This is the first time this commercial property has ever been offered for sale. A good opportunity to own almost half an acre, two thriving businesses plus a gas/diesel station on one of Londons busiest arteries.
Please note, it is physically possible to separate the gas station and the variety store.
The West side Market has operated as a convenience store for over 50 years and the Restaurant has been in business for at least 34 years. Along with the Gas Bar these three operations attract an overlapping clientle.
This property consists of over 2300 sq. feet of buildings on almost half an acre of land with parking for 30 cars.
Wharncliffe is a busy street, 22.5 thousand cars on average pass daily and the corner is accessible from several directions and entrances.
There is a bus stop and traffic light directly connected to this corner.
A desirable Zoning of AC4(9).
Income from 4 Billboards.
The last soil test gave us the highest possible rating.
There are high density mixed neighborhoods directly west & north and the subject property is 3 blocks from the downtown core and on a direct route to the University of Western Ontario.
We also own four houses directly beside this property, running down Wharncliffe, the major artery,
that is also available, but not included in this offering.
The restaurant rent is $3,600/ month. They also pay 50% of the property tax. They have a lease that extends until March 15, 2012. The lease contains a renewal term of 5 years. The first 2 of which remain at $3,600 and the last 3 at $3,800. The renewal term ends in 2017.
The store pays $1,550/ month. They also pay 50% of the property tax. They are at the end of their 3 year lease, (August 1) and have indicated that they would like to renew for an additional 10 years but have not negotiated the new lease yet.
Pattison Outdoor signs pays $4,800/ year. This was the last year of a 5 year lease. In the fall we negotiate another 5 years.
The rental income for the subject property totals $5,550, monthly.
A 6% mortgage on the amount of $895,000 = $4,250 interest monthly.
Location Details: Close to All Services, Near Park, Near Schools, Public Transportation, Recreational/Community center
Property Costs
Property Taxes: $15,828 / year
Location Map
Map
Neighborhood Information
Street View
Property Summary
Property ID:
7939
Property Cat:
Commercial Multiplex
Property Type:
Commercial
Baths:
3
Size:
2,300 sq. ft
Lot Dimensions:
20,523 sq. ft
Property Width:
107.00 ft
Property Length:
192.00 ft
Land Transfer Tax Calculation Ontario
"The Land Transfer Tax in London, Ontario based on the selling price of $895,000.00 is $14,375.00."
* See the land transfer tax formula for Ontario
+ $0 to $55,000.00 - land transfer tax is 0.5% + $55,000.00 to $250,000.00 - land transfer tax is 1.0 + $250,000.00 to $400,000.00 - land transfer tax is 1.5%
$400,000.00 and up - land transfer tax is 2.0%
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