601 7 St E 9,200 SF Office Building Drumheller, AB T0J 0Y5 $575,000 CAD ($62.50 CAD/SF) 11% Cap Rate

Back on the market!! This is a fantastic opportunity to acquire a rare, well maintained commercial property with roughly 9,000 square feet of space over three floors in a one-of-a-kind Drumheller location.
What makes it rare? Occupying a corner lot in one of the town’s most popular riverside residential areas, the property is two blocks from primary traffic routes, a short distance from the downtown district, and immediately across the street from Drumheller’s two large senior’s lodges. Most commercial locations in Drumheller are highway or downtown retail, limiting both their desirability and their accessibility, making this opportunity very uncommon!
This location creates unparalleled direct access to the surrounding residential community and the adjacent seniors population - ideal for medical, daycare or service related businesses. This community appeal is evidenced by the long-term main floor tenant, an Alberta Government family and community services centre.
The tenanted main floor of the building has been fully renovated, however the seller delayed renovating the other two floors to allow buyers to explore the other usage opportunities that the building and the large 18,600 sq.ft (0.43 acre) lot provides. This allows flexibility for owner-occupancy, potential building expansion, specific tenant build-out options, or even converting the building to residential apartments or condos. Left as commercial, the property easily provides a Cap Rate of over 11%, if fully tenanted at only 70% market rates. Imagine the possibilities!

Drumheller’s acute residential shortage also makes this location also ideal for rental apartments or condominium conversion - providing a myriad of options for a savvy investor beyond the existing commercial and expansion possibilities.
Preliminary discussions with the town planning department has shown that there is ample underground capacity for both expansion or conversion, and the planning department has expressed support for both options. Ample municipal services are immediately adjacent to the property to accommodate any expanded requirements for residential use or for building expansion.
Access is simple with entrances and wide staircases at either end of the building plus a chair-lift at the main entrance allowing those with mobility limitations access between floors. The roof is relatively new, and the building structure is solid, using dimensional lumber interior framing. High ceilings also allow for easy servicing and cable/plumbing runs - if or as desired. These in combination make it a low-maintenance, extremely affordable, and easy to manage asset.

With windows replaced roughly 10 years ago, efficient forced air heating systems and cooling systems, upgraded 400amp electrical, ample parking, key location, plus enviable flexibility for a wide range of current and future usage options - this is a remarkable investment you don’t want to miss!
NOTE: Cap Rate as displayed is based on potential if fully tenanted, averaged at approximately 70% of local market rates.