For the very few who have enough cash on hand to buy not just a home in Toronto, but an entire building housing multiple businesses, a property that just hit the market presents a very unique opportunity.
Realtors are touting the $12.6 million complex on the corner of Lake Shore Blvd. W and Fourth Street in Etobicoke as as a chance to make nearly $800k in rental income per year from its five retail units and boutique hotel, which just debuted its 11 rooms to the public less than 5.5 years ago.
While the prospect of owning the hotel alone is pretty special — especially as it’s geared toward both short-term visitors and long-term tenants — one of the retail units, in particular, is also pretty once-in-a-lifetime for would-be buyers: a basement strip club called the Klub Kave.
Though some might balk at the property given the nature of this one establishment, the right owners could see it as a crown jewel of their real estate portfolio as one of only six licensed adult entertainment clubs left in Toronto.
Making it even more exceptional is the fact that it is a male strip club specializing in group shows, a favourite of bachelorette parties and definitely an under-represented segment of the market (the city’s perhaps most prominent all-male strip club, Remington’s, shuttered in 2018).
If owning a boring old condo or apartment building isn’t spicy enough for you as an investor, perhaps the property at 2479-2853 — being sold on its own or together with 2869 Lake Shore Blvd. W — would be more up your alley.
International Realty Firm Inc., Brokerage via Realtor.ca