RETAIL/OFFICE BUILDING
45789 SPADINA AVE. CHILLIWACK, BC LOCATION: DOWNTOWN CHILLIWACK ZONING: FEATURES:
C3 (DOWNTOWN COMMERCIAL) •
6,565 sq. ft. of Net Rentable Area
•
Well maintained single level building
•
Located on a high traffic corner
•
5 retail stores and 2 professional office spaces
•
Opportunity to increase rents and increase
FOR SALE $669,000
value.
RE/MAX Bob Plowright Realty 1-7300 Vedder Rd. Chilliwack, BC V2R 4G6 www.bobplowright.com An Independent Member Broker
Bob Plowright Office: 604-858-7179 Direct: 604-793-8282 Toll Free:1-800-830-7175
[email protected] The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is March 31, 2009 your responsibility to independently confirm its accuracy and completeness
PROPERTY INFORMATION 45789 SPADINA AVENUE CHILLIWACK, BC LOCATION:
45789 Spadina Avenue Chilliwack, BC
LEGAL DESCRIPTION:
PL LMP8139, LT 2, LD 36, SEC DIV A, NWD
PID:
018-078-966
ZONING:
C3 (Downtown Commercial)
SITE AREA:
Approximately 9,322 sq. ft.; 0.214 acres
TYPE OF STRUCTURE: Single-storey professional office/retail building, reportedly constructed in the mid-1960’s with additions in 1966 and 1972. Approximate main floor area:
7,868 sq. ft.
Reported net rentable area:
6,565 sq. ft.
DESCRIPTION OF SUBJECT PROPERTY: Land As depicted by the following survey plan, the subject site comprises a rectangular parcel, forming the northwest corner of the intersection of Main Street and Spadina Avenue. This is a traffic light controlled intersection.
The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness
Particulars of the site are summarized as follows: SITE DIMENSIONS AND AREA: Frontage: Approximately 135.37 feet (41,260 metres) to the north side of Spadina Avenue. 68.94 (21.013 metres) to the west side of Main Street. Land Area: Approximately 9,322 sq. ft.; 0.214 acre (866m²).
STREET IMPROVEMENTS: Main Street is a blacktopped, two lane roadway with concrete curbs and sidewalks. Spadina Avenue is a two lane roadway, also having concrete curbs and sidewalks. Parallel parking is permitted on both road frontages. PARKING: There is no on-site parking provided. As noted, parallel parking is available at the Spadina and Main Street frontages. The closest City parking lot is situated two blocks to the northeast. UTILITIES: A full compliment of services are available, including City water, sanitary sewer and storm sewer, electricity, telephone, natural gas and cablevision.
BUILDING: The property is improved with a single storey, non basement structure, reportedly originally built in the mid 1960’s. In the mid 1990’s the then owners updated the rear southwesterly offices, incorporating a former walk-through hallway and dividing this space into four individual rental units. AGE: We understand that the original structure dates back to 1964, with additions in 1966 and further addition in 1972. The current owners report renovations of the southwesterly wing of the structure were completed some 12 to 13 years ago.
