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$2,700,000
Est. payment /mo
4,461 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial Retail
Listing Status Active
Purchase Type For Sale
Square Footage 4,461 sqft
Price per Sqft $605
Subdivision Kensington-Chinatown
MLS Listing ID C12109616
Annual Tax Amount $49,282
Tax Year 2024
Property Sub-Type Commercial Retail
Property Description
309-311 Augusta Avenue (the "Property") is a rate 1-storey building with over 45 feet of frontage located in the vibrant and eclectic Kensington Market, a highly sought-after neighbourhood full of culture and rich history in downtown Toronto. The area boasts expressive architecture, vintage shops, and globally-inspired street food. The property is improved with an approximate 4,461 SF building that is demised into two commercial units. The property also has a large basement that can be used for storage. Currently tenanted by a bicycle store and coin laundry facility and providing strong in-place income, investors have an opportunity to re-lease both spaces to increase rental income significantly. Alternatively, given the Property's significant size, this is an excellent opportunity for an end-user to occupy one unit, while leasing out the other, capitalizing on the strong demand for retail space in this notable neighbourhood. Investors can also demolish the building and develop a new 4-storey, 18,130 SF building which would achieve strong rental rates given the Property's location. Kensington Market is renowned for its mix of shops, restaurants, and cultural vibrancy, drawing in both locals and tourists from all over the country and world. The area's heavy foot traffic significantly enhances the Property's appeal to retail tenants, evidenced by the longevity of the current businesses who collectively have been operating out of the Property for over 50 years. Its central location also makes it an ideal residence for young professionals, making the Property an exceptional investment opportunity.
Location
Province ON
County Toronto
Community Kensington-Chinatown
Area Toronto
Interior
Cooling Partial
Exterior
Utilities Available Yes
Lot Frontage 46.0
Lot Depth 110.0
Others
Security Features No
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Listed by COLLIERS