REGIONAL COMMERCIAL INVESTMENT OPPORTUNITY

2316 COLUMBIA AVENUE | CASTLEGAR BC

$990,000

For Sale

$990,000

For Sale

The Opportunity

On behalf of the Seller, RLK Commercial is pleased to offer for sale a 100% freehold interest in 2316 Columbia Avenue, located in Castlegar, BC (the “Property”). Featuring a premier commercial office building with +3,000 SF of leased area, substantial capital upgrades, significant exposure along Columbia Avenue, and 100% leased to the British Columbia General Employees’ Union (BCGEU) with a recent 5-year renewal expiring in April 2029, the Property offers an exceptional opportunity for investors to access long-term income stability and growth. Centrally located with direct access to, and prominent exposure along Columbia Avenue (Hwy 22), Castlegar’s primary commercial corridor. The Property is within a 1-minute drive of the 20th Street commercial node, with endless restaurant, service and entertainment amenities for tenant employees. The building has further benefited from significant recent capital upgrades, including a 60-year rubber roof, rooftop HVAC, hot water tank, and more.


Property Details

MUNICIPAL ADDRESS 2316 Columbia Avenue, Castlegar BC
SITE AREA ~21,345 SF*
YEAR BUILT 2009
LEASED AREA 3,000 SF
BASEMENT AREA 1,051 SF
OCCUPANCY 100%
REMAINING LEASE TERM +5 years
PARKING STALLS +/- 12
ZONING C2 (Highway Commercial)
PRICE $990,000
CAP RATE ~6.25% (subject to change)

PROPERTY OVERVIEW

Originally constructed as a single-storey home, and fully retrofitted to a two- storey commercial building in 2009. 2316 Columbia Avenue represents one of the highest quality free-standing commercial office buildings in Castlegar. The top floor from frame to newly finished in 2009, with all major components including 60-year rubber roof, exterior stairs, and patio constructed at that time. The first floor was remodelled with a new bathroom, new lighting, office addition, and new exterior security doors. Electrical systems were 60% upgraded and plumbing was 100% upgraded. The exterior has been modified and re-stuccoed. The entire front parking lot was asphalted and re-surfaced once since. The basement was completely dry-locked and a fire resistant ceiling installed in 2015. A new main water line was installed in 2018. Primary heat source is provided by a heat pump, with a back up furnace.

Since 2009, the Tenant (BCGEU) has made several major investments into the building themselves, including installation of an interior elevator to the 2nd floor, several exterior cameras with interior conferencing cameras and recording system, alarm security system, secured card access system, and radon remediation.

Upon entering the main floor is a large reception area, leading to 4 offices 2 bathrooms, small kitchen and large meeting room on the main floor as well as elevator access to the top floor. The upper floor offers a second kitchen, bathroom, office, very large conference room, smaller meeting room and storage/office area. The top floor also has multiple doors opening out onto a deck that overlooks the back property. The building is metered for both water and sewer, and the building is fully wheelchair accessible.

The easement on title is related to a water and sewer line extending along the north side of the Property.

The Property offers an estimated ~8,000 SF of surplus available land at the rear of the property for potential parking lot expansion or development opportunities. The seller also owns the adjacent vacant lot at 803 24th Street (13,852 SF, R1-zoned), which could be paired with the sale of 2316 Columbia Ave.


Location Overview

With immediate access to Highway 6 via Columbia Avenue within minutes, the Property offers convenient regional connectivity throughout the BC Interior and to the U.S. border (~1 hr.). Castlegar represents a key commercial hub in the BC Interior, given its location along Highway 3 (Crowsnest Highway), connecting Alberta in the east to Vancouver in the west (and Kelowna via Highway 33). Castlegar’s West Kootenay Regional Airport (WKRA) with Air Canada Jazz, runs the most consistent regional flight schedule to major regional destinations. Local businesses in the Kootenay Region benefit from a total trade area of nearly 70,000 people, and a thriving tourism industry that in 2019 saw ~550,000 visitors spend over $600 million.


Property Details

Property Type:

COMMERCIAL

Address:

2316 COLUMBIA AVENUE | CASTLEGAR BC

Leasable Area:

3,000 SF

Land Area:

~21,345 SF

Zoning:

C2

CAP Rate:

~6.25%

Parking:

+/- 12

BROCHURE

Download File

Presented By

Tristan Chart, CFA

250.777.7493

Email Tristan Chart, CFA

tristan@tristanchartcommercial.com


Request More Info



Property Details

MUNICIPAL ADDRESS 2316 Columbia Avenue, Castlegar BC
SITE AREA ~21,345 SF*
YEAR BUILT 2009
LEASED AREA 3,000 SF
BASEMENT AREA 1,051 SF
OCCUPANCY 100%
REMAINING LEASE TERM +5 years
PARKING STALLS +/- 12
ZONING C2 (Highway Commercial)
PRICE $990,000
CAP RATE ~6.25% (subject to change)

PROPERTY OVERVIEW

Originally constructed as a single-storey home, and fully retrofitted to a two- storey commercial building in 2009. 2316 Columbia Avenue represents one of the highest quality free-standing commercial office buildings in Castlegar. The top floor from frame to newly finished in 2009, with all major components including 60-year rubber roof, exterior stairs, and patio constructed at that time. The first floor was remodelled with a new bathroom, new lighting, office addition, and new exterior security doors. Electrical systems were 60% upgraded and plumbing was 100% upgraded. The exterior has been modified and re-stuccoed. The entire front parking lot was asphalted and re-surfaced once since. The basement was completely dry-locked and a fire resistant ceiling installed in 2015. A new main water line was installed in 2018. Primary heat source is provided by a heat pump, with a back up furnace.

Since 2009, the Tenant (BCGEU) has made several major investments into the building themselves, including installation of an interior elevator to the 2nd floor, several exterior cameras with interior conferencing cameras and recording system, alarm security system, secured card access system, and radon remediation.

Upon entering the main floor is a large reception area, leading to 4 offices 2 bathrooms, small kitchen and large meeting room on the main floor as well as elevator access to the top floor. The upper floor offers a second kitchen, bathroom, office, very large conference room, smaller meeting room and storage/office area. The top floor also has multiple doors opening out onto a deck that overlooks the back property. The building is metered for both water and sewer, and the building is fully wheelchair accessible.

The easement on title is related to a water and sewer line extending along the north side of the Property.

The Property offers an estimated ~8,000 SF of surplus available land at the rear of the property for potential parking lot expansion or development opportunities. The seller also owns the adjacent vacant lot at 803 24th Street (13,852 SF, R1-zoned), which could be paired with the sale of 2316 Columbia Ave.


Location Overview

With immediate access to Highway 6 via Columbia Avenue within minutes, the Property offers convenient regional connectivity throughout the BC Interior and to the U.S. border (~1 hr.). Castlegar represents a key commercial hub in the BC Interior, given its location along Highway 3 (Crowsnest Highway), connecting Alberta in the east to Vancouver in the west (and Kelowna via Highway 33). Castlegar’s West Kootenay Regional Airport (WKRA) with Air Canada Jazz, runs the most consistent regional flight schedule to major regional destinations. Local businesses in the Kootenay Region benefit from a total trade area of nearly 70,000 people, and a thriving tourism industry that in 2019 saw ~550,000 visitors spend over $600 million.