This offering presents the opportunity to acquire a fully leased freestanding mixed-use building located in Surrey’s Historic Downtown Cloverdale. This low maintenance investment property includes 6 residential suites and 2 commercial units, with an annual net operating income of $98,173.71. This listing has been repriced to encourage a quick sale.
This property is co-listed with Mark Goodman Personal Real Estate Corporation of Goodman Commercial Inc.
Total Premise Size
Land Size (sf):
5733 176 Street
- Fully leased
- Annual NOI: $98,173.71
- Cap rate: 5.2%
- 4,420 sf mixed-use building on 4,356 sf lot
- 6 residential units: 3 bachelor suites; 2 one bedroom suites; 1 two-bedroom suite
- 2 ground floor retail/commercial units
- Total leasable area: 4,368 sf
- Reserved surface parking at rear and free street parking in front
- Residential units fully self-managed by tenant (Lookout Society)
This subject property is located in the heart of Historic Downtown Cloverdale, which is home to both unique heritage buildings and new commercial and residential developments. The property boasts a walk score of 83 and is surrounded by commercial and community amenities including the Cloverdale Library and Museum of Surrey, benefiting from its central location with convenient access to Highway 10 and 15. The Cloverdale Town Centre Plan was adopted by Council in 2019 to support the area’s growth for the next 20-30 years by accommodating future housing, jobs and amenities and projects that the area’s population will grow by 119% to over 15,800 people.