Retail for sale

8989-8999 Young Road, Chilliwack Downtown, Chilliwack

$5,950,000 or
Contact the REALTOR®
Retail for sale in Chilliwack Downtown, Chilliwack, Chilliwack, 8989-8999 Young Road, 224967971 | Realtylink.org
Retail for sale in Chilliwack Downtown, Chilliwack, Chilliwack, 8989-8999 Young Road, 224967971 | Realtylink.org
$5,950,000 or

Retail for sale

8989-8999 Young Road, Chilliwack Downtown, Chilliwack

Features

Lifestyle
224967971 5950000 /en/retail~for-sale~chilliwack-downtown-chilliwack/224967971?view=Summary /en/retail~for-sale~chilliwack-downtown-chilliwack/224967971/photos 49.1654700000 -121.9528900000 true
Floor Area
18,127 sqft
Lot Size
32,234 sqft
Gross Property Tax
$55,841.10 /year
Building Type
Quasi Retail
Zoning
C2
94

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
MLS® Number C8062902

Listing REALTOR®

Joey Yoo, REALTOR<sup>®</sup>

Joey Yoo

REALTOR®
604-675-5236

Marcus & Millichap

Location

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  • The amounts shown above are for information purposes only and do not include taxes, if applicable.
  • You must purchase mortgage default insurance if your down payment is less than 20 per cent of the purchase price of the property.
  • This calculator doesn't calculate the further 2% tax on residential property greater than $3,000,000 or the additional property transfer tax on residential property transfers to foreign entities or taxable trustees. Learn more about property transfer tax.
  • There are additional costs to buying a home. Speak with your REALTOR® for more information.
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