The trademarks MLS®, Multiple Listing Service®, and the associated logos are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Listing data provided by the Toronto Regional Real Estate Board (TRREB). Data is deemed reliable but not guaranteed.
Exceptionally well-maintained commercial/residential building in downtown Smiths Falls. Building has 4969sf versatile layout with flexibility for variety of uses from retail to restaurant. After 53 years of operating a successfully popular restaurant, owners are retiring. The building's main floor is currently fully equipped restaurant. Three entrance doors would allow space to be converted to retail, office and/or businesses. Second and third floors include six apartments, all rented. Welcoming front reception area includes pizza workstation. From here, customers walk into casual 54'x15' dining area that seats 66. Two steps up to second 37'x 24' dining room seating 45, with attractive stone wall plus bar area. Besides dining areas, restaurant has a 32'x 32' banquet hall for special events that seats 66. Adjoining banquet hall is equipped dessert station. Turnkey fully-equipped kitchen has efficient workflow with professional appliances, prep space and commercial refrigeration including walk-in cooler & walk-in freezer. Three natural gas furnaces and central air, for main floor restaurant. Four washrooms & storage rooms. Basement has extra storage space. Separate exterior door for access to rental apartments on second & third floors. Rented apartments include one 1-bedroom apartment; two 1-bedroom + den apartments; two 2-bedroom apartments and studio apartment. Each apartment has electric baseboard heating, 100 amp service and their own hydro meter. Roof's front shingles 2025; back shingles approx 2015. All windows 2006-2007. Curbside garbage pickup for apartments. Restaurant has garbage contract service. Street parking, two hours free. Zoning C1 (Commercial). Over the years, restaurant was open 7 days a week with full capacity and regular bookings for the banquet hall. Excellent location downtown Smiths Falls. Opportunity to invested in the growing town, on the Rideau Canal system. Convenient central location, 20 mins to Perth or Carleton Place and 50 mins Ottawa.
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Estimated Rental Income
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A monthly rent range from nearby leased homes of the same type and size
The leased comparables behind it (signed-in, VOW-gated)
Gross yield at the current list price
Monthly Cost
A quick estimate to plan with. Taxes come from the listing; change the other inputs to match your situation.
Estimated monthly$5,604/mo
Mortgage (principal + interest)$4,298
Property taxFrom listing: $15,673/yr$1,306
Minimum $89,900 down for this price; the slider moves in whole percent, starting at 8%. Under 20% adds mortgage default insurance. Confirm with a lender.
Mortgage uses Canadian semi-annual compounding. Houses-Gate doesn’t offer financing.
Estimated Budget
About how much cash you’ll need on closing day, besides the mortgage.
Down payment20% of the list price$229,800
Ontario land transfer taxProvincial brackets, no first-time refund$19,455
Legal fees & disbursementsTypical range $1,800–$2,800$1,800
Home inspectionTypical range $500–$800$600
Title insuranceTypical range $300–$600$400
Cash needed at closingEstimate$252,055
First-time buyers can get up to $4,000 back on Ontario land transfer tax. Smiths Falls has no municipal land transfer tax (Toronto does).
Uses Ontario’s land transfer tax brackets and the down payment set in Monthly Cost. Legal, inspection and title-insurance figures are typical ranges, not quotes.
Listing data is provided under copyright by the Toronto Regional Real Estate Board (TRREB). The data is deemed reliable but is not guaranteed to be accurate. The trademarks MLS®, Multiple Listing Service®, and the associated logos are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
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