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32380 Lougheed Highway

Sold $4,899,000
  • Address: 32380 Lougheed Highway
  • Year Built: 1960
  • Tax: $9,869
  • Tax Year: 2019
  • Features:

    Units

    • 26 pads

    Cap rate

    • 3.7%

    Zoning

    • Urban Residential 558 Zone

    Floor space ratio

    • 2.0 FSR

    Price per SF buildable

    • $39.67

    Price per acre

    • $1,727,850

    Legal description

      • Lot "A" except part on SRW Plan LMP24377, Section 17 Township 17 New Westminster District Plan 8282

2.87-acre turn-key mobile home park with development potential

The subject property is currently operating as a mobile home park along Lougheed Highway in Mission. This site has an OCP compliant commercial designation which permits various commercial uses and allows for up to 4 storeys and a density of 2.0 FSR. The current use as a mobile home park is grandfathered, but the City of Mission would encourage change to commercial zoning. There are a total of 26 fully leased pads all on a month-to-month basis. Great holding income during the rezoning process (approx $181,546 NOI). Under current conditions, the rezoning and DP process for a commercial project run concurrently. As such, a 6-8 month timeline is anticipated for a project to get to Council for rezoning.

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