Overview
The subject property is a five-storey multi-tenanted office building located on Norland Avenue between Canada Way and Highway 1 in North Burnaby. Built in 1991, the building is improved above two levels of secured parking and has a rentable area of 31,886 sq. ft.
Highlights
- Constructed in 1991; 5-storey conctrete office building
- Gross building area: approx 34,685 SF
- Rentable office area: approx 31,866 SF
- Two levels of secure underground parking totalling 92 stalls (78 secured & covered; 6 covered surface and 8 open surface stalls)
- Fully sprinklered throughout
- Back-up generator
- Plenty of secure storage rooms
- Shop room located on upper parking level
- Balconies/patios located on the second and third floors
- Regulated HVAC system offering balanced heating and cooling throughout the building
- Cardex security system
- Roof-top helicopter landing pad
- Clean Stage 1 Environmental Report
- New roof (2015)
- Landlord currently spending $70,000 on third floor office improvments
Location
The subject is situated in a beautiful park-like setting on Norland Avenue between Canada Way and Highway 1 in North Burnaby. The building provides convenient access to Highway 1 via the Sprott Street exit eastbound and the Kensington on-ramp westbound.
The property is only one block to Burnaby City Hall and Deer Lake Park; SkyTrain is accessible via bus connection on Canada Way.
Financials
Financing | Treat as clear title. | |
---|---|---|
Assessment 2015 | Land Building Total | Land$1,559,000 Building$6,247,000 Total$7,806,000 |
Taxes 2015 | $123,597.3 | |
Income and expenses | Net operating income | Net Operating Income$567,000 |
Notes | The NOI is estimated to be $567,000. Currently negotiations are in progress to renew 3 lease agreements which we expect to be finalized shorty. We anticipate that this will increase the NOI to $617,000. Additionally, there is a total of 4,200 SF of vacant space; 1200 SF on the 1st floor and 3000 SF on the third floor. Based on a $12/ft lease rate, we anticipate the NOI to increase to $667,000. For a detailed information package or to tour the property, please contact Adam Rabeda at 604.376.5121 or adam@rabedacre.com |
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Adam Rabeda PREC - ReMax
adam@rabedacre.com
604 376 5121
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Adam Rabeda PREC - ReMax
adam@rabedacre.com
604 376 5121
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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