Associate Clinic Property – Safety First Projects 16 Ltd.

LOCATION: 4620 50 Avenue, Innisfail, Alberta
DATE PURCHASED: May 31, 2021
PURCHASE PRICE: $300,000 ($400,000 All Costs In)
APPRAISED VALUE: $400,000
TOTAL CAPITAL INVESTED: $150,000
CASH ON CASH RETURN: 7.6% 
COMPOSITE RETURN: 14% (Cash on Cash plus Equity Gain through paying down loan principle)
TENANCY: Sandstone Pharmacy and Buddies Childcare
YEAR BUILT: 1974
FOOTAGE: 6,496 Sq. Ft.
LAND SIZE: .29 Acres
JOINT VENTURE: Safety First Projects 15 Ltd.

 

THE STORY:

This property was developed in 1974 and occupied by the Associate Clinic until sold in May of 2021. Sandstone Pharmacy has chosen to continue leasing this location, even though the Associate Clinic has closed operating.

Buddies Childcare outgrew their existing space in Innisfail and have leased the main floor on a long-term lease.  This location is much preferrable for Buddies as it is only four blocks from the schools.

This property has the widest zoning use table of any property in downtown Innisfail.