Olympic Village Street Level Retail - 2nd Ave

Retail-Commercial for Sale
Catylist Listing ID: 30174889
Property Subtypes: Street Retail
Condo? Yes
Building Size (RSF): 423 SF
Gross Building Area: See Agent
Sale Price: $1,100,000
Property Use Type: Net Leased Investment (NNN)
Building Name: Pinnacle Living False Creek
Sale Terms: Cash to Seller
Cap Rate: 3.0%
Last Updated: 5/22/2018

Overview / Comments

Excellent value acquisition in Olympic Village. This commercial retail unit in the Pinacle building has a stable tenant and can show a 3% Cap on $32K net income per year. Built in 2013 and includes one parking spot. Lease good until Sept. 2021 with a nice bump in 2019. Outstanding traffic counts and visibilty on 2nd Ave make this an ideal retail target for years to come.

Current Tenants

Tenant Business Name Romantique Nails
Website URL https://www.romantiquenails.com
Industry Type Retail Trade
Is Renting? Yes
Current Rent $32,360 PSF (Annual)
Lease Expiration 8/2021
Escalations March 1st, 2019 Base Rate escalates to $81.25.

Additional Details

Nearest CMA: Vancouver
Regional District: Greater Vancouver
Taxing Authority: Vancouver
Parcel ID: 029-012-511
Is Condo?: Yes
Zoning: CD-1 (462)
Retail Clientele: General, Family
Property Visibility: Excellent
Largest Nearby Street: 2nd Ave
Site Description: From Pinnacle Living False Creek: Pinnacle Living is a dynamic collection of contemporary residences in the heart of Vancouver’s newest waterfront community, steps away from the Olympic Village at Southeast False Creek. With a storied past and vibrant future, the setting is rich with parkland, ready for you to walk, jog, bike and explore. Sustainable elements, integrated throughout Pinnacle Living properties, ensure that its future is as bright as its coloured past.
Area Description: The Olympic Village, developed by the Millennium Development Group, is one of the greenest communities in the world, making Vancouver a leader in sustainable development. In keeping with Vancouver's Greenest City targets, the Olympic Village uses innovative energy efficiency and sustainability systems like solar heating and green roofs. Located in Southeast False Creek, the Olympic Village was built for the 2010 Winter Olympic Games, to house athletes and Olympic officials coming from across the world. After the Olympics, the Olympic accommodation became residential housing. The development aligns with the City's goals, addressing environmental, economic, and social issues. The Olympic Village is a mixed-use community, with approximately 1,100 residential units, area parks, and a growing number of retail and service outlets.
Tenancy: Single Tenant
Year Built: 2013
Total Parking Spaces: 1
Parking Type: Underground
Legal Description: Strata Lot 161 Plan EPS1218 District Lot 200A Land District 1 Land District 36 TOGETHER WITH AN INTEREST IN THE COMMON PROPERTY IN PROPORTION TO THE UNIT ENTITLEMENT OF THE STRATA LOT AS SHOWN ON FORM 1 OR V, AS APPROPRIATE


Contact

Photograph of Listing Agent

Steve Da Cruz | CCIM

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