The closest subway station is St. Andrew (King Street West) on the University line. From here you can either walk north to Adelaide (1 block) and west to 326 (10-15 min), or take any of the King Street streetcars going west, get off at Peter Street, walk north one block and turn right on Adelaide (on the north side).
There is street parking on Peter, Adelaide and Richmond (except between 4- 6pm). Very affordable parking ($2 for the 60 minutes) is available at the MEC underground parking lot at Charlotte, north of King Street. There are also 2 parking lots at the bottom of Peter (South of King Street), one north of Adelaide (this one is more expensive), and an underground lot on Richmond below the Paramount Theatre (reasonable in price).