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Chilliwack,BC V2P 4R9
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 18,127 sqft
Price per Sqft $328
Subdivision Chilliwack Downtown
MLS Listing ID C8062902
Annual Tax Amount $55,841
Tax Year 2024
Property Description
The Subject Property presents a rare opportunity to acquire a fully leased strip mall with development potential on a half city block in the heart of Chilliwack. The strip mall of the Subject Property is an 18,127 SF building, situated on a 0.74 acre lot. Designated as Village Quarter under the Chilliwack Official Community Plan, prospective purchasers can enjoy an income-generating asset while Chilliwack continues to evolve and densify. 5.31% cap rate on the existing NOI of $315,704. Approximately 80% of leases are up for renewal within the next 2 years, with current average rents around $15/SF. A new lease for the 3,537 sf vacant space has been secured at $25.50/SF, stepping up to $32.70/SF over a 10-year term, presenting a significant income growth opportunity
Location
Province BC
Community Chilliwack Downtown
Area Chilliwack
Zoning British Columbia Default Zone
Region Chilliwack
City Region Chilliwack
Building
Dwelling Type Retail