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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.