34,694 ft²Office / MedicalContactSale
34,694 ft²
Office / Medical
Sale
Conor Finucane*
NAI Commercial BC
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Opportunity NAI Commercial, on behalf of Symphony Hill (the “Vendor”) is pleased to offer this opportunity to acquire a 100% interest in a 60,000 SF fully occupied, eight-storey, concrete medical / office building together with excess development land totaling 8,710 SF. The development land has plans to develop a 45,276 SF 7-storey medical / health building. This lot could also be developed as a multiunit residential building with commercial at grade. The building has 100% occupancy with a diverse variety of 30+ stable tenants and is priced well-below replacement cost. Almost half a city block in size, the two properties are centrally located within the core of Uptown New Westminster, a block from Royal City Centre Mall, library, Moody Park and bustling Sixth Street. With a current low supply of office and commercial space in the area, both properties will experience continual upside. Lot Size 625 Fifth Ave - 25,984 SF 513 Seventh St - 8,710 SF Total - 34,694 SF Building Area Gross: 60,000 SF Useable: 49,734 SF Occupancy 49,734 SF (100%) Gross Taxes (2024) 625 Fifth Ave - $184,766.76 513 Seventh St - $54,705.77 Total $239,472.53
The Space
Available Space34,694 ft²
Floor8
Net Operating Income$1126877
Taxes$239,473/yr
ZoningC3/MH
Cap Rate5%
Year Built1964
SourceDirect
The Building
Property Highlights - Eight-storey concrete building with plenty of parking - 28 surface and 76 underground stalls - Common areas were recently renovated and modernized, bringing a fresh look and feel to the building - Building HVAC system updated - Priced well-below replacement costs - Corner vacant lot to be developed - Diverse tenants mainly in medical - Well maintained and 100% occupancy - Attractive cap rate with annual rent increases Proposed Development on Parking Lot - 45,690 SF of Gross Building Area (5.25 FSR) - 2,928 SF of Retail - 34,152 SF of Office across 7 storeys - Land use: (MH) Mixed Use – High Rise - Approximately 2,245 SF of wrap-around balcony space on the 4th floor
Property TypeOffice / Medical
Floors8
Building Size7,268 ft²
Lot Size3,241 ft²
Up to $500K for British Columbia businesses
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