PURCHASE PRICE: $265,000
DATE PURCHASED: April 15th, 2020
CASH ON CASH RETURN: 8%
COMPOSITE RETURN: 8%
TENANCY: Elite Poultry Services Ltd.
YEAR BUILT: 1976
FOOTAGE: 2,560 Sq. Ft.
JOINT VENTURE: Safety First Projects 10 Ltd.
This is a particularly unique opportunity in that it is essentially the first piece of an assembly of a development site with existing cash flow while we wait for the opportunity to acquire the corner portion of the assembly.
We have been watching this property for some number of years and came very close to purchasing it 15 years ago. Subsequent to that time, a tire shop leased the property and operated for many years. Then another tire shop chain leased the property and installed new floor hoists at considerable investment but ultimately closed out within about three years. The hoists come with the property and add many thousands of dollars of value.
Today the property is leased to Elite Poultry Services’s Ltd. headquartered in the lower mainland of British Columbia and who have just renewed their lease for a further year.
When the property is deemed to be ready to utilize for development, the existing steel Butler Building and Storage Building can be sold to be removed from the site to recover a portion of the equity in the property.
Currently, the property has broad appeal to a wide range of prospective tenants who can utilize the shop and fenced storage of the property.