SOMETHING COMPLETELY DIFFERENT | FORT LANGLEY PROSPECT
After the last few months of looking at residential properties all over Coquitlam, Port Coquitlam, Burnaby, and Langley we have stumbled upon something a little different. It is a commercial / residential mixed use building in the heart of Fort Langley…we LOVE Fort Langley. So…let’s investigate.
The building is a 2 storey structure which has been added on to, lifted, and renovated a few times over its life time thus far. It is not on the main drag of Fort Langley but it is on the next street over which is growing into a secondary business corridor.
Since being rezoned to commercial the building has been used as retail and office space on the main floor with 2 residential accommodations on the upper floor. The residential units are a little odd in their layout however it has served the current owners really well so who am I to judge.
- In an area we love
- Great potential for rental revenue
- Commercial space for Sitka Studios office and workshop
- Potential to have constant stream of college student renters with university near by
- The exterior is fairly generic and can be modified easily to give it a ‘Fort Langley’ feel
- Extra commute time and money to Vancouver – bridge toll every day
- Purchase price is almost double what we wanted to spend
- By occupying some of the commercial space ourselves we would be lowering the rental revenue
- College renters are a stead stream but typically with annual turnover
- The exterior is not inviting or well maintained currently
The place is interesting for a number of reasons. The potential for revenue is huge with commercial space but the risk is higher…but if the commercial space was leased and the upper floor had a 2 bedroom unit for students we would be living rent free. We, of course, we need to manage the building and be available full time as property managers but this is manageable…I think…
It is worth looking into further. On to R&D phase 1 Fort Langley.