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Commercial And Residential Income Property
Location British Columbia,Canada
Asking Price Range $500K - $1.0M
Gross Revenues $900000
Net Profit / Cash Flow $90000
Cash Flow Type Sellers Discretionary Cash
Seller Finance Yes
Year Established 1998
Number of Employees 1 - 3
Relocatable No
Number of Employees 1 - 3
Real Estate Owned
Reason for Sale Moving to the interior of BC
Description Priced at $950,000 with a potential gross income of $140,000. This property offers a cap rate of 12-15%.
It is made up of four commercial residential units and five residential units. The property complex consists of a three-storey, commercial and residential complex on a view site in the City of Queen Charlotte.
The property and business provide the owner with three sources of income (1) residential tenants, (2) commercial tenants and (3) business income (he operates two of the four businesses on the property). In addition the owners (husband and wife) have their home on the top floor of the building. This is made up of over 2,000 sq. ft. of open plan living.
The site is a corner parcel with an area of 1,022 square metres (11,000 square feet). From the upper floor of the building there are excellent views of Bearskin Bay/Skidegate Inlet.
The property is centrally located within the commercial core of Queen Charlotte City. It is situated adjacent to a new Visitor Reception Centre and is close to the government wharf, public floats and seaplane facilities.
The main floor is developed for multiple-unit commercial occupancy. Current businesses include a convenience store and ''Dollar Store'' (both owned and operated by the Seller) plus a restaurant and office tenancy. The second floor is developed as four apartments, two 2-bedroom and two 1-bedroom units. The third storey is developed as a large owner's suite.
The owner's businesses (the convenience and ''Dollar Store'') cater to the local community along with the tourists and boaters visiting/mooring in the immediate area. The convenience store has been a successful business since the 1990's and is the only business of its type on the island and within this yachting area. It is a ''true general store'' offering a one stop shop for all.
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