If you’ve ever dreamed of owning your own trendy boutique hotel, cluster of retail stores, and neon-lit basement strip club (yes, you read that correctly), we have good news for you – that is, if you have a cool $12.6M to drop.
Are you intrigued yet?
A prime piece of money-making Etobicoke commercial real estate is now for sale. Sitting at Lake Shore and Fourth Street (2847 Lake Shore Blvd W), the 13,850-sq.-ft corner property features five retail units and a sleek 11-room hotel operation. Perhaps most interestingly, the it houses the Klub Kave strip club – an increasing rarity in the Greater Toronto Area (GTA).
With each shiny new condo development, another Toronto strip club disappears. Ok, that’s an exaggeration. But it’s fair to say that strip clubs are becoming a thing of the past in Toronto. In the past decade, the city has said goodbye to once Toronto landmarks Jilly’s, For Your Eyes Only, and House of Lancaster (to name a few), with institutions like Brass Rail and Filmore's set to met a similar fate. As we move in the direction of strip club extinction, Klub Kave is one of only six licensed adult entertainment clubs left in the city (think: supply vs. demand). Not to mention, it's a male strip club that caters largely to women, making it even more of a stand-out.
International Realty Firm Inc.
The intimate basement strip club, not surprisingly, is dimly lit and soaked in a variety of hues, with a bar and a small stage with a stripper pole front and centre.
Meanwhile, the renovated Westlake hotel is simple yet chic, character-rich, and art-filled. Each distinctly different and themed unit is home to a host of unique talking points that caters to a younger demographic. It's the perfect complement to the strip club when it comes to a memorable girls' night out or bachelorette party.
The hotel has seen a recent top-to-bottom makeover, a new HVAC, and a new roof – and stunning rooftop lounge space. It features six onsite parking spaces, with further parking along Lake Shore and Fourth Street and a Green P nearby.
In the listing, the property is celebrated as an “amazing opportunity for a cash flow investor,” with a built-in and hands-on property manager and landlord. According to the listing, the real estate earns stabilized NOI of over $546,000, which will grow to $583,000 in five years. The hotel operations earns NOI of over $240,000, “much upside in occupancy and cash flows.”
The property sits just minutes from the Mimico GO Station, making for a simple way home for guests after a fun night at Klub Kave (if they don't want to simply stay the night, that is).
International Realty Firm Inc.
International Realty Firm Inc.
International Realty Firm Inc.
