$349,999 - 428 Clarence Street, London East
Commercial for Sale in London East
120 days on marketNeighbourhood: East F
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- MLS Number
- X13241802
- Property Type
- Commercial
- Status
- active
- Days on Site
- 120
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- N/A sqft
- Neighbourhood
- London East
- Listing Brokerage
- EVEREST REALTY LTD.
Excellent opportunity to own a well-established restaurant business in the heart of London's downtown core. Located in a desirable high-traffic commercial area next to TD Bank and surrounded by offices, retail businesses, and strong pedestrian activity, this business offers excellent visibility, convenient access, and strong potential for future growth. The restaurant has been successfully operating for 6 years and features a spacious dining area with seating for approximately 144 guests, a large commercial kitchen, and a private room ideal for parties, corporate meetings, presentations, and special events. This is a turnkey business opportunity suitable for owner-operators, entrepreneurs, investors, or experienced restaurant operators. The buyer may have the option to continue with the existing franchise, including brand name, training, marketing, support, and operational guidance, or operate independently, subject to all required approvals, regulations, and applicable franchise conditions. Very attractive rent of approximately $7,300 per month including HST. List of chattels, equipment, and sales information available upon request.
Estimate your monthly payments for this property
Estimated Payment
$1,795.68/mo
Includes CMHC insurance ($9,765)
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.
Discover East F
East F is a vibrant community in the Greater Toronto Area, offering excellent amenities, schools, and transportation options. This area is popular with families and professionals seeking a balanced lifestyle with access to urban conveniences and natural spaces.
Why Live in East F
- •Convenient location in London East
- •Access to local shops and dining
- •Good public transit connections
- •Community parks and green spaces
- •Well-maintained neighbourhoods
Nearby Schools
Transit & Commuting
- •MiWay bus routes throughout the area
- •GO Transit stations within driving distance
- •Easy highway access to 401/403/QEW
- •Walking distance to local amenities
Parks & Amenities
- •Local parks and recreational facilities
- •Community centres
- •Shopping plazas nearby
- •Restaurants and cafes
Lifestyle & Community
East F offers a wonderful quality of life with a mix of residential charm and urban convenience. Residents enjoy easy access to schools, parks, and shopping, making it an ideal location for families and professionals alike.
428 Clarence Street, London East
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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
Commercial property values in London East are driven by location, zoning, current tenancy, and income potential — not the same $/sqft benchmarks as residential. I'll run a proper comparable sales analysis using recent commercial transactions in this area.
Extended Exposure — Negotiating Room
At 120 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 London East transactions.