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Grocery Anchored Shopping Centre In Chelmsford

Not on MLS®

$6,750,000

For Sale: in

Updated Jul 26, 2022
Grocery Anchored Shopping Centre In Chelmsford

Listing Details

Co-op commission:

Subtype: Grocery/Convenience Store, Shopping Centre, Plaza and Strip Mall

Total building size (sq. ft.): 35604

Zoning: Commercial

Floors: 1

Sale type: For investors

Tenancy: Multiple

Lot Size: 2.4 Acres

Financial Details

Net operating income: $387,604.6

Cap rate: 5.75%

Description

Commercial mall located in Chelmsford, Ontario (just North of Sudbury). Lot size is approximately 450' x 300'. The property has an approximate 35,604 square feet of gross leasable area. See financials below; Net Income: $387,604.60 @ 5.75 cap = $6,750,000 Notes: Scotiabank just vacated their unit, this could end up having upside dividing this unit into 2 and increasing the rent per square foot, drive thru possible in this unit. Seller has concrete interest from Pizza Hut to take 1,200 sqft of the former Scotiabank space. Once the Scotiabank space is released with even a modest bump to $22/psf, NOI will increase to about 400k/annually, making this a 6+ cap rate. There is potential to re-lease at a much higher rate if that unit is separated into 3 units. The vacant unit also has potential to expand from 5,500 sq feet up to 10,000 by building between the two buildings to combine them. Foodbasics spent $1M converting from Metro about 5 years ago and spent 400k on the parking lot, they are committed to this store. Foodbasics has very strong sales here - very low rent to sales ratio. Anytime Fitness is also doing exceptionally well, they are one of the best performing clubs in Ontario and they intend to renew their lease in 2026 - they have over 800 members and no intention of leaving anytime soon. They also just spent 250k on new roof for Foodbasics, no deferred maintenance.

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Location & nearby

This listing is located in Greater Sudbury, ON P0M

Chelmsford, Greater Sudbury, ON, Canada

Anthony Spano

ProREALTOR®

Very responsive to messages


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