Toronto building home to Fjallraven store just hit the market for $9 million

A piece of one of Toronto's most recognizable shopping strips is quietly up for grabs.

The property at 356 Queen St. West has hit the market for $8,999,999, offering full freehold ownership of a three-storey mixed-use building in the heart of Queen West, just east of Spadina.

The property combines a high-profile retail presence with long-term residential upside, making it one of those rare listings that blends stability with serious potential.The ground floor is fully occupied by Fjällräven, the cult-favourite Swedish outdoor brand, with more than four years remaining on its lease.

Above the store are four residential apartment units, which are currently rented at approximately 45 per cent below market rates, which is unsurprising since the last time one of these units was listed for rent was way back in 2015. 

Unit 2 was listed at $1,500 per month, and at the time, it was described as a one-bedroom, one-bathroom apartment featuring exposed brick walls, high ceilings, and a walk-out terrace. If that were my apartment, I also would never move. 

But 45 per cent below market rate is undoubtedly tough if you're the current landlord — and maybe part of the reason the building is up for sale. For brokers and investors, though, that rental gap is more of a "value enhancement opportunity," AKA "room to grow."

Architecturally, the building blends seamlessly into the historic streetscape.

While not officially part of the famed Noble Block next door, it was designed to complement the row of Victorian-era red brick buildings that define this stretch of Queen Street.

From street level, it reads as just another tightly packed shopfront, but the upper floors still carry the proportions and details of 19th-century commercial architecture.

The property offers roughly 27 feet of prime street frontage, placing it in one of the most active pedestrian zones in the city — surrounded by major retailers, independent boutiques, restaurants, and nightlife.

The listing also includes attractive in-place financing, appealing to investors looking to step into a stabilized asset with built-in room for growth.

At nearly $9 million, 356 Queen St. West isn't just a retail building — it's a long-term stake in one of Toronto's most enduring and dynamic neighbourhoods.