Mixed-Use Building in Port Moody | $5.11M Transaction
Successful Sale of Mixed-Use Building in Port Moody
Case Study: Strategic Marketing and Negotiation Lead to Optimal Sale
On May 20, 2018, Sam Emam and his team successfully facilitated the sale of a mixed-use two-storey commercial/residential building located at 2340-50 St. Johns Street, Port Moody, BC. After many years of ownership, the seller decided to retire and move on to the next phase of his life. Through comprehensive marketing and diligent negotiation, the property was sold for $5,110,000, aligning perfectly with the client’s expectations.
Transaction Details
- Property Address: 2340-50 St. Johns Street, Port Moody, BC
- Sale Price: $ 5,110,000
- Sale Date: May 20, 2018
- Property Type: Mixed-use commercial/residential building
- Number of Units: 10 (7 residential townhouse rental suites and 3 commercial units)
- Anchor Tenant: Starbucks
- Lot Size: 66′ x 132′ (8,712 sq. ft.)
- Zoning: C-3
- Cap Rate: 3.3%
Property Overview
This well-maintained two-storey building comprises seven residential townhouse rental suites and three commercial units, with Starbucks as the anchor tenant. Three of the townhomes are two-level units fronting Queens Street. The property features an attractive enclosed courtyard with rhododendrons and cherry trees, a vinyl exterior, and a shingle roof replaced in 2013. Each residential unit includes a full appliance package, individual electric hot water tanks, and at least one secured underground parking stall and storage locker. The commercial tenants operate under triple net leases.
Neighborhood Benefits
Situated at the prime high-exposure corner of St. Johns Street and Queens Street, the property is nestled in a desirable family-oriented neighborhood. It is within walking distance to the West Coast Express, Port Moody Centre Skytrain Evergreen Line Station, and schools such as Moody Elementary, Moody Middle, and Port Moody Secondary. The nearby Rocky Point Park offers spectacular outdoor settings with panoramic views of Burrard Inlet and the mountains, encouraging year-round recreational opportunities including biking, hiking, and kayaking.
Client Relationship and Market Strategy
The owner chose Sam and his team due to their positive attitude and in-depth market knowledge. A comprehensive due diligence and marketing package was prepared for potential purchasers, including direct marketing, paid advertising, social media outreach, and listings on various commercial real estate websites. Interested parties were qualified through phone screenings, tours were arranged, and offers were meticulously reviewed with the owner as they were received.
Market Insights
Port Moody’s real estate market has been experiencing significant growth, with mixed-use properties in high-demand due to their versatility and income potential. The city’s ongoing development initiatives, such as the proposed Flavelle Ocean Front project, are set to transform Port Moody into a modern urban center, further enhancing the appeal of well-located mixed-use properties.
Conclusion
The successful sale of this mixed-use building underscores Sam Emam’s and his team’s ability to execute strategic marketing and negotiation plans effectively. Their diligent efforts ensured a smooth sale process, allowing the client to transition seamlessly into retirement.
Testimonial
"Sam’s great attitude and market knowledge were the differentiators for me to list my mixed-use building with him and his team as opposed to larger firms. Sam and his team worked extremely hard to prepare the due diligence package, used all marketing channels to attract qualified buyers, and negotiated a great price for me. I was informed every step of the way from listing to the closing day. I’m happily retired now and looking forward to enjoying my retirement years ahead. Based on my experience with Sam, I highly recommend him and his team to sell your commercial building as he has the will and the skill to get the job done in a professional manner."
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