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Mixed-Use Complex

7667 - 7685 6th Street, Burnaby

Commercial Property
15,216 sq. ft. site

SOLD $2,050,000

Overview

The subject property is a two storey commercial retail/office building located on 6th Street between 13th and 14th Avenue in the Edmonds neighbourhood of East Burnaby.  It features 11,980 sq. ft. net rentable and is improved on a 15,216 sq. ft. (152′ x 100′) C-2 zoned site. Redevelopment opportunity on existing property with possibility of expanding site by assembling adjacent lot to the southeast.  Provides holding income while development permit and rezoning is proceeding.

Location

The Edmonds neighbourhood is north of New Westminster, west of Canada Way and bordering on Kingsway. The Edmonds area encompasses a number of small neighbourhoods, including Richmond Park, Middlegate and Beresford.  

Edmonds is a popular neighbourhood for families due to its central location, proximity to three elementary schools, a public library and Highgate Mall with its Save-On-Foods, Shoppers Drug Mart, and other shops and services. Residents of Edmonds can also enjoy the recreational facilities of Robert Burnaby Park  with its network of walking and jogging trails, children’s playground, outdoor pool and tennis courts as well as the area’s close proximity to the shops, entertainment and amenities of Metrotown. 

Edmonds locals have quite a few shopping options. Highgate Mall is in the centre of the Edmonds neighbourhood and has a Save-On-Foods, Shoppers Drug Mart, fitness centre, several financial institutions, medical and dental clinics. The Metropolis at Metrotown has over 450 shops. It is B.C.’s largest shopping centre and entertainment complex, including large retailers such as Forever 21, Sephora and designer boutiques like Armani and Coach. Finally, Station Square has over 35 shops and services including a Famous Players movie theatre, Future Shop, Save-On Foods, a financial institution, travel agent and a currency exchange.

Highlights

  • Improved with a two storey commercial building with 6 ground floor retail units and 9 offices on second floor
  • Tenants are month-to-month
  • Total of 11,980 sq. ft. net rentable 
  • Stage 1 & 2 environmental studies complete (clean site)
  • To view the site plan, click here
  • To view the 6th Street General Use Map & the Edmonds Planning Study, click here.
  • Excellent redevelopment opportunity with holding income 
  • Redevelop immediately as a mixed-use project based on the existing C-2 Zoning (1.3 FSR); or
  • Sixth Street Community Plan also allows for rezoning to RM-3 (Medium Density Multi-Family Residential @ 1.1 FSR)
  • Multi-family assembly requires the entire block; must assemble the corner lots to the northwest and southeast to expand the site to 240′ x 100′ (24,000 sq. ft.)

Summary

Price$2,250,000
Gross Leasable Area11,980 sq. ft.
Lot Size152.16' x 100' (15,216 sq. ft.)
ZoningC-2
PID011-886-455, 008-791-431
Sale Price$2,050,000
Sale Date08/01/2014

Suite Mix

 No. Units
Ground Floor RetailNo. Units6
Second Floor OfficeNo. Units9

Financials

FinancingTreat as clear title.
Assessment 2013
Land
Building
Total
Land$1,222,000
Building$1,640,000
Total$2,862,000
Taxes 2013
$50,867.61
NotesFor financials, please contact Nhi Denis at 604-351-8089 or nhi@icivancouver.com.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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