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118 1st AVENUE E
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Leader · Hospitality · under $725,000. Alerts only send when there are new or meaningfully updated matching homes.
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An ideal opportunity for a family-run business with significant potential to increase revenue. This well-established property has served the community for over 50 years and offers multiple income streams, including 22 guest rooms, a manager’s suite, bakery space, tavern, seven VLTs, liquor license(s) for liquor off-sale, tavern & home delivery (purchasers would have to apply for licenses independently), and a fully equipped 80 -100 seat restaurant reopening on April 08,2026). The property presents a compelling value-add opportunity, with strong local demand for food service in the area as expressed by Community Leadership providing an excellent opportunity for growth. The main floor features a welcoming lobby with direct access to the restaurant and tavern located just off the main corridor. The bar includes a convenient dock-height loading area for deliveries and a dedicated beer cooler. An additional liquor storage room plus display shelving is also in place. The commercial kitchen and bakery is fully equipped with gas-fired grills, fire suppression systems, a walk-in freezer, walk-in refrigerator, and walk-in dedicated dry storage area, supporting efficient food service operations. Guest accommodations are located on the second and third floors and including 11 single-bed rooms and 11 double-bed rooms. Each room is equipped with a flat-screen TV, refrigerator, microwave, and coffee maker. A guest laundry facility is available on the third floor. The rooms have seen significant up grades including wall mounted AC/Heating units and windows. The metal roof and stucco exterior provide low maintenance exterior upkeep. The property is being offered as a turnkey operation, including all chattels such as computer systems, security monitoring equipment, and restaurant assets. All equipment is believed to be in good working order (exception-one refrigerator located behind the restaurant buffet area). The equipment is offered on a “where is/as is” basis without warranty. (id:65958)
10-item due-diligence checklist. We can pre-flight most of these for you on a CMA call.
Comparable sales
Ask for 3–5 recent solds within ~1 km and the same beds/baths so the list price has context.
Property condition
Roof age, furnace age, hot-water tank age, electrical panel size, windows. Cosmetic vs structural.
Zoning
Confirm zoning matches your intent (single-family vs duplex vs secondary suite vs commercial).
Suite legality / potential
If suited or being marketed as suited: confirm permits, separate entrance, ceiling height, egress windows.
Monthly carrying cost
Mortgage + property tax + insurance + condo fee (if any) + utilities. Compare to your max budget.
Property taxes
Confirm the annual tax amount on the current assessment — and whether a reassessment is pending.
Insurance estimate
Get a same-day quote. Older homes, knob-and-tube wiring, polybutylene plumbing, flood plains all change the number.
Commute
Drive it (or transit it) at the actual time of day you'd commute. Map ETA lies during peak hours.
Deposit and financing conditions
Deposit size, financing condition window, condition removal date, possession date — all negotiable.
Inspection considerations
Budget for a home inspector ($500–700) and any specialty inspections (sewer scope, mould, asbestos for pre-1990 builds).
Pick a down payment and tap any underlined number to edit. Total updates live. Confirm with a mortgage broker before writing an offer.
Monthly carrying costs (shared)
Approximation only. CMHC default insurance is included when down payment is under 20%. Property tax and condo fees come from MLS when listed and may not reflect the current billing year. Accelerated bi-weekly frequency reduces total interest paid vs. monthly — confirm with a broker. Suite rental income depends on permits, market rent, and vacancy. Always validate with a mortgage broker before writing an offer.
We'll reply by text within a few hours. Comparable sales, condition flags, things worth checking — sent before you book a showing.
Listing brokerage
Listing brokerage on file
Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 13, 2026.
Location of this listing. Distances are straight-line.
Full neighbourhood intelligence (schools, halal, mosques, transit) is still building for this address.