8989-8999 Young Road, Chilliwack Downtown, Chilliwack

$5,950,000 |   MLS® Number  C8062902

Retail for sale in Chilliwack Downtown, Chilliwack, Chilliwack, 8989-8999 Young Road, 224967971 | Realtylink.org

Retail for sale

Floor Area
18,127 sqft
Lot Size
32,234 sqft
Gross Property Tax
$55,841.10 /year
Building Type
Quasi Retail
Zoning
C2
94

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