The property is an irreplaceable, "small-bay" multi-tenant property designed to demise into as many as 10 separate units of + 3,000 SF each. The units offer highly functional rectangular layouts and are primarily served by drive-in shipping doors. Recent capital improvements include a roof replacement (2022) and partial re-paving of the asphalt areas (2018). Currently, the property is 72% occupied by five tenants with a remaining weighted average lease term (WALT) of approximately one year. Due to its strategic location, small unit sizes and near-term lease expiries, the Property is potentially well-suited for a conversion into "strata-condos". Individual "strata-condo" units are estimated to sell in the $460 to $480 per SF range, a significant premium to the asking price for the Property. The Property is offered for sale with an assumable mortgage advanced on the basis of a "strata-condo" conversion with the ability to advance a further $2,000,000.00 for renovations and conversion costs. Alternatively, an investor could keep the Property as an income-producing asset and grow rents to a market range of $19.00 Net per SF.
Address
2390 Cawthra Road
List Price
$9,495,000
Property Type
Commercial
Type of Dwelling
Investment
Area
Mississauga
Sub-Area
Dixie
County
Peel
Lot Size Source
GeoWarehouse
Lot Depth
374
Lot Shape
Rectangular
Lot Type
Building
Lot Size Units
Feet
Lot Width
174
MLS® Number
W12060442
Listing Brokerage
COLLIERS
Postal Code
L5A 2X1
Tax Amount
$56,994.52
Tax Year
2024
Heat Type
Gas Forced Air Open
Cooling Features
Partial
Garage Type
Outside/Surface
Security Features
Yes
Sewer
Sanitary+Storm