$20/mo - 506 Princess Street Unit 3, Kingston
Commercial for Rent in Kingston
121 days on marketNeighbourhood: 14 - Central City East
- MLS Number
- X12870146
- Property Type
- Commercial
- Status
- active
- Days on Site
- 121
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 2,290 sqft
- Neighbourhood
- Kingston
- Listing Brokerage
- ROYAL LEPAGE PROALLIANCE REALTY, BROKERAGE
506 PRINCESS STREET, KINGSTON is now available FOR LEASE of the ENTIRE BUILDING or INDIVIDUAL FLOORS! This prime landmark property currently operates as a bar and restaurant; however, the space could be adjusted to accommodate a variety of office, retail, and other commercial uses. This prime landmark property currently operates as a bar and restaurant; however, the space could be adjusted to accommodate a variety of office, retail, and other commercial uses. Site improvements boast a variety of exceptional exterior features, including a spacious front outdoor patio area, a cabana bar and a large side and rear deck areas. The Rental of the Patio areas is negotiable. The entire building offers a rentable area of 9,780 square feet, distributed across four levels, each of which can operate independently or as part of the overall rental area. The breakdown of the interior spaces includes the following: Basement Unit 506 - 1 & 5 (3,205 square feet), Main Floor, Unit 506 - 2 & 6 (3,340 square feet), which features a commercial kitchen and the core restaurant/bar space. Second Floor Unit 506 - 3 & 7 (3,290 square feet), dedicated to bar space. Third Floor Unit 506 - 4 & 8 (945 square feet), again suitable for various uses. Each floor is equipped with approved washroom facilities, offering The asking rent is net and carefree to the landlord. The Tenant is responsible for TMI (Taxes, Maintenance and Building Insurance) expenses, as well as Utilities (Hydro and Gas), Landscaping, Snow-Clearing and HVAC Maintenance. Tenant Allowance negotiable. BROCHURE, FLOOR PLANS & PERMITTED USES ARE IN DOCUMENTS. ALL FIXTURES AND CHATTELS ARE OWNED BY THE LANDLORD; use rental is extra and negotiable. Traffic Count at Alfred Street @ Princess Street - N/S 6,369 E/W 20,642 (Source - City of Kingston) Please feel free to contact the listing agent to arrange a viewing. Listing Agent to be present at all showings. All showings are to be scheduled during regular business hours only.
Discover 14 - Central City East
14 - Central City East 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 14 - Central City East
- •Convenient location in Kingston
- •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
14 - Central City East 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.
506 Princess Street Unit 3, Kingston
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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 Kingston 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 121 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 Kingston transactions.