Looking for a commercial residential for sale? These mixed-use properties offer flexibility and income potential, blending business space with residential living. Whether you’re an investor, entrepreneur, or buyer seeking passive income, commercial-residential real estate presents excellent long-term value.

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588 Rapids Lane

Lakeview Mississauga L5G 0A9

$1,549,900 /For Sale

Commercial

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• Details
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Status:

Active

Prop. Type:

Commercial

MLS® Num:

W12818622

Bus Major:

Other

• Photos (29)

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Short on a down payment? (read below) Great live work, Potential to designate second commercial rental space just up the staircase. Mixed Use - this luxury townhome includes a separate 725 sq. ft. commercial unit plus a stunning 2,439 sq. ft. residence .The retail space is tenanted, generating $47,460/year in passive income ($3,500/month + hydro). High-traffic location directly across from major retailers including McDonald's, Shoppers Drug Mart, and Dollarama. On-site designated parking available. The owner-occupied townhome features a spacious living and dining area with walk-out balcony, upgraded kitchen with centre island, stainless steel appliances, pot lights, quality laminate flooring, and a striking glass-insert staircase. Offers 3 bedrooms, including a primary retreat with 3-pc ensuite and private balcony, plus a second bedroom with 4-pc ensuite. 4 bathrooms total. Enjoy a rooftop terrace with gas BBQ hookup, built-in garage, and private driveway (2 parking spaces).Easy access to Toronto via GO Transit, including the Port Credit GO Station. Close to top schools, shopping, parks, and everyday conveniences. An exceptional opportunity to own luxury living with built-in income. (Down Payment) - A family member can advance funds from their line of credit, and the main-floor rent can cover the repayment so they're not out of pocket.

General Info:

Property Type:

Commercial

Property Sub Type:

Commercial Retail

Freestanding:

Yes

Approx. Age:

0-5

Total Area:

3164 sq. ft. Square Feet

Total Area:

3,164 sq. ft.294 m2

Retail Area:

725 sq. ft. Sq Ft

Office/Apt Area:

2439 sq. ft. Sq Ft

Lot Depth:

60'18.3 m

Lot Frontage:

22'6.71 m

Lot Shape:

Irregular

Water supply:

Municipal

Zoning:

RM6-16

Additional Info:

Heating type:

Gas Forced Air Open

Garage:

In/Out

Parking Spaces:

2

Trailer Parking Spots:

0

Possession Details:

Flexible

Lot Irregularities:

22.74 X 74.81 X 64.86 FT

Financial Info:

HST Applicable To Sale Price:

Included In

Type Taxes:

Annual

Taxes:

$10,141.45 / 2025

Assessment:

$- / -

County:

Peel

Listing Area:

Mississauga

Listing Sub-Area:

Lakeview

Security Features:

No

Elevator:

None

Rail:

No

Other Details:

Utilities:

Available

Air Conditioning:

Yes

Seller Property Info Statement:

No

Business Info:

Major Business Type:

Other

Category:

Retail

Franchise:

No

Listing Info:

Date Listed:

Feb 25, 2026

Original Price:

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Previous Price:

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Listed by Royal Lepage Real Estate Associates

Data was last updated February 26, 2026 at 04:15 PM (UTC)

• DARYL KING
• RE/MAX HALLMARK REALTY LIMITED
• 1 (905) 9075464
• homes@darylking.com

This website may only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered via the website. The data relating to real estate on this website comes in part from the MLS® Reciprocity program of the PropTx MLS®. The data is deemed reliable but is not guaranteed to be accurate.

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Why Choose a Commercial Residential Property?

• Dual Income Potential – Earn from both residential tenants and commercial leases
• Ideal for Business Owners – Live and work in the same space or rent one out
• High Demand in Urban Centers – Great appreciation in key GTA neighborhoods
• Tax Benefits – Potential deductions for property taxes, mortgage interest, and depreciation

Explore Commercial Residential Across the GTA

From downtown Toronto storefronts with apartments above to suburban mixed-use lots, the GTA offers diverse opportunities. Consider locations like:

• Hamilton & Durham – More affordable options with upside potential
• Toronto Core – High foot traffic and visibility
• Vaughan & Richmond Hill – Rapid suburban growth

Tips for Buying a Commercial Residential Property

Make sure to research zoning laws, expected rental yields, and property management needs. Consult professionals for financing, legal advice, and inspections.

Start Your Search for a Commercial Residential Property Today

Browse our listings to find a property that suits your investment goals or lifestyle. Whether you’re expanding a business or building long-term equity, now is the time to invest in this versatile property type.

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Each link provides updated listings and expert insights.

FAQs – Commercial Residential for Sale

1. What is a commercial residential property?
It’s a mixed-use property that combines residential living space with commercial units, like retail or office.

2. Are these properties good investments?
Yes. They offer dual income streams and strong appreciation in high-growth areas.

3. Can I live in the residential portion and rent the commercial part?
Absolutely. Many owners choose to occupy one space and lease the other for income.

4. What financing options are available?
You may need a commercial mortgage or mixed-use loan; rates and terms vary from traditional home loans.