $1,500 against $2,500 at market, taking the going-in cap rate from 5.55% on $109,840 of net operating income to 6.76% once the residential resets. Soaring ceilings, a sprinkler system, central air and an LLBO licence are in place. Zoned CR 2.5 (SS2) and designated Mixed Use. The 24-hour 501 Queen streetcar stops at the door. Offering memorandum available.