The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness
BUILDING DIMENSIONS: The structure is quite irregular in configuration, having overall dimensions of approximately 68’ by 132.25’. There is a partially covered courtyard in the mid-southeasterly portion of the building. Approximate gross floor area: 7,868 sq. ft. According to lease summaries provided, net rentable area is reportedly 6,565 sq. ft. The disparity is assumed to be reflective of interior versus exterior dimensions, as well as the two mechanical rooms. CONSTRUCTION: The building is a combination of wood frame and jumbo brick construction, having a flat wood truss roof. It rests upon a poured concrete foundation and an approximately 3foot concrete skim-coated crawlspace. EXTERIOR: Much of the exterior is stucco with portion consisting of jumbo brick. A corrugated aluminum upper façade is also in place. Much of the north elevation is painted concrete block. The southwesterly elevation, fronting Spadina Avenue, is more typically retail storefront with full front glazing and some four individual single aluminum-encased access doors. A canvas canopy extends along this frontage. INTERIOR: The structure is currently divided into seven individual units, one at the front corner facing Main Street, two to the northerly elevations and accessed via a covered courtyard, and four small units fronting Spadina Avenue. The layout is best understood by the following sketch:
The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness
The front or southeasterly unit is currently occupied by an optical outlet. It consists of predominantly open retail floor space, with ceramic tiles at the Main Street and inner courtyard entries. Interior walls are drywall and ceilings are T-bar. To the rear is a work station with built-in counter, storage areas and a 2 piece washroom. Floor area of this unit according to lease summary is 904 sq. ft. Recognized as Unit #1, this unit located at the northeast corner of the structure, is and has been added to the optical store space. Adjacent to this unit is the furnace room which houses the heating and electrical servicing panels for the structure. Reported floor area is approximately 1,060 sq. ft. Unit #2 is a professional office suite forming the northwesterly extremity of the building. Reported floor area of this unit is approximately 1,900 sq. ft. Unit #3, also exposed to the inner courtyard and accessible from Spadina Avenue, there is a 2 piece washroom to the rear of these premises. Rental summaries indicate floor area of 705 sq. ft. Unit #4 Finish consists of carpeted flooring, drywall interior and tbar ceilings as well as a 2 piece washroom. Reported floor area is 490 sq. ft. Unit #5 has a front retail area. The rear is partitioned storage of similar finish and has an adjacent 2 piece washroom. Floor area is reported to be 700 sq. ft. Unit #6 has front reception and display area, office and a rear 2 piece washroom. Floor area is reported to be 806 sq. ft.
ELECTRICAL: It is apparent that the main electrical service consists of a 200 amp panel. We note some eight electrical meters, four having a 60 amp capacity and four having a 100 amp capacity. Electrical upgrading reportedly occurred some 12 to 13 years ago at the time of the renovation of the southwesterly portion of the building.
The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness
HEATING AND AIR CONDITIONING: The three original suites (suites #1, #2, and 9225 Main Street) are serviced with gas fired forced hot air furnaces with integrated air conditioning. Three of the furnaces are located within the mechanical room between suites #1 and #2 and a fourth furnace reportedly servicing the rear of #2 is located in the second mechanical room at the westerly extremity of the building. The Spadina Avenue suites (numbers 3 through 6 inclusive) are reportedly heated and air conditioned by gas fired roof mounted units.
CONDITION: Overall, the building is considered to be in good condition. ZONING: According to the City of Chilliwack Zoning Bylaw, the subject property is zoned C3 (Town Centre Commercial) Zone. Quoting from the Bylaw, the C3 zoning designates: “…the central business district of the former City of Chilliwack, which owing to availability of full services, including community water, sanitary sewer and storm sewer and central location is suited to a variety of uses.” Permitted uses include general commercial (subject to Special Regulation), public or private assembly, tourist accommodation, specialized craft manufacture, multi-family residential, etc. Minimum lot size is 315 m² (3,390 sq. ft.) for all uses other than tourist accommodation and multi-family residential. No maximum lot coverage is specified, and off street parking is not required to be provided except for tourist accommodation and dwelling units.
