New Westminster Professional Building 625 5th Ave

Opportunity
NAI Commercial, on behalf of Symphony Hill (the “Vendor”) is pleased to offer this opportunity to acquire a 100% interest in a 60,000 SF fully occupied, eight-storey, concrete medical / office building together with excess development land totaling 8,710 SF. The development land has plans to develop a 45,276 SF 7-storey medical / health building. This lot could also be developed as a multiunit residential building with commercial at grade. The building has 100% occupancy with a diverse variety of 30+ stable tenants and is priced well-below replacement cost.
Almost half a city block in size, the two properties are centrally located within the core of Uptown New Westminster, a block from Royal City Centre Mall, library, Moody Park and bustling Sixth Street. With a current low supply of office and commercial space in the area, both properties will experience continual upside.
Lot Size
625 Fifth Ave - 25,984 SF
513 Seventh St - 8,710 SF
Total - 34,694 SF
Building Area
Gross: 60,000 SF
Useable: 49,734 SF
Occupancy
49,734 SF (100%)
Property Highlights
- Eight-storey concrete building with plenty of parking - 28 surface and 76 underground stalls
- Common areas were recently renovated and modernized, bringing a fresh look and feel to the building
- Building HVAC system updated
- Priced well-below replacement costs
- Corner vacant lot to be developed
- Diverse tenants mainly in medical
- Well maintained and 100% occupancy
- Attractive cap rate with annual rent increases
Proposed Development on Parking Lot
- 45,690 SF of Gross Building Area (5.25 FSR)
- 2,928 SF of Retail
- 34,152 SF of Office across 7 storeys
- Land use: (MH) Mixed Use – High Rise
- Approximately 2,245 SF of wrap-around balcony space on the 4th floor