While interest rates are rising and some of the housing market seems to be slowing down, I can tell you that there seems to be still demand for commercial real estate properties. In fact I have sold a commercial property each of the last two weeks. That being said, I have to admit that both buyers were the result of door knocking on my part in looking for buyers for my listings. However, in addition to those buyers both properties sold had multiple interested parties in the last couple of weeks. This may be the result of low inventory in the Prince George Market and if you have properties to sell it might be a favourable time. Some interesting properties have come to the market in the last couple of weeks, however most of these are out of town. Here is what I have noticed that you might be interested in.
Vanderhoof:
1. Post office building is for sale. This building is unique in the fact that it has a government tenant in the post office. However, the building also includes 10 other offices and residential units. An NDA will need to be signed for the financial package. (Click here for more information).
Quesnel: 2 properties
32 Unit Apartment building in Quesnel priced at $3.9 M- while the cap rate is low, it seems to be well built and making money. $226k per year. This is a new listing and with cap rates needing to be around 8% for investors the price should probably be a little under $3M to make it worthwhile. (Click here to check the listing).
Scotia Bank Building For Sale - This building has been for sale for over a year and has been reduced in price. Cap rate is looking like 11% based on assumed increases in rent and information from the listing realtor. IRR 35% . While the information seems appealing it should be verified. There appears to be 6 tenants and one is the current owner, again there would need to be verification of financials. Below is a link to their brochure which is quite well done. Let me know if you would like me to do any work on this for you. (Click here to heck the listing).
Prince George: 3 properties
Office Space to Lease Ogilvie: This property came up and I went to view it with a client. It wasn’t the right spot for them, however it is a gorgeous office space with 4 or 5 office spots with doors plus an open area. Its 1100 square feet but seems larger. Renting for approximately $2000 per month all in on Ogilvie Street. (Click Here to View Listing)
8 Building Lots near Boundary Road. Just over ½ acre of land includes 8 lots probably suited to a small mobile home park. Click Here to View Listings. The price of $279k and the location makes these of interest.
3 Warehouses: I have a listing for 3 warehouses for a total of 44,000 square feet. These are located on 3 acres and have rail access. The right owner could make a considerable return. The current owners will lease back part of the buildings. Check out the Drone Video. Here is the information package.
Small Business Opportunities
I have two listings for small businesses in Prince George that seem to make sense. Both are profitable and both are owner run.
Embroidery Shop is a business that could be run by a part time owner. The current owner is retiring and has staff. The business is profitable and includes inventory and a wide range of clients. This is a fun business that could easily be grown and really makes a difference by creating meaningful employment for people in a creative setting. At $339k it might make sense for you or a family member. Click here for more information.
Power Tools Repair Shop. This business continues to grow month over month and year over year repairing small engines and tools for both commercial and individual customers. In a great location with huge growth potential this business could be a real gem for someone who is great with their hands or good with customers and people. This business includes approximately $250k in assets, is bank financeable, and profitable. Click here for more information.
Exclusive Listings
Sometimes realtors have something called pocket listings, these are listings that the owners do not want to be made public, however may be of value to the right people. If you have something in mind that you are looking for, I have a number of exclusive listings. Reach outby emailing me directly dave@businessrealtor.ca.
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