The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness
RENT ROLL
9225 Main Street
Clearview Optical Commencement Date September/04 (904 sq. ft. ) $1,054.66 per month Gross Rent + GST
Unit #1
Clearview Optical Space combined with 9225 Main. St. Commencement Date September/04 $1,236.67 per month Gross Rent + GST
Unit #2
Vacant (1,900 sq. ft.) $10.50 Gross Rent/sq. ft. + GST $1,662.50/month Gross Rent + GST
Unit #3
Drop Dead Gorgeous (Lady’s Clothing) Commencement Date February/08, Lease expires January 31/10 (620 sq. ft.) $800.00 per month Gross Rent + GST Right to renew lease for additional 3 years
Unit #4
Ecofusion (Clothing retail) Commencement Date July/08, Lease expires June 30/10 (575 sq. ft.) $625.00 per month Gross Rent + GST Right to renew lease for additional 3 years
Unit #5
Love Affair with Hair Commencement Date July/08, Lease expires June 30/11 (700 sq. ft.) $760.00 per month Gross Rent + GST Right to renew lease for additional 3 years
Unit #6
Beltone (Hearing Care) Commencement Date January/02, Lease expires January/10 (806 sq. ft.) $973.92 per month Gross Rent + GST Right to renew lease for additional 3 years
The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness
INCOME & EXPENSE STATEMENT MAY 31, 2008 INCOME RENTAL INCOME & EXPENSE RECOVERY: 9225 Main St. $12,655.92 Unit #1 $14,840.04 Unit #2 $19,950.00 Unit #3 $ 9,600.00 Unit #4 $ 7,500.00 Unit #5 $ 9,120.00 Unit #6 $11,687.04 $85,353.00 EXPENSES: Taxes Insurance Hydro (common area) Maintenance & Repairs Garbage Removal Management 3% (estimate) Maintenance 3% (estimate) Vacancy 5% (estimate)
POTENTIAL NET INCOME: CAP RATE @ 8.11%
$18,360.58 $ 3,549.00 $ 415.47 $ 667.60 $ 1,369.04 $ 1,829.74 $ 1,829.74 $ 3,049.57
$54,282.26 $669,000 ASKING PRICE
The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness
Chilliwack/BC/Chilliwack W Young-Well 45789 SPADINA AV, V2P 1T5
LP: $669,000 MLS#: H3900091
Tran Type: Prop Type:
For Sale Retail
Total Area: # Storeys:
6,565
Year Built: Occupancy: Seller LndUse/Zoning: / C3 Complex Name:
Tot Expenses:
Gross Income:
2,960
Land Sz SF: Land Sz Acres: Lot Frntg: Lot Depth:
9,322 0.214 135 68
Net Income:
Lse Incentives: Lse Op Cost/SF: $0.00 Lse Measure: LseTyp/SubLse: Gross
Main Off SF: Above Off SF:
Active
Lse Term/Rem: Lease $/SqFt: $0.00 Lse Op Cost Inc:
Main Ret SF: Above Ret SF:
3,605
Concrete Block N None / TBA None Known
Contig Space: Condo Fee: Water Supply: Sewer Storm: Sewer Septic:
RPR Yr:
Lse Ren Mo Prd: Lse Add Rent:
Main Wrhs SF: Above Wrhs SF:
Bldg Type: Construction: RPR/Survey: Env Asmt Phs: Poss Dt/Notes: Restrictions:
Zone/Province: Title Pulled: Tax Roll: Gross Tax/Yr: $18,975 / 2008 Linc/PID#: 018-078-966
Flr Plate Wdth: Flr Plate Dpth: Total Prkg Spc: Municipal Municipal Contained Municipal/Community
Power Type:
Owner Interest: Freehold
HVAC:
Forced Air, Rooftop, Separate Controls
Fire Protection: None
Heating Fuel:
Natural Gas
Reports Avail:
None Available
Amenities:
Fully Air Conditioned, Storefront, HVAC System
Site Services:
Cable, Natural Gas at Lot Line, Garbage Collection, High Speed Internet Svc at Lot Line, Telephone, Sanitary Sewer, Sewer - Storm, Street Lighting, Sidewalk, City Water at Lot Line, Electricity at Lot Line
Site Influence:
Corner Site, Flood Plain, High Traffic Area, Retail Exposure, Public Transit Nearby, Visual Exposure
Legal Desc:
Plan: LMP8139 Lot: 2
List Firm 1:
RE/MAX Bob Plowright Realty
A well maintained single level building featuring a brick and cement block exterior. Located on a high traffic corner with 5 retail stores and 2 professional office spaces. This multi-tenant building is an ideal investment with an opportunity to increase Rents and Increase Value. Detailed information package available.
04/09/09
12:27 PM
Information herein deemed reliable but not guaranteed.
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