This fully occupied, mixed-use building, adjacent to hotels & shopping. Extensive renovations in 2013-14, 8% Cap rate, offering significant income growth potential. Its strategic location makes it an ideal investment for those looking to capitalize on the area's vibrant commercial landscape.
+31 photos
Situated in the bustling heart of Burns Lake, this mixed commercial building presents a prime investment opportunity. Boasting an ideal location, it is nestled adjacent to hotels and is within close proximity to various shopping destinations, ensuring high visibility and foot traffic from the main road. The property comprises 2 residential units and 9 commercial units, all of which are currently fully occupied, indicating a strong demand and no vacancy issues.
In 2013, the building underwent extensive renovations, which were completed the following year. These upgrades included a new roof, modern flooring, replacement windows, comprehensive electrical updates, the addition of rental units, bathroom renovations, new exterior doors, an updated furnace, and a reinforced retaining wall. Although 2 units still feature carpeting, the majority have been upgraded to durable and appealing vinyl plank flooring, catering to contemporary tastes and low maintenance requirements.
Priced at $1.4 million, this investment yields approximately an 8% Cap rate, showcasing its potential for a lucrative return. Additionally, there is ample scope for a new owner to further increase the income. The flexible month-to-month leases offer the freedom to adjust rents and optimize the revenue stream. This combination of strategic location, recent renovations, full occupancy, and income growth potential makes it an attractive option for investors looking to capitalize on Burns Lake's vibrant commercial scene.
321 Highway 16 - Burns Lake, BC
Contact Listing REALTOR®.
The Lakes District of Northern BC embraces over 300 wilderness fishing lakes and 3,000 miles of pristine shoreline. The district extends from the Stikine Mountains to the Omineca Mountain Range in the east. Ootsa Lake borders the southern area and then extends northward to Babine Lake.
Burns Lake (pop. 2,800) serves the greater surrounding areas' population of over 8,000 within the Regional District of Bulkley Nechako. The town is a hub for the local logging, saw-milling, mining, and tourist industries. It also serves as the main commercial center for the surrounding area, including Francois Lake, Colleymount, Grassy Plains, Rose Lake, Topley, and Granisle. Several pubs, cafés, restaurants, a broad selection of stores and services, numerous hotels and motels, a library, and a hospital. It is also the location of the head offices of the Regional District of Bulkley-Nechako.
Burns Lake Airport is 20 kilometres northwest of the town. Commercial airlines fly into Regional Smithers Airport, 143 km west of Burns Lake, and International Prince George Airport, 237 km to the east. VIA Rail Canada stops at Burns Lake on the iconic trip from Jasper to Prince Rupert.
Overall, the area receives an above-average of sunshine than other BC areas. In June 1982, Burns Lake recorded a whopping 376.5 hours of sunshine. This is the most sunshine ever recorded during the month of June. The warmest month is July, with an average high of 21°C. The average snowfall is approximately 190 cm, with the chilliest month in January having an average low of -15.3°C.
Burns Lake, a small community located in the heart of British Columbia, has a rich and varied history dating back to the early 20th century. The area was originally inhabited by the Carrier and Wet'suwet'en First Nations, who lived off the land and relied on its abundant resources for their sustenance and way of life.
The arrival of European settlers in the early 1900s, spurred by the construction of the Grand Trunk Pacific Railway, marked a significant turning point in the region's history. The railway, which was built between 1906 and 1914, played a crucial role in the development of Burns Lake as a transportation and commerce hub. The town was named after Michael Byrnes, a railway contractor, but a spelling error led to the adoption of the name "Burns Lake."
The establishment of sawmills and the thriving forestry industry in the 1920s and 1930s further fueled the growth of Burns Lake. The region's abundant timber resources attracted both workers and entrepreneurs, leading to an influx of settlers and the establishment of a close-knit community.
Over the years, Burns Lake has evolved to become a service center for the surrounding rural areas and a gateway to outdoor recreational opportunities. Despite the challenges faced by the forestry industry in recent times, the town has managed to diversify its economy, focusing on tourism, agriculture, and local businesses.
Today, Burns Lake is a vibrant community that proudly preserves its rich cultural heritage and historical roots while embracing modern development and growth. The town continues to celebrate its past through local events, museums, and historical sites, while looking forward to a bright future.
54°13'41.15"N and 125°45'37.76"W
Current Net Income: $112,048
11,100 ft2 building.
C2
LOT 6 DISTRICT LOT 6308 RANGE 5 COAST DISTRICT PLAN 1204
PID 012-949-311
LOT 4 DISTRICT LOT 6308 RANGE 5 COAST DISTRICT PLAN 1204
PID 012-949-281
LOT 5 DISTRICT LOT 6308 RANGE 5 COAST DISTRICT PLAN 1204
PID 012-949-302
+8 maps
Our property descriptions and geographical information are taken from the BC Assessment Authority, Land Titles Office, government maps and other sources. While LandQuest® does not guarantee the information, we believe it to be accurate, but should not be relied upon without verification. This communication is not intended to cause or induce breach of an existing agency agreement.
Burns Lake
-2℃
5℃