6.4% Cap rate. Ten-unit strip mall for sale. High-traffic location on St Joseph Blvd in the East of Ottawa. Substantial upside opportunity to increase rental rates over the coming cycle of renewals. The newest leases in 2022 and 2023 are $30 net with a scheduled 2.5% annual increase. Most leases are still far below market value offering a sophisticated investor a significant upside for increased cash flow and property value. A five-year projection places the building at a value in excess of $6,900,000 based on an average income of $33 net psf at that time. This is a well-maintained property with 8 of the 10 rooftop HVAC units having been replaced within the last few years and the roof replaced in 2018. No major capital costs are needed for many years. We are currently seeking tenants for two small adjacent units as a lease recently expired. A clean phase 1 environmental report was completed in March 2023 and is available. (id:48414)
| MLS® Number | 1334920 |
| Property Type | Retail |
| Neigbourhood | Orleans Village-Chateauneuf |
| Parking Space Total | 42 |
| Constructed Date | 1990 |
| Acreage | No |
| Size Depth | 141 Ft |
| Size Frontage | 275 Ft |
| Size Irregular | 0.83 |
| Size Total | 0.83 Ac |
| Size Total Text | 0.83 Ac |
| Zoning Description | Am |
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