For Sale

5733 176 Street

Surrey

Mixed-use commercial property
6 residential & 2 retail units

$2,165,000

4.5% cap rate

Overview

This offering presents the opportunity to acquire a fully leased freestanding mixed-use building located in Surrey’s Historic Downtown Cloverdale. This low maintenance investment property includes 6 residential suites and 2 commercial units, with an annual net operating income of $98,174.

  • 4,420 SF mixed-use building on 4,356 SF lot
  • 6 residential units: 3 bachelor suites; 2 one-bedroom suites; 1 two-bedroom suite
  • 2 ground floor retail/commercial units
  • Total leasable area: 4,368 SF
  • Reserved surface parking at rear and free street parking in front
  • Residential units fully self-managed by tenant (Lookout Society)

Location

This subject property is located in the heart of Historic Downtown Cloverdale, which is home to both unique heritage buildings and new commercial and residential developments. The property boasts a walk score of 83 and is surrounded by commercial and community amenities including the Cloverdale Library and Museum of Surrey, benefiting from its central location with convenient access to Highway 10 and 15. The Cloverdale Town Centre Plan is currently being updated in order to support the area’s growth for the next 20-30 years by accommodating future housing, jobs and amenities and projects that the area’s population will grow by 119% to over 15,800 people. 

Zoning & Designation

The property is Zoned C-15 (Town Centre Commercial Zone) which allows for a wide variety of commercial uses as well as multiple unit residential. The property is designated Low Rise Mixed Use in the draft Cloverdale Town Centre Plan.

Summary

Price$2,165,000
Property TypeMixed-use
Units8
Storeys2
Gross Leasable Area4,368 SF
Cap Rate4.5%
Year Built1908
Lot Size4,356 SF
ZoningC-15 (Town Centre Commercial Zone)
PID000-678-431

Suite Mix

 No. Units
BachelorNo. Units3
One-bedroomNo. Units2
Two-bedroomNo. Units1
CommercialNo. Units2

Financials

FinancingTreat as clear title.
Income and Expenses
Net Operating Income
Net Operating Income$98,174
Notes
Further property and lease documentation is available
upon receipt of a signed confidentiality agreement. Please contact the listing agents for details.

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

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