4351 No. 3 Road

$49,999,999
4351 No. 3 Road
Richmond, British Columbia V6X3A7

Listing ID: C8029600
Bedrooms: 0 | Bathrooms: 0
Rare and fantastic hold&re-develop investment opportunity on No.3 Road. OCP allows up to 3 FSR, and similar lands nearby have achieved higher density than OCP allowance. This is a commercial re-development site with impressive holding income for the next 10 years. Sitting in the heart of future Richmond CBD, surrounded by beautiful new upcoming commercial developments, this site will achieve extraordinary value after surrounding areas become more developed. The site is currently fully tenanted, and majority of the tenants are paying significantly below-market rates. We have increased net rent on 2019 tenancy replacements significantly, ground floor retail replacements have achieved 118% increase while second floor office units have achieved roughly 50% rental increase. Current NOI roughly 1.35M, we project the rental income to double by the end of 10 years. (id:21083)
Rare and fantastic hold&re-develop investment opportunity on No.3 Road. OCP allows up to 3 FSR, and similar lands nearby have achieved higher density than OCP allowance. This is a commercial re-development site with impressive holding income for the next 10 years. Sitting in the heart of future Richmond CBD, surrounded by beautiful new upcoming commercial developments, this site will achieve extraordinary value after surrounding areas become more developed. The site is currently fully tenanted, and majority of the tenants are paying significantly below-market rates. We have increased net rent on 2019 tenancy replacements significantly, ground floor retail replacements have achieved 118% increase while second floor office units have achieved roughly 50% rental increase. Current NOI roughly 1.35M, we project the rental income to double by the end of 10 years. (id:21083)
Presented By:
Details
Listing ID: C8029600

Property Type

Retail

Built in

1976
Building

Floor Space

127786 sqft
Rooms
Amenities
Back
MLS #: C8029600
Courtesy of RE/MAX Crest Realty
Do you like this property?
Email Us