2208 St Joseph Boulevard Ottawa, Ontario K1C 1E8
$3,750,000
A ten-unit strip mall for sale. High traffic location on St Joseph Blvd, a main retail corridor in the East end suburb of Ottawa. Current rents are 30% below market value giving a sophisticated investor a substantial upside opportunity to increase cash flow and property value over the coming cycle of lease renewals. The property has been valued based on its current financial performance. Investment projections illustrate the embedded rents will raise the property value to more than $6,500,000 once the leases achieve market rent rates around 2027 to 2028 using a 5% cap rate. This is a well-maintained property with 8 of 10 rooftop HVAC units having been replaced within the last few years. There are currently two units available for lease. Unit 113 is an end cap space comprising 1,151 sf. Unit 103 is an inline unit comprising 650 sf. Net rent for new leases starts at $30 psf. Building operating costs are $11 psf. The Seller is not willing to provide vendor financing. (id:49949)
Property Details
| MLS® Number | 1307689 |
| Property Type | Retail |
| Neigbourhood | Orleans Village-Chateauneuf |
| Parking Space Total | 42 |
Building
| Constructed Date | 1990 |
Land
| Acreage | No |
| Size Depth | 141 Ft |
| Size Frontage | 275 Ft |
| Size Irregular | 0.83 |
| Size Total | 0.83 Ac |
| Size Total Text | 0.83 Ac |
| Zoning Description | Am |
Dave Richardson
REALTOR®
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August 11 2022 07:11:05
Ottawa Real Estate Board
Keller Williams Integrity Realty
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