2 Apartments over Prime Retail
The retail/mixed-use building consists of ground floor street-facing retail with two frontages, currently housing a Mexican restaurant, with 2 apartments above and to the back, both of which are currently fully tenanted.
Resting on a parcel of 4,012 sq ft there is also good potential to assemble the site with the neighbours for redevelopment in the future. Meanwhile, there is a good hold income in the interim, in a sought after and gentrifying region of the City. The property is currently zoned as C-2 but designated in the OCP as RM Residential which allows moderate-sized multiple-unit residential buildings. If DP guidelines are met, there could be potential for a five or six storey low rise building.
Additionally, the residential and the commercial rents are considerably under market giving an investor potential for a higher return within the near future.
Prime Location | New Westminster
New Westminster is the former capital of British Columbia and famous for its heritage buildings, waterfront area, various festivals and Queens Park. Located on the north bank of the Fraser River, it’s bordered by Burnaby to the north and west, and Coquitlam to the northeast. Surrey is southwest of New Westminster on the other side of the river, and Vancouver is about 20 km or a half-hour drive to the west.
New Westminster is fairly well-served by public transportation. The New Westminster and Columbia Street SkyTrain Stations are close to the waterfront, and in the summer the Q to Q Ferry runs between the Queensborough and Quayside neighbourhoods. The Uptown district is the city’s main “downtown” area. Columbia Street is also a popular commercial area with stores and older heritage buildings.
Main places of interest in New Westminster include the following:
+ 1 or 2 retail store fronts
+ 2 apartments, 1 x 1 bed and 1 x 2 bed
+ Good potential for rent growth
+ Popular Location
+ Good redevelopment potential
+ Close to City Centre
+ Close to Moody Park
+ RM Designation in OCP