- What Lee Chow Group is looking to offload 38 Avenue Road
- Why The strata-titled retail asset is being shopped for $17.5m
- What next TD Cornerstone Commercial Realty and Savills have the assignment
A fully leased strata-titled retail strip in Toronto is on the block for $17.5m, with the valuation translating to a first-year capitalization rate of around 5.9%, Green Street News can reveal.
TD Cornerstone Commercial Realty and Savills have the marketing assignment for 38 Avenue Road on behalf of Lee Chow Group, which purchased the property in 2013. The valuation is inclusive of parking income.
Spanning 10,000 sq ft, the property offers 304 ft of frontage on Avenue Road. It’s 100% occupied by seven tenants, including Golden Trim Barbershop, Knar Jewelry and Marlowe. There are 23 underground parking stalls.
At the intersection of Avenue Road and Yorkville Avenue, the property is on the ground floor of the Prince Arthur condominium building. Approximately 66,000 people with an average household income of $161,000 live within a kilometre.
The Yorkville neighbourhood is home to Toronto’s most upscale shopping district. Luxury retailers, including Balenciaga, Chanel and Christian Louboutin, are within 400 m of 38 Avenue Road, as is the Mink Mile district.
Toronto’s retail vacancy rate hit an all-time low of 1.3% in 2024 due in part to slow inventory growth, Marcus & Millichap said in a recent report. It is expected to rise to 1.5% by the end of 2025. Mean rent is forecast to rise 2.5% to $36.50/sq ft come yearend.
Lee Chow Group, founded by Dr. Judy Lee and Dr. Wai Kwan Chow, is a private equity real estate investment firm headquartered in Toronto. Jason Chow is managing partner.
