For Sale
The Lindholm Building

THE OFFERING:

This investment offering contemplates the Lindholm Building, a +/- 24,652 sq. ft., Three (3) and one-half storey, fully leased office building located at 736 Broughton Street, plus the adjacent lot at 732 Broughton Street, comprising +/- 7,200 sq. ft. located immediately west of the subject.
The vacant site is currently utilized as a surface parking lot containing a total of Thirty (30) parking stalls rented on an hourly and monthly basis. The office building, also located on a +/- 7,200 sq. ft. standard lot, and the adjacent parcel, each have frontage to Broughton Street of +/- 60 feet with a depth of +/- 120 feet.


THE LOCATION:
The subject properties are located mid block on the north side of Broughton Street between
Douglas and Blanchard Streets in the heart of Victoria’s central business core. Notable properties
in the immediate vicinity of the subjects are the Sussex Building, the Main Branch of the Greater
Victoria Public Library, the Royal Bank Building, Scotiabank Building, plus numerous amenities and
services.


TENANCY:
The building is currently occupied by Seven (7) private sector office tenants plus the very popular Japanese Village Restaurant on the lower level. The entire 3rd Floor, and a portion of the 2nd Floor
are leased to a legal firm with 4 years remaining on a Ten (10) year lease. These premises, as well as the common areas throughout the building, are improved to a very high standard.

BUILDING FEATURES:

• Lindholm Building constructed in 1976 of steel frame with 2 “character” brick feature walls with a combination of natural cedar, stucco and masonry exterior wall treatments.
•  Partial 4th Floor premises have access to exterior roof deck area.
• Roof is corrugated steel decking with asphalt covering and was replaced in 1990.
• Very well maintained property with quality interior finishes featuring new thermopane windows with automated fireguard shutters along east and north sides of building, circa 1995.
• Building standard power is 200 Amp 3 Phase.
• Single Montgomery 2,000 lb., ten person capacity elevator.
• Adjacent excess land appropriately zoned for future development consideration and Vendor has plans completed for proposed office building.

ZONING:
CA-4 Zone: Central Area Commercial Office District, permitting a wide range of commercial and residential uses. This Zoning category is recognized as the most permissive in the City of Victoria, allowing the highest Floor Space Ratios (FSR) and building heights along with minimal or no parking or building set back and permitting virtually all commercial land uses.

SALE PRICE:
Four Million, Two Hundred & Fifty Thousand Dollars ($4,250,000.00)

ACTUAL NET INCOME:
Lindholm Building (Net Operating Income 2004): $303,969.50
Parking Revenue (est. for 2004): $ 19,039.51
Total Net Operating Income (2004): $323,009.01

OPERATING COSTS & PROPERTY TAXES:
Lindholm Building: $8.69 (Estimated for 2004).

LEGAL DESCRIPTIONS:
Lindholm Building: Lot 63, LD 57, Victoria, PID 004-543-572,
Vacant Land: Lot 62, LD 57, Victoria, PID 004-543-599.