Kingsway Vancouver | Bc
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FOR SALE 1409 KINGSWAY VANCOUVER | BC A RARE OPPORTUNITY TO ACQUIRE A SINGLE-TENANT INVESTMENT PROPERTY WITH REDEVELOPMENT POTENTIAL IN THE HEART OF VANCOUVER KNIGHT STREET KINGSWAY KING EDWARD AVENUE PROPERTY HIGHLIGHTS • Prime location on the corner of Kingsway and Knight Street with exceptional frontage along the highly trafficked intersection. • Property is 100% leased to a Fortune 150 Company on a carefree triple net lease. • Excellent redevelopment potential under the existing C-2 zoning with secure holding income in place. • Available Clear Title. THE OPPORTUNITY A 100% OCCUPIED SINGLE TENANT INVESTMENT OPPORTUNITY The Offering represents a rare opportunity to acquire a 100% leased single tenant investment property with WITH ATTRACTIVE ZONING FOR FUTURE REDEVELOPMENT excellent redevelopment potential. The Property is currently leased to Dollar Tree, a Fortune 150 Company, on a carefree triple net lease until October 2020. The Property has attractive zoning in place that provides for a buildable density of up to 18,500 sq. ft. and up to 45 feet in height. The Property is located in the heart of Vancouver in the Kensington Cedar Cottage neighbourhood, providing excellent frontage along two of Vancouver’s main arterial roads, Kingsway and Knight Street. 445 Kingsway 610-644 Kingsway FSR: 3.69 Kensington Views FSR: 3.75 Proposed Development Proposed Development Second + Main 3420 St. Catherines Street 1837-1847 Main Street Avg $/SF: $960 Avg $/SF: $1,316 INVESTMENT HIGHLIGHTS MT. ST. JOSEPH HOSPITAL • 100% leased to Fortune 150 Company (Dollar Tree). KINGSWAY Elenor on Fifth 2106 Main Street • In-place holding income of $138,750 until Avg $/SF: $1,385 October 31st, 2020 with one option to renew on 5- year term. 855 Kingsway DONG THANH SUPERMARKET FSR: 3.3 1247 Kingsway • Available Clear Title. Proposed Development FSR: TBD Windsor Views HAI PHONG VIETNAMESE Proposed Development 979 East 19th Avenue Avg $/SF: $918 DOMINO’S PIZZA KNIGHT STREET LOCATION HIGHLIGHTS CEDAR COTTAGE BAR & LIQUOR STORE PO KONG PALLET COFFEE ROASTERS TYEE ELEMENTARY • Ideally located on the high-exposure intersection SUN BO KONG VEGETARIAN RESTAURANT 1303 Kingsway & 3 of Kingsway and Knight Street in the Kensington 728 Clark Drive Cedar Cottage neighbourhood. HOUSE OF DOSAS FSR: 3.36 VANCOUVER PUBLIC LIBRARY Proposed Development • Within close proximity of an abundance of retail amenities and mixed-use commercial developments that have spurred strong ANYTIME FITNESS CIBC demographic growth in the area. • Central Vancouver location offers a 15-minute SERVICE CANADA TRUNG NGUYAN CAFE drive to Downtown Vancouver and 5-minute SAVE-ON-FOODS WHITE SPOT drive to the Nanaimo SkyTrain Station. ICY BAR PINK PEPPERCORN DEVELOPMENT POTENTIAL KINGCREST KENSINGTON-CEDAR PARK COTTAGE • Attractive C-2 zoning provides for a wide range of potential uses that include both commercial and residential uses. • Zoning provides for a density of up to 2.5 FSR, or 18,500 buildable square feet, and a maximum height of 45 feet. Additional density and height may be considered under City’s rental housing policies (Rental 100, MIR Program). $1,069 $1,057 • The surrounding area is witnessing a surge of QUICK residential and mixed-use development along Avg. Condo Price Per Sq. Ft. Avg. Condo Price Per Sq. Ft. the Kingsway Corridor and Knight Street. STATS (Vancouver East – Concrete (Vancouver East – Woodframe 92 99 36,000+ Development) Development) Walking Score Bike Score Daily Traffic Count KINGSWAY EAST 22ND AVENUE 1409 VANCOUVER | BC second 005-815-479; LOT 1 ,EXCEPT PORTIONS IN floor KNIGHT STREET EXPLANATORY PLAN 6730 AND REFERENCE PLAN LMP21776 OF LOTS A AND B BLOCK 1 OF BLOCKS PID & Legal Description 2 AND 4 DISTRICT LOT 352 PLAN 6542 KINGSWAY 005-816-114; LOT 2 OF LOTS A AND B BLOCK 1 OF BLOCKS 2 AND 4 DISTRICT LOT 352 PLAN 6542 Neighbourhood Kensington-Cedar Cottage Ground Floor Area - 7,357 sq. ft. Second Floor Area - 4,109 sq. ft. EAST 22ND AVENUE Building Size Basement Area - 4,659 sq. ft. Total Building Area - 16,125 sq. ft. Occupancy Rate 100% Tenant Dollar Tree Stores Canada, Inc. ground KNIGHT STREET Current Lease Term November 1, 2015 – October 31, 2020 floor Option to Renew 1 x 5 Year Option Projected Net Operating $138,750 per annum KINGSWAY Income (2019 FY) Site Size 7,400 sq. ft. Site Dimensions Irregular Shape Zoning C-2 EAST 22ND AVENUE Permitted Density 2.50 FSR Permitted Buildable Sq. Ft. 18,500 Permitted Height 45 feet Property Taxes (2018) $48,030 KNIGHT STREET Financing The Property is available Clear Title Interested parties will be required to execute basement and submit the Vendor’s form of Confidentiality Offer Process Agreement prior to received detailed information about the Property. KINGSWAY Asking Price $6,750,000 For more information please contact: Kevin Douglas Associate Capital Markets +1 604.998.6142 [email protected] © 2018 Jones Lang LaSalle IP, Inc. All rights reserved. Information set out herein (the “Information”) has not been verified by Jones Lang LaSalle Real Estate Services, Inc., Brokerage and any and all of its real estate agents/staff, and to all other divisions of the company (collectively “JLL”). JLL does not represent, warrant or guarantee the accuracy, correctness and complete ness of the Information. Given the limitations of the investigations, inquiries and verification that JLL have undertaken, the reliability of this Information must be treated with a suitable degree of caution and neither JLL or any of their affiliates accept any liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be placed on the information contained in this document. JLL does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from JLL. .