FOR SALE: LONDON FLATS Retail & Residential Income Property 1315 Broad Street at Johnson Street
Exceptional Investment Opportunity A strong combination of retail, restaurant and residential apartment income in a well maintained high proď€ le building Please call for a viewing or for more information KEVIN PIRIE
(250) 381-2265 ext. 26 kevin@naicommercial.ca
BEV HIGHTON
(250) 381-2265 ext. 35 bev@naicommercial.ca
London Flats - Income Property Details
Overview The subject property is a well maintained Heritage registered building that sits prominently on the SE corner of Johnson Street at Broad Street in downtown Victoria.
Size: The property is composed of two legal lots totalling approx 15,240 sq.ft. with approx 127 ft of frontage on Broad street and 120 ft of frontage on Johnson Street.
The ground oor is composed of approximately 12,525 sq.ft. of commercial space with 5 units totalling 4,919 sq.ft. on Johnson Street and 4 units totalling 7,606 sq.ft. on Broad Street. All the commercial space has excellent frontage with large windows and good signage.
Legal: Lots 424 & 425, LD57, Victoria Land District (PID 009-369-325 and 009-369-350)
There are a total of 19 residential apartments on the second oor, composed of 10 one bedroom suites and 9 bachelor suites. The residential common areas are open and appealing with high ceilings. Individual suites have good natural light and bonus storage lockers. A rear laneway provides easy access / egress for commercial tenancy deliveries as well as a re escape for residential tenancies.
Zoning: Flexible CA-3C Old Town zoning allows for a wide range of commercial and residential use. Age: The building was built circa 1892 - 1907 with numerous upgrades and updating over the years. Financing:
Treat as clear title.
Gross Taxes:
$70,028 (2013)
Assessed Value: $3,667,000 (2013)
Location
Income Highlights Commercial: Current net income is approx $203,244 per annum with 1 unit totalling 2,131 sq.ft. vacant. On the basis that the vacant space will lease for $14.00 per sq.ft. per annum or more net rental, the stabilized net income from the commercial tenancies should approximate $233,000 per annum or more. Residential: For calendar year 2012, gross revenue was approximately $174,000 with net income of $51,000 after costs of $123,000 (70% gross revenue). It is expected that net rent of $70,000 should be acheivable by reducing operating costs to 60% of gross revenue. Price: Offered at $4,495,000
NAI Commercial (Victoria) Inc. 200 - 569 Johnson Street Victoria, BC V8W 1M2 info@naivictoria.ca
KEVIN PIRIE
(250) 381-2265 ext. 26 kevin@naicommercial.ca
BEV HIGHTON
(250) 381-2265 ext. 35 bev@naicommercial.ca
The information contained herein is obtained from sources believed to be reliable, however, NAI Commercial, and its agents assume no liability for its accuracy and all parties are advised to verify all information to their satisfaction. Prices and terms are subject to change or withdrawal without notice.