160 14480 River Road, Richmond, BC
The subject property is strategically located in Richmond, BC, with easy access to Hwy 91, Hwy 99, Knight Street Bridge and close to Vancouver International Airport. The industrial building is a well kept, 6 unit strata. The 3000 sf unit is fully finished with lab, office, and storage space. Industrial properties in the area are in demand, especially owner occupied strata units such as this.
- Fully finished industrial space with move-in capability for industrial tenants
- 3 parking spaces directly out front
- High area lease rates with good potential cap rates
- Property Size = 2975 sf
- Zoning = IC-1 (light industrial)
- Actual Use = light industrial and office
The client in this property was an owner occupier with retirement plans. An opportunity arose with a neighbouring owner for business expansion and property addition. Given the rising values of industrial properties recently, the challenge was to assess and find the fair market value at present. Few recent sales of such properties in the area made it difficult to identify that value, but comparative analysis and cap rate analysis allowed for a mutually agreeable number of $580,000 to be reached.