4351 NO. 3 Road
West Cambie Richmond V6X 3A7

$49,999,999
Retail

Status:
Active
Prop. Type:
Retail
MLS® Num:
C8029600
Build. Type:
Freestanding
Rare and fantastic hold&re-develop investment opportunity on No.3 Road. OCP allows up to 3 FSR, and similar lands nearby have achieved higher density than OCP allowance. This is a commercial re-development site with impressive holding income for the next 10 years. Sitting in the heart of future Richmond CBD, surrounded by beautiful new upcoming commercial developments, this site will achieve extraordinary value after surrounding areas become more developed. The site is currently fully tenanted, and majority of the tenants are paying significantly below-market rates. We have increased net rent on 2019 tenancy replacements significantly, ground floor retail replacements have achieved 118% increase while second floor office units have achieved roughly 50% rental increase. Current NOI roughly 1.35M, we project the rental income to double by the end of 10 years.
Sale Type:
Asset
Property Type:
Retail
Construction:
Concrete, Wood Frame
Building Type:
Freestanding, Mixed Use, Commercial Mix
Year built:
1976 (Age: 44)
Total Floor Area:
2.93 acre(s)
Land Use/Zoning:
ZC10
Taxes:
$382,922.13 / 2019
Env Assmt Phase:
None
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Listed by RE/MAX Crest Realty
Data was last updated February 22, 2020 at 04:00 AM (UTC)
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