This offering represents an opportunity to acquire two side-by-side commercial investment properties located in the Hastings Village Heights Commercial District of North Burnaby. Improved on 10,296 SF, the westernmost lot is a 3-storey mixed-use building featuring 8 residential suites and 3 commercial units at grade. The adjacent lot to the east is a 2-storey commercial building leased to a music school.
Under the Hastings Street Area Extension Plan, the property can be developed up to a maximum of 24,710 SF (2.4 FSR). Properties can be purchased together or separately.
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The Heights in North Burnaby
The neighbourhood is an established residential and commercial node comprising a vibrant mix of many long-standing independent businesses, bustling retailers as well as successful franchises and anchor businesses. The area has seen an increase in demand for commercial premises with new developments catering to the local market. The property is ideally located on or near several major Translink routes and traffic arteries. These include Hastings Street, which sees 40,000 cars pass through daily (1.2 million each month) and Highway 1, which efficiently connects the Heights to numerous parts of the Lower Mainland. It is 5 minutes to the North Shore, 20 minutes to Downtown, and 25 minutes to Surrey.
|No. units||Average size||Average rent|
|Commercial||No. units5||Average size-||Average rent-|
|1 bedroom||No. units8||Average size610||Average rent$1,237|
|Financing||Treat as clear title.|
|Income and expenses|
Net operating income
For current rent roll and expense statement, please contact the listing agent.
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.