$1,250,000
Lake of Bays
3 Lena Street, Lake of Bays (Mclean), Ontario, P0B1A0
This retail property in Lake of Bays is for sale. It has been on the market 96 days, fresher than the Lake of Bays average of 172 days.
Exceptional Investment & Development Opportunity! Rarely does a property with this much potential become available. Located on the main street of a vibrant Muskoka community just minutes from beautiful Lake of Bays, this unique mixed-use property offers endless possibilities for investors, developers, or entrepreneurs. Set on a level 0.82-acre lot, the property includes two separate buildings, each with its own municipal water and sewer services. There may also be potential to sever the property into two lots (subject to municipal approvals).The Lena Street building was originally a home and has been converted into four self-contained apartments featuring two 2-bedroom units and two 1-bedroom units, with potential for an additional apartment. Measuring approximately 96' x 24', it features a durable metal roof and offers excellent value-add potential with exterior siding improvements. One tenant will remain, providing immediate rental income. The Bridge Street commercial building offers approximately 3,000 sq. ft. of concrete block construction on a slab with a metal roof. The original section was the town's first drug store, with a 1,500 sq. ft. addition completed in the 1980s. The building includes four storefronts, a large storage area with delivery door, and can be vacant on closing, allowing for immediate occupancy or leasing. Excellent exposure, easy access to Highway 117, and close proximity to Lake of Bays make this an outstanding opportunity for commercial, residential, or mixed-use development. While both buildings require updating, the possibilities are exceptional-from income-producing rentals and staff housing to retail, office, or future redevelopment. A rare chance to invest in one of Muskoka's growing communities with unlimited potential! (id:66096)
Features and services as supplied by the listing brokerage.
Long Listed: 96 days on market, against an average age of 172 days across the listings currently for sale in this city
Homes here sell slower than most markets
Sold homes in this market spent an average of 61 days on the market over the past year, against a median of 48 days across the markets we publish.
Homes here sell below asking price
Homes in this market sold for an average of 93.0 percent of their asking price over the past year, below the 96.4 percent median across the markets we publish.
This retail in Lake of Bays (Mclean) has been listed for 96 days, which is 76 days fresher than the city average of 172. Act while there is still low competition.
Approximate location — exact address confirmed upon showing
This home lists at $1,250,000, about 13.9× the local median household income of $90,000.
Carrying it typically needs a household income of about $244,169 (20% down, 25-yr amortization, stress-tested) — roughly 171% above the area median.
Source: Statistics Canada, 2021 Census (FSA P0B)
Pick a time that suits you. A verified local agent confirms within 24h.
Commercial lenders price on income, tenancy, and zoning rather than posted rates. Our partner mortgage brokers at iShopRates structure the file and shop lenders for you.
Inquire about financing →