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Value Add Investment/owner-occupier Opportunity

Not on MLS®

$1,890,000

For Sale: in

Value Add Investment/Owner-Occupier Opportunity

Lucas Lucchetta, Aaci, P. App

Realtor

Listing Details

Subtype: Restaurant, Storefront, Plaza and Strip Mall

Year built: 1973

Total building size (sq. ft.): 7337

Zoning: E1 (Business Commercial Employment)

Parking spaces: 41

Floors: 1

Sale type: Ideal for both investors and owner-users

Tenancy: Multiple

Lot Size: 0.52 Acres

Financial Details

Net operating income: $114,000

Percent leased: 100%

Cap rate: 6.5%

Description

Great opportunity for an investment or owner-occupier. Exclusive listing. 65% of the space is on a long-term lease to a steakhouse restaurant. 35% of the space is on month-to-month terms, with the tenants willing to resign at increased rental rates. The month-to-month units consist of a retail storefront with a large commercial kitchen at the rear of the property. Several of the chattels within the commercial kitchen are owned by the building, including but not limited to: 14 ft hood system, large walk-in freezer and fridge, ovens, tables. The building has received significant upgrades of a capital nature over the previous 5 years. Please see attached brochure for more details: • Investment and/or Owner occupier opportunity • The building is currently demised into three units — a steakhouse restaurant, co-working kitchen space with a full commercial kitchen and a retail unit. The commercial kitchen and retail unit can be combined. • The commercial kitchen space includes a 14 foot hood system, large walk-in freezer and fridge, and various equipment such as ovens and tables. These chattels are to be included in the sale. • 65% of space on a long-term lease (2028) • 35% on short-term contracts, with interest in renewing • Rental rate upside on the short-term tenancies • Recent building improvements include: Metal Roofing at front of building, Front Façade Stucco, Exterior Doors for Restaurant, Restaurant Bathrooms, New HVAC in Kitchen Unit (Furnace, AC, Ductwork), Complete Upgraded Electrical with New Sub-Panel in Kitchen Unit • 41 Parking stalls (5.6 per 1,000 sf) • Vendor take-back mortgage negotiable Permitted Uses PRINCIPLE USES • Adult Oriented Entertainment Establishment • Car Wash • Hotel / Motel • Industry, Light • Motor Vehicle Gas Station • Motor Vehicle Repair Garage • Office • Place of Assembly / Banquet Hall • Research Facility • Social Service Facility ACCESSORY USES • Animal Care Establishment • Recreation Facility, Indoor • Retail Store • Restaurant • Service Commercial

Location & nearby

This listing is located in St. Catharines, ON L2N 1K8

14 Secord Drive, St. Catharines, ON, Canada

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Lucas Lucchetta, Aaci, P. App

Realtor

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