Heavy Industrial Facility

12320 88th Avenue, Newton, Surrey

$5,500,000

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Price$5,500,000

Property typeIndustrial

Gross leasable area62,885 sq. ft.

Lot size422' x 196' (82,712 sq. ft.)

ZoningIH - High Density Industrial

Cap rate6.5%

PID026-440-318

Legal descriptionLot 1, LD 36, Sec 30, TWN 2, PL BCP20048

Overview

A fully leased heavy industrial manufacturing/training facility currently leased to 5 tenants including the owner/user who occupies most of the premises. This offering will be subject to the owner/user leasing back the property for approximately 3 to 5 years, with an option of buying back the property at a pre-negotiated price. Great investment opportunity with a good return and secured leases.

Location

The subject property is located in the Newton area of Central Surrey, a heavy industrial district. The Newton area benefits significantly by its central location with Scott Road a short distance to the west of the subject. Scott Road is a major north south arterial route forming one of the main commercial corridors in Surrey. King George Blvd. to the east, also known as Highway 99A, forms a major arterial route providing access to the Fraser Highway to the north and Highway 10 and 99 to the south. The subject is situated on 88th Avenue which is a major east-west arterial route which provides intersections with Scott Road, King George Blvd., Fraser Highway, and ultimately, the Trans Canada Highway to the west.

Building Description

The subject property is comprised of an industrial manufacturing facility with the main facility encompassing a total area of 54,045 square feet plus permanent assembly sheds with an area of 8,400 square feet. The original facility is comprised of heavy reinforced concrete slab foundation which is up to 14 inches thick. The massive structure is designed to support two 20-ton cranes which run the full length of the main industrial structure. A new fabrication shop has been constructed in 2004 measuring approximately 5,200 sq. ft. construction. The ceiling height in the main central bay is 27 feet 6 inches with approximately 24 feet 9 inches clear while the supporting warehouse area/machine shop has ceiling heights of 13 feet 5 inches and approximately 12 feet 6 inches clear.

Building Area

For a detailed break down of the building area and information brochure, click here.

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Financing	Clear title.
Assessment 2011	Land Building Total	Land$2,146,000 Building$33,900 Total$2,179,900
Taxes 2011	$25367.95
Income	Net operating income	Net Operating Income$357,500

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