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2390 Cawthra RD Mississauga, ON L5A 2X1
30,902 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 30,902 sqft
Price per Sqft $307
Subdivision Dixie
MLS Listing ID W12060442
Annual Tax Amount $56,994
Tax Year 2024
Property Sub-Type Investment
Property Description
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.
Location
Province ON
County Peel
Community Dixie
Area Peel
Interior
Cooling Partial
Exterior
Utilities Available Yes
Lot Frontage 174.0
Lot Depth 374.0
Others
Security Features Yes
Listed by COLLIERS