DOUG MERESKA
(403) 394-8239
AVISON YOUNG
403-330-3338
2930 9 Avenue N
Lethbridge , Alberta T1H 5E4
Lethbridge , Alberta T1H 5E4
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Agriculture For Sale
$9,200,000
Centrally located in the Industrial Park this investment property has excellent access and exposure to North Lethbridge as well as highways AB-3 and AB-4. A 3.3-acre industrial property with multiple entrances along three sides of the property’s corner profile, the site is accessible for large vehicles and accommodates logistical needs. The building itself features open warehouse space with 14’-18’ ceiling heights, overhead heaters, 600-amp electrical service, and new LED lighting throughout. There are six ground level doors, three dock-height loading docks and one declining loading dock. Sections of the yard space are fenced and gated.
This investment property features a single, long-term tenant with a strong covenant. The current net income for the property is $687,225, reflecting a capitalization (cap) rate of 7.47% based on the asking price. This net income includes a 5% administration fee. The internal rate of return (IRR) on the asking price is projected at 12.43%, incorporating a $12,000 annual management fee, a 5% vacancy allowance starting in year three, and a 3% capital expense reserve. The financial projections also assume a rental rate increase from $8.50 to $9.50 per square foot in year three, followed by annual increases of 2% for the remainder of the 10-year forecast period. The projected sale price at the end of year ten is calculated using the forecasted income at that time and a 7.5% cap rate.
Transaction Type
For Sale
For Sale
Title
Fee Simple
Fee Simple
Days On Market
41
41
Business Name
BASF
BASF
Business Type
Agriculture
Agriculture
Zoning
I-G
I-G
Subdivision
Shackleford Industrial Park
Shackleford Industrial Park
Building Type
Free-Standing,Warehouse
Free-Standing,Warehouse
Year Built
1973
1973
Structure Type
Industrial
Industrial
Property Type
Commercial
Commercial
Property Sub Type
Industrial
Industrial
Legal Plan
702LK
702LK
Building Area (Sq. Ft.)
77000.00
77000.00
Building Area (Sq. M.)
7153.47
7153.47
Lot Size (Sq. Ft.)
143748
143748
Lot Size (Acres)
3.30
3.30
Lot Features
Corner Lot
Corner Lot
Access to Property
Accessible to Major Traffic Route,Direct Access,On Major Traffic Route,Paved Road,Public,Public Transportation Nearby,Two-Way Access
Accessible to Major Traffic Route,Direct Access,On Major Traffic Route,Paved Road,Public,Public Transportation Nearby,Two-Way Access
Inclusions
None
None
Restrictions
None Known
None Known
Reports
Leases,RPR,Title
Leases,RPR,Title