48 Main St 6,000 SF Retail Building Penetanguishene, ON L9M 1S8 $3,999,000 CAD ($666.50 CAD/SF)

The highly regarded and long-established Phil’s Family Restaurant, including the underlying real estate, is now available in the heart of downtown Penetanguishene. This well-known restaurant occupies approximately 1,600 sq ft, is licensed for 70 seats, and features a full commercial kitchen equipped with an 11-foot exhaust hood, two walk-in coolers, and 400-amp electrical service. The business benefits from excellent sales, strong and consistent income, and a loyal customer base, making it a proven operation with deep roots in the community. Above the restaurant are six fully tenanted residential apartments, bringing the total building size to approximately 4,400 sq ft across two levels. These income-producing residential units provide stable rental revenue that complements the restaurant operation and strengthens the overall investment profile—offering a rare opportunity to acquire a successful restaurant with built-in residential income. This offering is ideal for owner-operators or investors seeking a turnkey business combined with dependable rental cash flow. Training will be provided to ensure a smooth and successful transition for new ownership. Please do not attend the property directly or speak with staff. Located in the vibrant downtown core of Penetanguishene, the property enjoys excellent visibility and steady year-round pedestrian and vehicle traffic within a growing waterfront community. Penetanguishene is known for its strong local population, seasonal tourism, and proximity to Georgian Bay, marinas, parks, and cottage country, making it a desirable destination for both residents and visitors. The downtown area continues to benefit from ongoing investment and demand for dining and residential living. The six residential apartments have been fully renovated and are all occupied, providing reliable and consistent rental income. Each unit is separately metered for hydro, allowing for efficient management and reduced operating costs. The building is serviced by a 5-ton air conditioning unit, further enhancing tenant comfort and the long-term quality of the asset. This is a rare mixed-use opportunity combining a proven downtown restaurant, upgraded residential units, and a supply-constrained rental market. Well suited for investors seeking diversified income, strong fundamentals, and long-term appreciation in a thriving small-town downtown setting. Please do not go direct or speak to staff. Business is apart of building sale.