Cook 1175 Brochure 06.16 - Edit with InDesign.indd
FOR SALE
Strong Retail & Office Income Property 1175 Cook Street, VIctoria BC
Exceptional Investment Opportunity A strong combination of quasi-retail, restaurant and office income in a well maintained high profile building Please call for a viewing or for more information KEVIN PIRIE
(250) 381-2265 ext. 26 [email protected]
BEV HIGHTON
(250) 381-2265 ext. 35 [email protected]
For Sale - Income Property Overview The subject property is a well maintained and updated office building that sits prominently on the SE corner of Cook Street at View Street in Victoria, British Columbia. The ground floor features a restaurant and several retail and quasi-retail tenants including a mortgage broker, law and notary office, a physiotherapist office and a Rexall pharmacy, among others. There are approximately 21 office tenants in the building with the majority offering medical or health related services. The property enjoys high exposure on a busy thoroughfare with excellent access and egress. Nearby amenities include the popular Cook Street Village and Wilson Centre anchored by London Drugs. Generous on-site parking includes a total of 62 stalls: 16 surface and 46 underground. There are also 7 storage units. There is a Phase I environmental review completed in June 2009, available to qualified purchasers.
Details Size: The property is a 19,800 sq. ft. regular rectangle shape lot with approx. 120 feet of frontage on Cook Street. Rentable Area: The total rentable area is 36,374 sq. ft. Legal: Lot A of Lots 1093, 1094 and 1095, Victoria City, Plan 32303 (PID 001-077-201). Zoning: Flexible C-1 Limited Commercial District including R3-1 Multiple Dwelling. Age: The West building was built in 1964 and the East building in 1980. Both buildings have been renovated and substantially updated in recent years. Financing: Treat as clear title. Gross Taxes (2015): $156,164 Assessed Value (2016): $7,829,000
Location
Income Highlights The property generates Net Income of approximately $494,000 pa with potential net income of $546,000 pa based on full occupancy. There is notable upside to the Net Income based on: 1. Increase in rentable area due to new BOMA measurement. Current rentable area is 31,839 sq.ft. which will increase to 36,374 sq. ft. as leases come up for renegotiation - a 14% increase.
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2. Increase is contracted Base rent as current leases are generally under market. Current average Base rent is $14.70 psf pa which should increase to approximately $15.50 psf pa over the next three to five years - a 6% increase. The combined increases in rentable area and Base rent should increase Net Income to approximately $640,000 pa over the next three to five years (including $80,000 pa for parking revenue).
NAI Commercial (Victoria) Inc. 200 - 569 Johnson Street Victoria, BC V8W 1M2 [email protected]
KEVIN PIRIE
(250) 381-2265 ext. 26 [email protected]
BEV HIGHTON
(250) 381-2265 ext. 35 [email protected]
The information contained herein is obtained from sources believed to be reliable, however, NAI Commercial, and its agents assume no liability for its accuracy and all parties are advised to verify all information to their satisfaction. Prices and terms are subject to change or withdrawal without notice.
Strong Retail & Office Income Property 1175 Cook Street, VIctoria BC
Exceptional Investment Opportunity A strong combination of quasi-retail, restaurant and office income in a well maintained high profile building Please call for a viewing or for more information KEVIN PIRIE
(250) 381-2265 ext. 26 [email protected]
BEV HIGHTON
(250) 381-2265 ext. 35 [email protected]
For Sale - Income Property Overview The subject property is a well maintained and updated office building that sits prominently on the SE corner of Cook Street at View Street in Victoria, British Columbia. The ground floor features a restaurant and several retail and quasi-retail tenants including a mortgage broker, law and notary office, a physiotherapist office and a Rexall pharmacy, among others. There are approximately 21 office tenants in the building with the majority offering medical or health related services. The property enjoys high exposure on a busy thoroughfare with excellent access and egress. Nearby amenities include the popular Cook Street Village and Wilson Centre anchored by London Drugs. Generous on-site parking includes a total of 62 stalls: 16 surface and 46 underground. There are also 7 storage units. There is a Phase I environmental review completed in June 2009, available to qualified purchasers.
Details Size: The property is a 19,800 sq. ft. regular rectangle shape lot with approx. 120 feet of frontage on Cook Street. Rentable Area: The total rentable area is 36,374 sq. ft. Legal: Lot A of Lots 1093, 1094 and 1095, Victoria City, Plan 32303 (PID 001-077-201). Zoning: Flexible C-1 Limited Commercial District including R3-1 Multiple Dwelling. Age: The West building was built in 1964 and the East building in 1980. Both buildings have been renovated and substantially updated in recent years. Financing: Treat as clear title. Gross Taxes (2015): $156,164 Assessed Value (2016): $7,829,000
Location
Income Highlights The property generates Net Income of approximately $494,000 pa with potential net income of $546,000 pa based on full occupancy. There is notable upside to the Net Income based on: 1. Increase in rentable area due to new BOMA measurement. Current rentable area is 31,839 sq.ft. which will increase to 36,374 sq. ft. as leases come up for renegotiation - a 14% increase.
W
E
2. Increase is contracted Base rent as current leases are generally under market. Current average Base rent is $14.70 psf pa which should increase to approximately $15.50 psf pa over the next three to five years - a 6% increase. The combined increases in rentable area and Base rent should increase Net Income to approximately $640,000 pa over the next three to five years (including $80,000 pa for parking revenue).
NAI Commercial (Victoria) Inc. 200 - 569 Johnson Street Victoria, BC V8W 1M2 [email protected]
KEVIN PIRIE
(250) 381-2265 ext. 26 [email protected]
BEV HIGHTON
(250) 381-2265 ext. 35 [email protected]
The information contained herein is obtained from sources believed to be reliable, however, NAI Commercial, and its agents assume no liability for its accuracy and all parties are advised to verify all information to their satisfaction. Prices and terms are subject to change or withdrawal without notice.
