A large industrial-zoned building in Nanaimo has sold for $3.93 million, Colliers International tells Western Investor.
The multi-tenant building is situation on two acres, with 51 paved parking stalls and grade and dock loading doors. The property has a high capitalization rate of 7.25 per cent, offering investors with stable and consistent rental income. The building is presently fully-leased by VI Newspaper Group Limited and UTC Corporation. The property sold for just over $1 million less than its assessed value.
The property is located at 2575 McCullough Rd., Nanaimo.
Breakdown:
Price: $3,930,000
Lot Size: 2.08 acres
Property Type: Industrial
Zoning: I3
2016 B.C. Assessment Value: $5,148,000
Date of Sale: 12/28/2017
City: Nanaimo
Province: B.C.
Name of Brokerage: Colliers International Nanaimo
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