- Sold
Description
Original Opportunity: 2 Apartments | 1-2 Retail Store Fronts
Apartments Over Prime Retail Close To New Westminster City Centre
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.
Salient Facts
- Address 831 12th Street, New Westminster
- Current Zoning C-2
- OCP Designation RM Residential (moderate-sized multiple unit residential)
- Lot Size 4,012 SQFT
- Store Fronts 1-2
- 2 Apartments 1x1 bed and 1x2 bed
Key Features
- Feature 1: City Centre
- Feature 2: 1-2 Retail Store Fronts
- Feature 3: 2 Apartments | 1x1 bed and 1x2 bed
Location
- Description: 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.
