Apartment & Commercial for Sale and Rent in 737 Baker St, Nelson, British Columbia, Canada

Downtown Nelson View Apartment and Solid Commercial Income

The beautifully located and progressive town of Nelson in British Columbia has gone through an exciting renewal in the last few years and has been discovered as a great place to live and work. Property prices have increased greatly and the whole town has a wonderful vibrancy about it. Historic Baker Street is the main downtown street, and during the summer has street fairs, car shows and many other events. It is rare for property to become available.
731-737 Baker St is one 3 level property comprising of a refurbished 800 sq ft apartment on the top with 2 bedrooms . living room, bathroom and office with its own seperate access from Baker St. Plus a huge 700 sq ft sunny outside deck with a great view of the glacier, storage units and a small studio. Use as your residence or a rental or as a commercial space, perfect as an upstairs gallery for an artist. This totally unique space has been refurbished by the owner architect and now has a tiled bathroom and remodelled kitchen with a range top and dishwasher and refurbished cabinets. On each of the two levels below are two commercial units both of which have been assigned new 5 year leases. One is a new compound pharmacy that is directly accessible from Baker St. The other is Starlight Studios, a gallery and crafts studios complex which is seperately accessible from the 6 car, car park at the rear. Each of these commercial units is approxiately 1500 sq feet. The whole building was extensively re-modelled to accommodate the new tenants, including a new roof, exterior paint, asphalt on the car park, utility and services upgrade. The building is a very solid concrete building built in the 30's and is part of the historic downtown section of Nelson. It has one hot water heating system for the whole building but has seperate access and street nos for the apartment and pharmacy. It would be possible to strata and seperate legally the apartment from the commercial.
As the architect owner I have had the building for several years and now my work is done . See tthe before and after shots below. I am now currently more actively involved in developments in central america. Go to the web site below for more info on living in central america.
To find a comparable apartment would cost more than $200,000 and the commercials with their leases net $28, 000 per year, with a 7.5% cap rate youhave a current value of $400.000 on the commercials. They have long term leases in place with good rent increases written in. After 2 years they will net $36000 per annum. Given declining interest rates its very good value in total at $599.900. Given the right person I could also be interested in a partnership or a lease back of the apartment.