242 Queen Street, Toronto, ON
Property Highlights
Welcome to this remarkable commercial retail located in the coveted neighborhood of Kensington-Chinatown. Offering a sublime balance of structural integrity and modern aesthetic appeal, this residence presents an exceptional opportunity offered at $3,299,000 to acquire a beautiful home in a highly sought-after setting. Designed for both comfortable daily living and elegant entertaining, the layout maximizes natural light, functional flow, and lifestyle utility.
- 0 Bedrooms and 0 Bathrooms
- Premium 17.06 x 120 ft lot size
- Convenient lane garage included
- equipped with partial central cooling and highly efficient gas forced air open heating
Description
Landmark end-user/investment opportunity in a prime high-traffic Queen St W location between John and McCaul Streets. Ground floor retail currently leased to Dragon Vape, one of Canada's largest e-cigarette suppliers, secured with corporate covenant via wholesale operations. Vacant possession of retail available on closing for end users. Direct sightlines to Bell Media HQ provide rare on-air visibility and strong pedestrian traffic. Previously leased to John Fluevog and Wine Rack at premium rents. Upper levels include two large semi-attached 3-bedroom apartments with stable month-to-month tenants and rooftop decks/patios. 3rd floor currently accessed through 2nd floor unit with potential to combine into a large 2-floor, 6-bedroom apartment or reconfigure to increase rents. Bonus high, dry basement (not included in total square footage), large rear parking, and double-door shipping access with potential for future expansion due to unused lot area. Excellent transit access including multiple streetcar routes and the future Ontario Subway Line, providing walkable access to Queen / Spadina and Osgoode Stations with connections across the city and GO Transit (estimated completion 2030).
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Pricing & Value Insights
Data-driven valuation for 242 Queen Street W, Toronto C01, ON M5V 1Z7
Based on 0 recent similar sales in the pocket.
Properties in this area are selling at a steady pace.
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About Purchasing a Home in Toronto, ON
For a property listed at $3,299,000 in Toronto, the legal minimum down payment is $659,800 under current Canadian banking regulations. This calculation applies a 5% requirement on the first $500,000, 10% on the next $499,999, and a flat 20% on any amount exceeding $1,000,000.
Additionally, buyers in Ontario must budget for the Provincial Land Transfer Tax, which is estimated at $68,950 for this transaction. Since the property is located in Toronto, a municipal land transfer tax of $68,950 also applies, bringing the total estimated land transfer taxes to $137,900.
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Disclaimer: AI Insights are generated by an automated system and should be used for informational purposes only. While we strive for accuracy using current market data and deep-learning models, these assessments do not constitute professional real estate, legal, or financial advice. All property values, predictions, and scores are estimates. We strongly recommend verifying all property details and conducting independent due diligence with a licensed professional before making any purchase decisions.
