266 Preston Street North, Ottawa - Business for Sale
266 Preston Street North, Ottawa, Ontario, K1R7R5
This business in Ottawa is for sale offering roughly 1,900 sq ft of space. It has been on the market 29 days, fresher than the Ottawa average of 63 days.
Description
Prime mixed-use opportunity in the heart of Little Italy! Welcome to 266 Preston Street, ideally located along one of Ottawa's most vibrant and established commercial corridors. Excellent street presence and visibility, surrounded by restaurants, cafés, shops, residential developments and neighborhood amenities. The main-floor commercial space is currently configured as a turnkey restaurant, providing an excellent opportunity for an operator to establish or expand a food-service business with much of the existing infrastructure already in place. The versatile commercial layout could also be reimagined for other uses, potentially including a medical or wellness clinic, professional offices, convenience store, specialty retail, personal services, showroom or other commercial concepts, subject to zoning and approvals. Zoned Traditional Mainstreet (TM), the property offers flexibility to retain the existing restaurant operation or renovate and reposition the space for a different business model. The upper-level residential unit provides an additional income stream, with estimated rental potential of approximately $2,000/month, or could provide convenient accommodation for an owner-operator. Located close to the LRT, Dow's Lake and downtown Ottawa, with continued growth and intensification along Preston Street, this property offers strong long-term potential in one of Ottawa's most recognizable neighborhoods. Vendor Takeback (VTB) available - up to 25% of purchase price. Proposed as a second mortgage behind institutional financing, with a 2-3 year term, interest rate of approximately 6%-8% (negotiable), interest-only payments preferred and balloon payment at maturity. Flexible terms may be considered based on buyer qualifications. Whether you're seeking a turnkey restaurant, commercial space for a new business, conversion opportunity or mixed-use investment, 266 Preston Street offers location, visibility, flexibility and financing options. (id:66096)
Property Details
- MLS®
- X13873632
- Property Type
- Business
- Zoning
- TM[78] H(15)
- Bathrooms
- 4
- Parking
- 3
- Interior Size
- 1,900 ft²
- Lot Size
- 26 × 100 ft (2,625 sq ft)
- Frontage
- 26 ft
- Heating
- Forced air, Natural gas
- Cooling
- Fully air conditioned
- Property Tax
- $11,809/yr
- Listed
- 29 days ago
Features
- Appliances
- Washer, Dryer, Hood Fan
- Lot Features
- Irregular lot size
Services
- Water
- Municipal water
Features and services as supplied by the listing brokerage.
Market Timing
Extended: 29 days on market, against an average age of 63 days across the listings currently for sale in this city
This business in Ottawa has been listed for 29 days, which is 34 days fresher than the city average of 63. Act while there is still low competition.
Location
Approximate location — exact address confirmed upon showing
Nearby Places
Neighbourhood profile (K1R)
This home lists at $1,149,900, about 15.5× the local median household income of $74,000.
Carrying it typically needs a household income of about $224,616 (20% down, 25-yr amortization, stress-tested) — roughly 204% above the area median.
- Median household income
- $74,000
- Population
- 20,343
- Median age
- 36
- Owner / renter
- 31% / 69%
- Avg. household size
- 1.7
Source: Statistics Canada, 2021 Census (FSA K1R)
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$1,149,900
Ottawa