investment offering contemplates the Lindholm Building, a +/- 24,652
sq. ft., Three (3) and one-half storey, fully leased office building
located at 736 Broughton Street, plus the adjacent lot at 732
Broughton Street, comprising +/- 7,200 sq. ft. located immediately
west of the subject.
The vacant site is currently utilized as a surface parking lot
containing a total of Thirty (30) parking stalls rented on an hourly
and monthly basis. The office building, also located on a +/- 7,200
sq. ft. standard lot, and the adjacent parcel, each have frontage to
Broughton Street of +/- 60 feet with a depth of +/- 120 feet.
The subject properties are located mid block on the north side of
Broughton Street between
Douglas and Blanchard Streets in the heart of Victoria’s central
business core. Notable properties
in the immediate vicinity of the subjects are the Sussex Building, the
Main Branch of the Greater
Victoria Public Library, the Royal Bank Building, Scotiabank Building,
plus numerous amenities and
The building is currently occupied by Seven (7) private sector office
tenants plus the very popular Japanese Village Restaurant on the lower
level. The entire 3rd Floor, and a portion of the 2nd Floor
are leased to a legal firm with 4 years remaining on a Ten (10) year
lease. These premises, as well as the common areas throughout the
building, are improved to a very high standard.
Building constructed in 1976 of steel frame with 2 “character” brick
feature walls with a combination of natural cedar, stucco and
masonry exterior wall treatments.
- Partial 4th Floor premises
have access to exterior roof deck area.
- Roof is corrugated steel decking
with asphalt covering and was replaced in 1990.
- Very well maintained property with
quality interior finishes featuring new thermopane windows with
automated fireguard shutters along east and north sides of building,
- Building standard power is 200 Amp 3
- Single Montgomery 2,000 lb., ten
person capacity elevator.
- Adjacent excess land appropriately
zoned for future development consideration and Vendor has plans
completed for proposed office building.
CA-4 Zone: Central Area Commercial Office District, permitting a wide
range of commercial and residential uses. This Zoning category is
recognized as the most permissive in the City of Victoria, allowing
the highest Floor Space Ratios (FSR) and building heights along with
minimal or no parking or building set back and permitting virtually
all commercial land uses.
Four Million, Two Hundred & Fifty Thousand Dollars ($4,250,000.00)
ACTUAL NET INCOME:
Lindholm Building (Net Operating Income 2004): $303,969.50
Parking Revenue (est. for 2004): $ 19,039.51
Total Net Operating Income (2004): $323,009.01
OPERATING COSTS & PROPERTY TAXES:
Lindholm Building: $8.69 (Estimated for 2004).
Lindholm Building: Lot 63, LD 57, Victoria, PID 004-543-572,
Vacant Land: Lot 62, LD 57, Victoria, PID 004-543-599.