Grove Mobile Home Park With Development Potential

32380 Lougheed Highway

$4,899,000 Commercial Commercial Featured

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.
  • Address:
    32380 Lougheed Highway
  • Year Built: 1960
  • Lot Size: 2
  • 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
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Property Description


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.