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[Downtown Victoria] New England Hotel | Microloft rentals, commercial | Renovated in 2014

Rental Commercial

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128 replies to this topic

#121 concorde

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Posted 20 June 2014 - 09:17 PM

There is no legal limit to what you can raise residential rents by.  One year I had to put a new roof and new carpet in the corridors on an apartment building and we increased rents by around 4.5% that year and we were allowed to because it was considered reasonable given the capital investments made.  On this building you would be hard to justify large increases as there are no major renos to complete going forward, they would have to be small and close to the CPI

 

I think the 286k is inclusive of the commercial space and that is NET, not gross.  You won't be taking that home.  As I said in 10 years property taxes will be 60-80k a year.  The 286k is likely also based on 100% occupancy and we all know you will have vacancies to account for.  Here's a shocker for you renters, as landlords we build in a vacancy factor and build it into the tenants rent

 

Typically commercial leases are 5 years with tenant options to renew for several more 5 year terms.  Only in junky buildings do you rent commercial space month to month.  I assume everyone knows what triple net rent is as well?

 

I'd have to see the books to really determine the true value, but it is high


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#122 Mike K.

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Posted 23 July 2014 - 07:37 PM

The groundfloor appears to be undergoing tenant improvements. It's too early to say whether Lefevre is doing something with the spare prior to it be leased or whether or not a tenant has picked it up.


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#123 Greg

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Posted 23 July 2014 - 09:13 PM

The groundfloor appears to be undergoing tenant improvements. It's too early to say whether Lefevre is doing something with the spare prior to it be leased or whether or not a tenant has picked it up.

 

Isn't that where Hemp and Company is going?

 

http://www.timescolo...hotel-1.1157217



#124 jonny

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Posted 24 July 2014 - 10:15 AM

Isn't that where Hemp and Company is going?

 

http://www.timescolo...hotel-1.1157217

 

Yeah that's what I thought.



#125 Gary H

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Posted 26 November 2014 - 07:08 PM



Somebody give them a medal for that ground floor.

 

Agreed.

 

15265962364_1bd5b9535c_h.jpg


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#126 dasmo

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Posted 26 November 2014 - 08:13 PM

Thanks  Le Favre... 



#127 Sparky

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Posted 10 December 2014 - 10:55 AM

It's Sold.

 

http://www.colliersc...te#.VIiWyXtpsiM



#128 Szeven

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Posted 10 December 2014 - 11:30 AM

Impressive.

 

I guess we can assume concorde didnt buy it!


Edited by Szeven, 10 December 2014 - 11:30 AM.


#129 Layne French

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Posted 19 December 2014 - 09:25 AM

walked by this on a short trip I had to the city..... it looked fantastic.



 



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