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2229-2233 6TH AVENUE
South Castlegar V1N 2W1

$1,039,999
Other

Status:
Active
Prop. Type:
Other
MLS® Num:
2479268
INDUSTRIAL DEVELOPERS AND INVESTORS - Outstanding industrial investment opportunity includes two side-by-side industrial properties (2229 & 2233 6th Avenue) totaling .6334 acres in Castlegar, BC. National tenant with a recently signed lease occupies the 7,529 SF industrial building with 3 grade level loading bays and leases the 2 adjoining properties. Current CAP rate is 8.4 (at ask) but will increase every year with the negotiated escalation in rates through the term of the lease. Final year of the lease will see a CAP rate of 9. 5 for the year ending July 31, 2028. M 1 - Light Industrial zoning provides potential for further densification of the properties through redevelopment for almost 50,000 SF at max FAR and building heights up to 3 stories. The current lease will provide substantial cash flow and holding income until the properties are ready to be further redeveloped. (id:2493)
Property Type:
Other
Common Interest:
Freehold
Total Living Area:
7,529 sq. ft.
Zoning:
Light industrial
Community:
South Castlegar
Fireplace:
No

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Listed by RE/MAX Kelowna
Data was last updated October 22, 2024 at 03:45 PM (UTC)
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