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$ 3,495,000
Est. payment | /mo
3 Baths
21,000 SqFt
$ 3,495,000
Est. payment | /mo
3 Baths
21,000 SqFt
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Approx. Sqft 21000
Square Footage 21,000 sqft
Price per Sqft $166
Subdivision 810 - Brockville
MLS® Listing ID X13577812
Lot Size 1.180 Acres
Acres 1.18
Property Description
This offering presents an opportunity to acquire a downtown Brockville retail investment on King Street West, comprising approximately 21,000 sq. ft. of main floor retail space together with approximately 11,000 sq. ft. of second-floor mezzanine area. The property is fully leased to a single tenant under a net, carefree lease extending to April 2028. Based on the 2028 rental rate, the current asking price reflects an approximate 5.68% market capitalization rate. The tenant has successfully operated from this location for approximately five years and holds one (1) additional five (5) year renewal option at fair market rent, exercisable with a minimum of six (6) months' prior written notice. The lease also includes a valuable redevelopment clause, permitting the Landlord to terminate the tenancy upon 120 days' written notice to recapture vacant possession for reconstruction, redevelopment, demolition, or a change of use. This provides investors with stable in-place income while preserving a contractual pathway to future redevelopment and highest-and-best-use opportunities. The sprinklered building features ceiling heights of approximately 20 feet on the western portion of the main floor, with approximately 10-foot clearance beneath the mezzanine. The property is improved with a commercial building originally constructed in 1972 as a Canadian Tire store. It was expanded in 1991 and converted to furniture retail use in 1999. The current tenant operates one of a three-store thrift and consignment retail chain. Strategically located in Brockville's downtown core, the property is situated adjacent to Metro Grocery and Circle K, occupying a prominent corner location at King Street West and Gilmour Street, less than one block from the Brockville Arts Centre. The location benefits from excellent exposure, strong pedestrian activity, and convenient access to the surrounding commercial district. Serving a regional population extending well beyond its municipal boundaries (id:24570)
Location
State ON
Rooms
Kitchen 0.0
Interior
Heating Forced air
Cooling Fully air conditioned
Exterior
Parking Features No
View Y/N No
Attached Garage No
Total Parking Spaces 100
Garage No
Private Pool No
Building
Sewer Sanitary sewer
Listed by RE/MAX RISE EXECUTIVES, BROKERAGE