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8999 YOUNG Road
Chilliwack Downtown Chilliwack V2P 4R9

$5,950,000
Commercial

Main Photo: 8999 YOUNG Road in Chilliwack: Chilliwack Downtown Commercial for sale : MLS®# C8062902
Photo 1: 8999 YOUNG Road in Chilliwack: Chilliwack Downtown Commercial for sale : MLS®# C8062902
Photo 2: 8999 YOUNG Road in Chilliwack: Chilliwack Downtown Commercial for sale : MLS®# C8062902
Status:
Active
Prop. Type:
Commercial
MLS® Num:
C8062902
The Subject Property presents a rare opportunity to acquire a fully leased strip mall with development potential on a half city block in the heart of Chilliwack. The strip mall of the Subject Property is an 18,127 SF building, situated on a 0.74 acre lot. Designated as Village Quarter under the Chilliwack Official Community Plan, prospective purchasers can enjoy an income-generating asset while Chilliwack continues to evolve and densify. 5.31% cap rate on the existing NOI of $315,704. Approximately 80% of leases are up for renewal within the next 2 years, with current average rents around $15/SF. A new lease for the 3,537 sf vacant space has been secured at $25.50/SF, stepping up to $32.70/SF over a 10-year term, presenting a significant income growth opportunity
Total Floor Area:
18,127 sq. ft.
Lot Area:
32,234.4 sq. ft.
Land Use/Zoning:
C2
  • Photo 1: 8999 YOUNG Road in Chilliwack: Chilliwack Downtown Commercial for sale : MLS®# C8062902
    Photo 1 of 2
  • Photo 2: 8999 YOUNG Road in Chilliwack: Chilliwack Downtown Commercial for sale : MLS®# C8062902
    Photo 2 of 2
Listed by Marcus & Millichap
Data was last updated September 19, 2024 at 12:10 AM (UTC)
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