4126 Norland Avenue

Burnaby

$10,598,000

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Price$10,598,000

Property typeOffice Building

Storeys5

Gross leasable area31,886

Year built1991

Lot size120.03' x 296.29' (35,565 sq. ft.)

ZoningCD

Cap rate5.4%

Price/SF$332

PID014-852-373

Legal descriptionParcel A District Lot 79 Group 1 New Westminster District Reference Plan 82761

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.

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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.