Deep Cove CRU - Excellent Income

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30190346
Property Subtypes: Street Retail
Status: Pending
Condo? Yes
Building Size (RSF): 1,101 SF
Gross Building Area: See Agent
Sale Price: $1,199,000
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: COVE GARDENS
Usable Size (USF): 1,101 SF
Sale Terms: Cash to Seller
Last Updated: 8/20/2018

Overview / Comments

Rarely available, tenanted commercial retail unit in the exclusive Deep Cove neighbourhood of North Vancouver. Built in 2013 and extensively upgraded, the current business has been extremely successful since day one. Currently generating a net income of $44K with a healthy escalation over the next five years and option to renew. This is the ideal pickup for a stable return and long-term value hold. Please do not disturb the tenant.

Current Tenants

Tenant Business Name Cafe Orso
Website URL https://www.cafeorso.ca
Industry Type Accommodation and Food Services
Is Renting? Yes
Year Founded 2014
SF of Space Occupied 1,115 SF

Additional Details

Nearest CMA: Vancouver
Regional District: Greater Vancouver
Taxing Authority: The Corporation of the District of North Vancouver
Parcel ID: 029-128-625
Is Condo?: Yes
Zoning: VC-G
Retail Clientele: General, Family, Tourist, Recreation
Property Visibility: Excellent
Largest Nearby Street: Gallant Ave
Site Description: Cove Gardens, a townhouse development by Milori Homes at 4310 Gallant Avenue, North Vancouver is a limited collection of waterfront townhomes on the beautiful North Shore. These elegant and spacious townhomes offer magnificent water views in the heart of Deep Cove. The development was completed in December of 2013. Cove Gardens has a total of 8 units.
Area Description: Deep Cove refers to the community in the easternmost part of the District of North Vancouver, in British Columbia, Canada, and is also the geographic name of the small bay beside the town. It is affectionately referred to as "The Cove" by local residents. Located at the foot of Mount Seymour, Deep Cove faces due east, fronting onto Indian Arm, a branch of the Burrard Inlet. The area is the traditional territory of the Tsleil-Waututh and Squamish, the Indigenous, of the Coast Salish First Nations. Deep Cove is 13 kilometres (8.1 mi) from downtown Vancouver.
Tenancy: Single Tenant
Property Condition: Excellent
Year Built: 2013
Total Parking Spaces: 1
Parking Type: Underground
Interior Description: Modern and fresh with high-end design and finishing.
Zoning Description: VC-G, COMMERCIAL STRATA-LOT
Land Ownership: Strata
Legal Description: PL EPS1220 LT 1 DL 626 LD 36. GROUP 1, TOGETHER WITH AN INTEREST IN THE COMMON PROPERTY IN PROPORTION TO THE UNIT ENTITLEMENT OF THE STRATA LOT AS SHOWN ON FORM V.


Contact

Photograph of Listing Agent

Steve Da Cruz | CCIM

Personal Real Estate Corporation
RE/MAX Commercial Advantage Commercial First Member
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