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FOR SALE Strong Office & Retail Income Property 2377 Bevan Avenue, Sidney, B.C.
Exceptional Investment Opportunity A strong combination of office and retail income in a well maintained and well located building Please call for a viewing or for more information KEVIN PIRIE
(250) 381-2265 ext. [email protected] www.naivictoria.ca
FOR SALE 2377 Bevan Avenue, Sidney, BC Overview
Income Highlights
This attractive property is prominently located at the corner of Bevan Avenue and Fifth Street adjacent to the Sidney Centre shopping mall.
All six tenancies are care-free triple net leases that provide for the Landlord to recover all operation costs, property taxes, property insurance and management fees.
The property features three quasi-retail tenants on the Ground Floor, including an optometrist, walk-in medical clinic and a pharmacy.
Ground Floor: Total Basic Rent is approx $154,030 pa. In 2019 this will increase to approx $157,500 pa.
The Second Floor, which has elevator service, accomodates a dentist office, law practice and an accounting firm.
Second Floor: Total Basic Rent is approx $115,000 pa. In 2018 this will increase to approx $126,000 pa.
All tenancies are stable and long-term.
The total current Basic Rent for the building is approx $269,000 pa.
The property has excellent visitor and employee on-site parking with 38 stalls (15 covered). The property, which was built in 1980, is well managed and maintained. This outstanding property offers the owner a low maintenance investment income with reliable cash flows and upside revenue growth.
Details
Budgeted triple net costs are approx $6.60 psf pa. The owner does not currenty charge for on-site parking or external signage. Tenants are sparately metered and pay their own hydro costs.
Location
Lot Size: Approx 23,863 sq.ft. Rentable Area: Ground Floor: Approx 7,735 sq.ft. Second Floor: Approx 9,491 sq.ft. Legal: Lot A (DDEF24472), Section 10, North Saanich District, Plan 32843 (PID 017-710-278) Zoning: C-1 Commercial zoning allows for a wide range of uses including but are not limited: to office, retail, medical, restaurant and much more. Gross Taxes (2017): $68,027 Price: $5,500,000 Seller prefers a Share Sale, which will save the Buyer approx $140,000 in property purchase tax.
KEVIN PIRIE
(250) 381-2265 ext. [email protected] www.naivictoria.ca 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.
Exceptional Investment Opportunity A strong combination of office and retail income in a well maintained and well located building Please call for a viewing or for more information KEVIN PIRIE
(250) 381-2265 ext. [email protected] www.naivictoria.ca
FOR SALE 2377 Bevan Avenue, Sidney, BC Overview
Income Highlights
This attractive property is prominently located at the corner of Bevan Avenue and Fifth Street adjacent to the Sidney Centre shopping mall.
All six tenancies are care-free triple net leases that provide for the Landlord to recover all operation costs, property taxes, property insurance and management fees.
The property features three quasi-retail tenants on the Ground Floor, including an optometrist, walk-in medical clinic and a pharmacy.
Ground Floor: Total Basic Rent is approx $154,030 pa. In 2019 this will increase to approx $157,500 pa.
The Second Floor, which has elevator service, accomodates a dentist office, law practice and an accounting firm.
Second Floor: Total Basic Rent is approx $115,000 pa. In 2018 this will increase to approx $126,000 pa.
All tenancies are stable and long-term.
The total current Basic Rent for the building is approx $269,000 pa.
The property has excellent visitor and employee on-site parking with 38 stalls (15 covered). The property, which was built in 1980, is well managed and maintained. This outstanding property offers the owner a low maintenance investment income with reliable cash flows and upside revenue growth.
Details
Budgeted triple net costs are approx $6.60 psf pa. The owner does not currenty charge for on-site parking or external signage. Tenants are sparately metered and pay their own hydro costs.
Location
Lot Size: Approx 23,863 sq.ft. Rentable Area: Ground Floor: Approx 7,735 sq.ft. Second Floor: Approx 9,491 sq.ft. Legal: Lot A (DDEF24472), Section 10, North Saanich District, Plan 32843 (PID 017-710-278) Zoning: C-1 Commercial zoning allows for a wide range of uses including but are not limited: to office, retail, medical, restaurant and much more. Gross Taxes (2017): $68,027 Price: $5,500,000 Seller prefers a Share Sale, which will save the Buyer approx $140,000 in property purchase tax.
KEVIN PIRIE
(250) 381-2265 ext. [email protected] www.naivictoria.ca 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.
