$149,000 - 2240 Lake Shore Boulevard Unit 104, Liberty Village
Commercial for Sale in Liberty Village
56 days on marketNeighbourhood: Mimico
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- MLS Number
- W13668436
- Property Type
- Commercial
- Status
- active
- Days on Site
- 56
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 1,100 - 1,499 sqft
- Neighbourhood
- Liberty Village / Parkdale / South Parkdale
- Listing Brokerage
- HOMELIFE/BAYVIEW REALTY INC.
Located in one of Toronto's fastest-growing and highest-traffic neighbourhoods, this established restaurant is surrounded by more than 30 luxury condominium towers, flourishing businesses, and a dense residential population that generates consistent foot traffic and year-round demand. This prime location offers outstanding visibility, excellent signage exposure, and significant growth potential. Continue operating the existing concept or rebrand to your own restaurant or franchise. A wide variety of cuisines are permitted, making this an ideal opportunity for concepts such as Shawarma, Indian, Thai, Chinese, Burgers, Mediterranean, Mexican, Sushi, and more. The restaurant features a fully equipped commercial kitchen with premium equipment, including a 12-foot extra-wide exhaust hood, walk-in refrigerator, Rational 10-pan combi oven, six-burner stove, griddle, two deep fryers, two induction cooktops, rice warmer, two upright freezers, two chest freezers, multiple prep tables, storage shelving, security camera system, TVs, and much more. Exceptional street exposure with an extended patio offers additional seating and seasonal revenue potential. The business benefits from multiple revenue streams, including dine-in, takeout, catering, Uber Eats, DoorDash, and SkipTheDishes. Don't miss this rare opportunity to acquire a fully equipped restaurant in one of Toronto's premier west-end communities with exceptional visibility, established customer demand, and tremendous future growth potential. Rent $6500/month includes TMI & HST. Long lease 4 years + 5 years option to renew. Equipment & set-up worth the price!
Estimate your monthly payments for this property
Estimated Payment
$764.45/mo
Includes CMHC insurance ($4,157)
5-yr fixed avg.
Rates shown are estimates based on typical Ontario 5-year fixed rates. Canadian mortgages use semi-annual compounding as required by law. CMHC insurance applies to purchases under $1.5M with less than 20% down. Estimated property tax uses an approximate 0.85% rate. Contact us for current rate options and pre-approval.
Waterfront Revival
Mimico is a revitalised waterfront neighbourhood in south Etobicoke that has transformed from a quiet residential enclave into a dynamic lakeside community. New condominium developments along the lakeshore complement the area's established tree-lined streets and village character. The Mimico GO Station and TTC streetcar provide strong transit options, while the waterfront trail offers scenic recreation.
Why Live in Mimico
- •Lake Ontario waterfront access and trail
- •Revitalised village atmosphere with new development
- •Mimico GO Station for fast downtown commuting
- •Mix of new condominiums and character homes
- •Growing restaurant and retail scene
Nearby Schools
Transit & Commuting
- •Mimico GO Station on the Lakeshore West line
- •TTC 501 Queen streetcar
- •Lakeshore West GO line to Union Station
- •Easy access to Gardiner Expressway
Parks & Amenities
- •Humber Bay Park
- •Mimico waterfront trail
- •Amos Waites Park
- •Mimico Centennial Library
- •Local shops along Royal York Road
Lifestyle & Community
Mimico offers a rejuvenated waterfront lifestyle with strong transit connections and a growing dining scene. Residents enjoy lakeside walks, waterfront cycling, and easy commuting to downtown Toronto.
2240 Lake Shore Boulevard Unit 104, Liberty Village / Parkdale / South Parkdale
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Key factors for evaluating this commercial property
Commercial Due Diligence Checklist
· Verify zoning and all permitted uses
· Review all existing leases (terms, renewals, net vs. gross)
· Request estoppel certificates from all tenants
· Order a Phase 1 Environmental Site Assessment
· Commission a property condition assessment
· Review operating costs (taxes, insurance, maintenance)
Commercial Financing Note
Commercial mortgages require 20–35% down, shorter amortization, and lenders underwrite based on the property's income. CMHC insurance is not available for commercial. Connect with a commercial mortgage broker early.
Commercial and land transactions are significantly more complex than residential. Joe recommends assembling a team — commercial real estate lawyer, accountant, and (for land) a land use planner — before making an offer.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Commercial Pricing Context
At $135/sqft, this is priced on the lower end for commercial, which warrants investigating condition, zoning restrictions, and tenancy. Commercial values are highly location- and zoning-dependent, so comparable sales analysis is essential. I'll pull recent commercial comps for you.
Extended Exposure — Negotiating Room
At 56 days on market, this commercial property has had significant exposure. Commercial listings typically take longer to sell than residential, but this timeline may indicate pricing or tenancy issues worth exploring. A motivated seller often means better terms for a prepared buyer.
Zoning & Permitted Use — Verify First
I always confirm the zoning and permitted uses before a client gets too far into a commercial transaction. What a property is currently used for and what it's legally permitted for are sometimes different. If you plan to change the use, a zoning amendment or minor variance may be required — that's additional cost, time, and risk.
Tenancy & Income Review
If this property has existing tenants, I'd want to review all leases carefully: term lengths, renewal options, rent amounts, escalation clauses, and who's responsible for operating costs (gross lease vs. net lease). A strong long-term tenant is an asset; a lease expiring at closing is a different story. We'll request estoppel certificates from all tenants.
Environmental & Due Diligence
A Phase 1 Environmental Site Assessment is standard practice for commercial purchases in Ontario. If historical industrial use is flagged, you'll need a Phase 2. I also recommend a property condition assessment covering structure, roof, HVAC, and electrical — commercial systems are expensive to replace and often not disclosed in detail on the listing.
Commercial Financing Realities
Commercial mortgages work differently than residential. Expect 20–35% down, shorter amortization (15–25 years), and lenders who underwrite based on the property's income, not just your personal financials. CMHC insurance is generally not available for commercial, and rates are typically higher. I can connect you with commercial mortgage brokers who specialize in Liberty Village transactions.