277 Dartmouth Av - Office FOR SALE


Dartmouth, NS B2Y 4B7
$23,000,000 CAD
902-454-4110
277 Dartmouth Av, Dartmouth, NS for Sale
$23,000,000 CAD
Office - FOR SALE
1/11
null | Request Cap Rate

277 Dartmouth Av
Dartmouth, NS B2Y 4B7


HIGHLIGHTS

  • Stable lease expiration profile with a WALT of 5.5 years
  • 89% occupied and anchored by the Dartmouth Provincial Courthouse
  • Significant upgrades completed in 2018
  • Roof system replaced in 2020
  • Easily accessibly by major roadways and Highway 111, in close proximity to Halifax Bridges and Burnside Industrial Park

OVERVIEW

277 Pleasant Street is a 77,815 square foot professional office building that is 89%1 leased and anchored by the Province of Nova Scotia through various court services and judicial departments. With 5.5 years of average remaining lease term, the Property provides strong-covenant cash flow for a future owner. The Property is conveniently located on a 2.51-acre corner site with prominent frontage on Pleasant Street and Acadia Street, within a well-established commercial, civic and residential node that is within a 15-minute drive of Downtown Halifax. The Property benefits from significant development activity in the immediate vicinity, including the $150-million expansion and renovation of Dartmouth General Hospital and the continued densification of Nova Scotia Community College (NSCC)’s Ivany Campus, which includes a new student housing complex slated for completion in 2025. Continued residential and commercial growth in the immediate area, coupled with the Property’s flexible in-place zoning, positions 277 Pleasant Street as a strong candidate for future redevelopment potential. Investors will also benefit from the Property’s institutional ownership and professional management, which has overseen a comprehensive maintenance and renovation program in recent years. Over $2.7 million in capital upgrades have been completed since 2018, and an additional $2.8 million has been committed by the Vendor for enhancements to tenant areas.

FOR SALE DETAILS

PRICE

$23,000,000 CAD

PRICE/SF

$296 CAD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

6

BUILDING CLASS

B

YEAR BUILT

1974

SPRINKLERS

-

PARKING SPACES

206

LAND DETAILS

LAND ACRES

2.51 AC

LAND SF

109,231 SF

ZONING

COR

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

William HacheyAvison YoungMore Info
902-454-4110

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William HacheyAvison YoungMore Info
902-454-4110

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.