The subject property is comprised of 5 street-level commercial strata lots currently used as office space on the southeast corner of West 43rd and East Boulevard in Vancouver’s affluent Kerrisdale neighbourhood. Built in 1974 and well maintained, the total development contains 19 strata lots, 14 of which are residential suites on the second and third floors. Only the 5 commercial units are for sale.
Oakwood Terrace is situated on the southeast corner of East Boulevard and West 43rd Avenue in Kerrisdale, one of Vancouver’s oldest and most affluent neighbourhoods.
Walking distance to West 41st Avenue, considered one of the best upscale shopping districts in the City. Minutes to Point Grey & Magee High Schools, Maple Grove Park & Elementary School, bus transportation, restaurants, and Kerrisdale Community Centre.
- High-exposure street-level commercial units offering good storefront appeal
- Significant renovations between 2003 – 2011 including replacement of boilers, building envelope (Rainscreen) and waterproof membrane over parkade
- Wood-frame and concrete block construction
- Street parking available on W. 43rd and E. Boulevard
- Secure underground parkade with 6 stalls assigned to the subject (2 of which are surface level at rear of building)
- Favourable C-2 Zoning providing a wide range of commercial activities and personal services including retail
- Dexter Associates Realty currently occupies the 5 strata units as a single entity and will leaseback the property (see “Leaseback” tab for details)
- The strata units can be leased or sold separately at the end of the lease term
- Each of the units have their own storefront access and can be demised into individual units
- Interior improvements include reception, 6 private offices, 2 open office areas, conference room, photocopy and computer rooms, 6 bathrooms and 3 kitchen areas
- There is one elevator and two internal stairways leading to the 2nd and 3rd floors which comprise the 14 residential strata units
- Each unit has separate HVAC systems
- Current appraisal available for review
- For a breakdown of the strata units and floor plan, please click here.
Dexter Associates Realty, the owner-occupier of the subject property, will lease back the 5 strata units for a period of 5 years at a rate of $29/sq. ft. Based on the ask price, this equates to a 5.0% cap rate and a triple net income of $144,913 per year.
The strata units can be leased or sold separately at the end of the lease term.
|Financing||Treat as clear title.|
|Triple Net Income|
Net operating income
Net Operating Income$144,913
|Notes||The triple net income assumes a lease rate of $29/sq. ft.|
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.