The Prescott is just one of a number of eateries for sale in Ottawa

In a sign of how challenging it is to run a restaurant in Ontario and in Ottawa, popular local sports bar The Prescott is one of a number of restaurants currently listed for sale in the city.

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In a sign of how challenging it is to run a restaurant in Ontario and in Ottawa, popular local sports bar The Prescott is one of a number of restaurants currently listed for sale in the city. The Prescott originally opened as a hotel in 1934 in Little Italy. It is currently listed for $499,000 by Toronto-based restaurant realtor Carve Real Estate. Located at 379 Preston St., the 10,000-square-foot restaurant is licensed for 600 guests and features a rooftop patio, according to the listing, which added that “this is a rare opportunity to acquire a historic and highly profitable hospitality venue with deep roots in the local community.” The property is currently owned and operated by MRG Group. The Prescott is not alone. In the downtown, high-end restaurant The Caesar Co., which is located within the Minto One80Five building, has been listed for $249,000. The 4,868-square-foot space located at 189 Lyon St. includes multiple dining rooms and is licensed for 185 guests, plus 60 more on the elevated outdoor patio. According to the listing: “The layout is ideal for lunch crowds, business dinners, private events, and evening service. The design provides flexibility for both intimate dining and larger gatherings.” In the ByWard Market, Carve Real Estate is also listing Back to Brooklyn, a 750-square-foot restaurant and cocktail bar at 81 Clarence St. It features patio space and is licensed for 60 guests inside and 20 and 30 on the front and back patios, respectively. “The business boasts very impressive sales and is available with training for a seamless transition, or it can be rebranded into a different concept, cuisine, or franchise to suit a new operator’s vision,” the listing said, adding that the space receives “a steady mix of locals, business professionals, and tourists year-round.” The restaurant is listed at $299,000. On nearby Dalhousie Street, Smoke’s Poutinerie is for sale at $399,000. Described as a “turnkey quick service restaurant,” the 1,000-square-foot space seats 15 and is located near high-traffic corridors and local attractions, office buildings, restaurants and hotels. “An excellent opportunity for an owner-operator or franchisee looking to establish themselves in a proven high-traffic market,” the listing said. “The combination of a premier location, strong infrastructure, and recognized brand support creates a compelling business opportunity in the nation’s capital.” In Old Ottawa South, another quick-service restaurant is for sale for $99,000. Odd Burger, located at 1050 Bank St., is just over 1,000 square feet with a large outdoor patio and dining space for up to 10 guests. It opened in June 2024.

Ottawa market still recovering

Ryan Earl, founder and broker at Carve Real Estate, said this kind of activity isn’t unusual in the food sector. "It's a very transient industry,” he told OBJ. “Restaurants famously have a very high failure rate.” While the current number of local listings is typical, Earl said both the city and the province as a whole are still recovering from the instability of the pandemic years. Paired with trade tensions and rising costs, he said both buyers and sellers remain on edge. "The margins get slimmer and slimmer year by year. It is an incredibly difficult market,” he said. "Ontario is, by all measurements, the hardest major market to operate in in North America." In Ontario, Earl said restaurants have been dealing with higher costs for labour, food and rent than any other region across the continent. While the Toronto area is the most challenging — in part because of costs and also because of oversaturation — Earl said Ottawa has its own challenges. "Downtown Ottawa was very, very affected by COVID, more so than certainly Toronto,” he said. “Ottawa is a civic city and the downtown is dominated by government workers. Given what's gone on there with the work from home and the vacancy in their office buildings, the downtown core certainly has been very impacted." While the core is still recovering, other central areas have mostly recovered. The Glebe, Little Italy and ByWard Market are all dealing with different dynamics, but overall, Earl said, they’ve stabilized over the past few years. While location, equipment and the building itself all contribute to the property’s value, the profitability of the restaurant itself is just as important when it comes to selling, he added. If a restaurant has failed, it can be hard to get it off the market. "Generally speaking, if you just see a restaurant for lease, there's issues going on,” he said. “There's a reason it's sitting there vacant." Despite the challenges facing the industry, Earl said plenty of people are still buying. In major cities like Ottawa, he said new Canadians are some of the most ambitious restaurateurs, making up 50 per cent of restaurant buyers. "There's a lot of drivers there: immigration, obtaining permanent residency, fulfilling immigration requirements, providing jobs for friends and family, the desire to be your own boss — there's a lot of different factors,” said Earl. “They’re owners of franchises, steakhouses, everything and anything.”

The Prescott is just one of a number of eateries for sale in Ottawa

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Ottawa market still recovering

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