$1,039,999 FOR SALE

Commercial/Retail

2229-2233 6th Avenue
South Castlegar, BC V1N 2W1

INDUSTRIAL DEVELOPERS AND INVESTORS - Outstanding industrial investment opportunity includes two side-by-side industrial properties (2229 & 2233 6th Avenue) totaling .6334 acres in Castlegar, BC. National tenant with a recently signed lease occupies the 7,529 SF industrial building with 3 grade level loading bays and leases the 2 adjoining properties. Current CAP rate is 8.4 (at ask) but will increase every year with the negotiated escalation in rates through the term of the lease. Final year of the lease will see a CAP rate of 9. 5 for the year ending July 31, 2028. M 1 - Light Industrial zoning provides potential for further densification of the properties through redevelopment for almost 50,000 SF at max FAR and building heights up to 3 stories. The current lease will provide substantial cash flow and holding income until the properties are ready to be further redeveloped. (id:47423)

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Listed By RE/MAX Kelowna
Data Provided By Kootenay Association of REALTORS®
MLS® Listing Number 2479268
Last Updated Aug 28, 2024
Property Summary
Property Type Commercial/Retail

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Community South Castlegar
Price History
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Detailed Information
Listing Contract Date 2024-08-26
Municipal ID 012-433-501
Ownership Type Freehold
Property Type Other
Transaction Type For sale
Zoning Light industrial
Building
Constructed Date 1975
Land
Total Size under 1 acre
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