Cash generating commercial property

Cash generating commercial property: location 33991 Gladys Avenue, Abbotsford, BC.  

Asking price 23,500,000CAD about 17,500,000USD.

This property is suitable for institutional investors, because the anchor tenant who occupies more than 84% rentable space is BC governmental agency, the current lease to April 2027, plus options. The income is steady. Current cap rate is 4.9%. Asking price is negotiable, so cap rate may go over 5%.

Another extra bonus for this property, the current 4 acres lot is subdivided into near equal two parcels. The application is submitted by me on March 19th, 2019. The proposed lot A, 1.841 Acre/80,200SF, is a concrete flat parking lot, and is zoned city center commercial C-5 which of FSR is 1.75 plus bonus density 1.0 with underground parking. The subdivision may be granted roughly 10-14 months from now. Just calculated by FAR 1.75, the proposed lot A has 140,350 buildable SF. It is easy to sell about 2 million dollars. Therefore, any buyer is potential to get 2M investing fund back in a short of time and increase cap rate a lot.