LOCATION: 4932 49th Street, Innisfail, Alberta
PURCHASE PRICE: $280,000
DATE PURCHASED: June 6th, 2020
CASH ON CASH RETURN: 7%
COMPOSITE RETURN: 7%
TENANCY: Baiers Stationery & All About Dogs
YEAR BUILT: 1976
FOOTAGE: 4,000 Sq. Ft.
JOINT VENTURE: Safety First Projects 11 Ltd.
We have been watching this building as it came on the market over the last couple of years. This year it finally came on the market at what we believed was a reasonable price. During our due diligence work we discovered some deferred maintenance that needed to be dealt with. With this in mind we went back to the Sellers to negotiate a lower purchase price. With the new lower price we are able to have a reserve of funds available to work on the deferred maintenance items, including a new roof.
Today, half of the property is leased to Baiers Stationery and the other half to All About Dogs. Baiers Stationery are long term tenants that have been in this location for almost forty years. The current owners of the business have owned the business since 1989. All About Dogs is a pet grooming business that has been operating in this location for five years.