Value Add / End User Opportunity with Redevelopment Upside
Unique opportunity to purchase a 11,867 square foot mixed-use retail building located near the intersection of Canada Way and Edmonds St in Burnaby’s Edmonds neighborhood. The property is in close proximity to Edmonds School Park and Community Centre in addition to transit hubs, restaurants and other community amenities. The 2 storey building currently has 13 units (3 commercial retail units (CRUs) and 10 office units). The 10,012 square foot lot also has a OCP designation allowing for a 4+ storey mixed-use development. At present, there are 10 parking stalls at the rear with one point of ingress and egress in addition to streetside parking at the front. Recent lease transactions support market rates of $25/SF/YR + in the Edmonds neighborhood. From a repositioning standpoint, one has an exceptional opportunity to increase market rents/rental income in order to add significant value. Lease provisions also allow for end-users to occupy a substantial percentage of the building, while benefiting from holding income/appreciation.
$25/SF/YR + for retail & office in the Burnaby Submarket
Address
7675 Edmonds Street
List Price
$4,380,000
Type of Dwelling
COMM
Area
British Columbia
Sub-Area
Burnaby
Floor Area
11,867 Sq. Ft.
Lot Size
10012 Sq. Ft.
Listing Brokerage
Macdonald Realty
Zoning
C4 - Service Commercial District
3 CRUs, 10 Office Units
10 stalls at rear in addition to streetside parking
Edmonds, Medium Density Mixed Use
000-579-157
