FOR SALE The Northern Hotel

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FOR SALE The Northern Hotel
FOR SALE
                                                                The Northern Hotel

                                                                561 2nd Avenue
                                                                    Fernie, BC

Highlights
 ` 14,503 sq.ft., three-storey building
 ` Tenanted 4,180 SF bar & 1,820 SF restaurant.
 ` 19 suites on upper floors
 ` 7,880 sq.ft. lot zoned C-1 (Retail Commercial).
 ` 8.0% cap rate
                                                                               NAI Commercial
Gary Haukeland                      J-D Murray                     1075 W Georgia St, Suite 1300
Senior Vice President               Senior Associate                     Vancouver, BC V6E 3C9
604 691 6693                        604 691 6664
ghaukeland@naicommercial.ca         jdmurray@naicommercial.ca                 +1 604 683 7535
*Personal Real Estate Corporation                                             naicommercial.ca
FOR SALE The Northern Hotel
Property Details
                                                                           Civic Address:
561 2 Avenue  nd                                                           561 2nd Avenue
                                                                           Fernie, B.C. V0B 1M0W4
Fernie, BC                                                                 PID: 008-655-162
                                                                           Legal: Lot 6, Block 14, District Lot 4588,
The Opportunity                                                            Kootenay District Plan 734;
The property represents an opportunity to acquire a free standing
                                                                           PID: 008-655-189
14,503 SF, two-storey 19 room hotel in Fernie, BC, with two retail
                                                                           Legal: Lot 7, Block 14, District Lot 4588,
units on the ground floor, home to a 4,180 SF bar and 1,820 SF
                                                                           Kootenay District Plan 734; and
restaurant. The improvements rest on a 7,880 SF lot. The hotel is
located at 561 2nd Avenue, on the west side of the street, between 5th
                                                                           PID: 008-655-090
and 6th Streets in downtown Fernie, only blocks away from Highway
                                                                           Legal: Parcel A (See 181034I), Lot 5, Block
3 and close to all amenities. There is parking available in the alley to
                                                                           14, District Lot 4588, Kootenay District Plan
the rear of the building for up to four vehicles and the current zoning
                                                                           734, Except Part Included In Plan 9947
for the property is C-1 (Retail Commercial). The building has heritage
                                                                           PID: 025-921-398
status. The subject property was built in 1908, as a hotel, however
now the property operates as monthly rental apartments with several
SRO suits and approximately 7 suites with private bathrooms and            Property Tax (2020)
kitchenettes, that rent for between $350 and $950 per month                $14,765.76
respectively. Although the floorplans show 19 “rooms”, only 12 are
available for rent. The two retail spaces on the ground floor are
                                                                           Price
occupied by the Lunch Box restaurant and the Northern Bar & Stage.
                                                                           $1,395,000
The Lunch Box currently leases for $10/SF ($18,200 per annum) +
GST (term expiring on December 31, 2020) and the Northern Bar &
Stage leases for $13/SF ($54,340 per annum) + GST (term expiring
on May 31, 2021). In addition, both retail tenants pay proportionate
shares of property tax, licensing fees and other expenses equal to
12% for the Lunch Box and 27.87% for the Northern Bar & Stage.

Location
The property is located at 561 2nd Avenue, on the west side of the
street, between 5th and 6th Streets in downtown Fernie.
FOR SALE The Northern Hotel
Floor Plans
                      Top Main                                1st Level

                                           Alley
Alley

                                 2nd Ave

                                                                          2nd Ave
        Legal Plan

                                                   SUBJECT
                                                   PROPERTY
FOR SALE The Northern Hotel
FOR SALE
                                                                The Northern Hotel
561 2nd Avenue
Fernie, BC

                                                                               NAI Commercial
Gary Haukeland                      J-D Murray                     1075 W Georgia St, Suite 1300
Senior Vice President               Senior Associate                     Vancouver, BC V6E 3C9
604 691 6693                        604 691 6664
ghaukeland@naicommercial.ca         jdmurray@naicommercial.ca                 +1 604 683 7535
*Personal Real Estate Corporation                                             naicommercial.ca
FOR SALE The Northern Hotel
WITHIN 1KM RADIUS                                                                   ELK VALLEY
                                                                                     HOSPITAL
1.    Save On Foods
2.    BC Liquor Stores
3.    Blue Toque Gastro Diner                                                               9

4.    Big Bang Bagels
5.    Fernie Museum
6.    Yamagoya Sushi
7.    Curry Bowl                                                       8

8.    Fernie Pizza & Pasta
9.    A&W Canada                                                                            10
10.   Red Apple
                                                                            CROWSNEST HWY

                                                                                                                                       2ND AVE
11.   Spa 901
12.   Fernie Memorial Arena                                                                 12

13.   Fernie Community Centre                                                                                                     11
14.   Kodiak Lounge                                                     7                   13
15.   The Pub Bar & Grill                                                                            14

                                                                                                                                                 1
                                                                                                15
                                                                            6                                                                        2

                                                                                                          Fire Department
                                                                                                                            SUBJECT                  3
                                                                                                                            PROPERTY

                                                                                                                                                 4

                                                                                                                                        5

                                                                                                                            Gary Haukeland*                                   J-D Murray
                                                                                                                         Senior Vice President                              Senior Associate
                                                                                                                                604 691 6693                                  604 691 6664
                                                                                                                ghaukeland@naicommercial.ca                       jdmurray@naicommercial.ca
                                                                                                                 *Personal Real Estate Corporation

                                                                                                                                                                            NAI Commercial
                                                                                                                                                                1075 W Georgia St, Suite 1300
                                                                                                                                                                      Vancouver, BC V6E 3C9
  No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and the same is submitted subject                     +1 604 683 7535
  to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice, and of any special listing
  conditions imposed by our principals no warranties or representations are made as to the condition of the property or any hazards contained therein                      naicommercial.ca
  are any to be implied. Aerial & streetview images courtesy of Google, DigitalGlobe.
FOR SALE The Northern Hotel FOR SALE The Northern Hotel FOR SALE The Northern Hotel FOR SALE The Northern Hotel FOR SALE The Northern Hotel
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