Toronto multiplex with private lakefront patio is going for under $3 million

Most Toronto buildings with waterfront views tend to be cookie-cutter glass condos.

So it's a surprise to find a charming, purpose-built multiplex with direct lake frontage tucked among the residential homes of Etobicoke.

Welcome to 135 Lake Shore Dr., a five-unit apartment building with 25 feet of frontage on Lake Ontario and nearly 4,000 square feet of living space.

An aerial view of the property. 

The building includes a pair of two-bedroom units facing the street and three one-bedroom-plus-den units overlooking the lake.

The back of the house. 

And yes — every lake-facing unit comes with its own balcony or terrace.

The view from one of the balconies. 

Just picture sipping your morning coffee while watching the sun rise over the water… though for now, you'll have to settle for imagining it, because the building is fully tenanted.

An aerial view of the building. 

Still, if you've got $2,695,000, you could own the whole thing.

The patio at the water's edge. 

The property also includes a mid-grade walkout level with access to a private patio right at the water's edge — perfect for anyone who likes their morning yoga with a fresh lake breeze.

The living room of one of the units. 

While currently an income property, this isn't just a turnkey investment — it's also packed with potential.

A digital rendering of a Bukhari Design of one of the units. 

With the right vision, this could be transformed into a stunning modern lakehouse, a boutique residence, or a truly unique family home.

The multiplex has a two car garage. 

The building's been well maintained, too.

The roof was redone in 2019. 

According to the listing, recent upgrades include new windows, roof, eaves, updated electrical panels, an EV charger, fire alarm system, lockers, and even a refreshed waterfront patio.

The kitchen in one of the units. 

That said, the interiors look like they could use a facelift, which might be tricky if the property isn't sold vacant thanks to Toronto's new Rental Renovation Licence Bylaw.

A digital rendering of a Bukhari Design of one of the units. 

But for a buyer with patience and imagination, the location more than makes up for the red tape. After all, how often does a piece of Toronto's waterfront — with rental income and front-row lake views — hit the market? Pretty much never.

The waterfront area. 

Originally listed at $2,975,000, 135 Lake Shore Dr. just dropped its price by nearly $300K.

An aerial shot of the neighbourhood. 

So if you've been waiting for a sign to go full landlord-by-the-lake, this might be it.