3891 Chatham Street

The Offering

Cushman & Wakefield ULC  presents developers and investors the opportunity to acquire 3891 Chatham Street, Richmond, BC , a mixed-use building on a large corner lot, with prominent street front exposure, providing an excellent value-add opportunity with redevelopment potential. Zoned CS3, the Property falls under the Core Area of the Steveston Village, allowing for a mixed-use development with a maximum FSR of 1.6 and a maximum of 3 storeys.

Steveston Village is a vibrant, charming, seaside community that offers residents an exceptional array of amenities including the famous Steveston Fisherman’s Wharf, making it a highly sought-after location for home buyers and renters.

The Property is leased with a mix of residential and retail tenants at below market rents providing initial holding income.

Investment Highlights

• Large, rectangular corner lot, along one of the main arterials in Steveston Village, with prominent street front exposure
• Tenanted, mixed-use building at below market rents, allowing investors optionality to either bring rents up to market and hold long term, or provide holding income while going through a rezoning process
• Located in the highly sought-after Core Area of Steveston Villlage, and classified as a non-heritage building, allowing an easier path to redevelopment
• A niche market, coupled with limited availability and strong demand
• Immediate path to market cap rate through rental growth and repositioning