FOR SALE > MIXED USE COMMERCIAL/RESIDENTIAL BUILDING
Historic Nicholson Building 411 1ST AVENUE & 30 ROBERTS STREET, LADYSMITH, BC
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BRAD BAILEY +1 250 740 1060 EXT. 1
[email protected] JASON WINTON +1 250 740 1060 EXT. 2
[email protected] Colliers International 335 Wesley Street, Suite 105 Nanaimo, BC V9R 2T5 MAIN: +1 250 740 1060 FAX: +1 250 740 1067 www.collierscanada.com/nanaimo
FOR SALE > MIXED USE COMMERCIAL/RESIDENTIAL BUILDING
Historic Nicholson Building 411 1ST AVENUE & 30 ROBERTS STREET, LADYSMITH, BC
Contact Us BRAD BAILEY +1 250 740 1060 Ext. 1
[email protected] JASON WINTON +1 250 740 1060 Ext. 2
[email protected] COLLIERS INTERNATIONAL 335 Wesley Street, Suite 105 Nanaimo, BC V9R 2T5 MAIN: +1 250 740 1060 FAX: +1 250 740 1067 www.collierscanada.com/nanaimo
This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2016. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Nanaimo).
FOR SALE > MIXED USE COMMERCIAL/RESIDENTIAL BUILDING
Historic Nicholson Building 411 1ST AVENUE & 30 ROBERTS STREET, LADYSMITH, BC
Opportunity Colliers International is pleased to present the sale offering of 411 1st Avenue and 30 Roberts Street, a fully occupied mixed use commercial/residential property in the heart of downtown Ladysmith. The main building features ±5,746 square feet of space over two floors, with a basement suitable for storage. The first floor features three commercial units; the second floor features four residential rental units and is accessible via stairwell from 1st Avenue. Major renovations have been carried out in recent years and the property has been
411 1st Avenue was built in 1901 and was the location of Ladysmith’s first bank – the Canadian Bank of Commerce.
well maintained. Also included is a separate freestanding 503 SF building fronting Roberts Street.
Location The subject property is located on the corner of the busy intersection of 1st Avenue and Roberts Street in downtown Ladysmith’s commercial core. Situated on the eastern shores of Vancouver Island, the Town of Ladysmith is a growing community with a population now in excess of 8,000 people. Like much of the midIsland area, Ladysmith has seen annual population growth in recent years that is higher than the BC average. The town is located just 88 km north of Victoria and 23 km south of Nanaimo.
Site Information Total land area encompasses some ±6,000 square feet or 0.11 acres. The building has a full range of municipal services. There has been $45,000 of capital upgrades since March 2011, including a new roof. Unit
Tenant/Description
Unit Size (SF)*
Unit 411A
Nancy’s Fashion & Furnishings
1,295
Unit 411B
April’s Tack Boutique
1,125
Unit 411C
The Top Drawer Consignment
995
30 Roberts (standalone)
Gypsy Grand Custom Tees
503
Apt. 1 Apt. 2 Apt. 3 Apt. 4
Bachelor Residential Suite 1-Bedroom Residential Suite 1-Bedroom Residential Suite 2-Bedroom Residential Suite
381 562 605 803
30 Roberts Street was built in 1900 as a family house By Don Nicholson, who would become Mayor of Ladysmith in 1906.
*All measurements approximate and are subject to verification.
Municipal Address 411 1st Avenue and 30 Roberts Street, Ladysmith, BC
Legal Description Lot 11, Block 10, District Lot 56, Oyster District, Plan 703, Except that part lying north westerly of a boundary parallel to the northwest boundary of said lot and distant 20 feet therefrom. PID: 002-458-951
Zoning C2 - General Commercial. Permitted uses include: recreation facility, bakery, personal services, office, business or commercial school, financial institution, hotel, publishing and printing, assembly hall, restaurant, retail store, transportation terminal, warehousing accessory to retail sales, gift souvenir, hobby and craft shops, retail sales, repair shops, etc.
Property Taxes (2015) $8,948
Assessed Value (2016) Land
$143,400
Building $408,300 Total:
$551,700
Purchase Price Eight Hundred and Ninety Thousand Dollars ($890,000) Eight Hundred and Twenty Nine Thousand Dollars ($829,000)
Stabilized Gross Income REVENUE Rental Income (monthly) Unit 411A Unit 411B Unit 411C 30 Roberts Storage Apt. 1 Apt. 2 Apt. 3 Apt. 4 Stabilized Gross Annual Revenue Less Vacancy and Bad Debts (@3% of gross income) Effective Gross Income
$1,550 $1,376 $1,400 $780 $0.00 $550 $700 $700 $780 $94,032 $2,820.96
Less Structural Allowance (@2% of effective gross income) Stabilized Gross Income EXPENSES Property Taxes (2015) Insurance Water and sewer Garbage Hydro Maintenance Net Operating Income
$1,824.22
$91,211.04
$89,386.82 $8,948 $7,506 $1,548 $1,989 $540 $2,533 $66,322.82
FOR SALE > MIXED USE COMMERCIAL/RESIDENTIAL BUILDING
Historic Nicholson Building 411 1ST AVENUE & 30 ROBERTS STREET, LADYSMITH, BC
y l l Fu
% 8 d
p
Ca
c c O
ie p u
BRAD BAILEY +1 250 740 1060 EXT. 1
[email protected] JASON WINTON +1 250 740 1060 EXT. 2
[email protected] Colliers International 335 Wesley Street, Suite 105 Nanaimo, BC V9R 2T5 MAIN: +1 250 740 1060 FAX: +1 250 740 1067 www.collierscanada.com/nanaimo
FOR SALE > MIXED USE COMMERCIAL/RESIDENTIAL BUILDING
Historic Nicholson Building 411 1ST AVENUE & 30 ROBERTS STREET, LADYSMITH, BC
Contact Us BRAD BAILEY +1 250 740 1060 Ext. 1
[email protected] JASON WINTON +1 250 740 1060 Ext. 2
[email protected] COLLIERS INTERNATIONAL 335 Wesley Street, Suite 105 Nanaimo, BC V9R 2T5 MAIN: +1 250 740 1060 FAX: +1 250 740 1067 www.collierscanada.com/nanaimo
This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2016. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Nanaimo).