Vancouver proptech startup addy has launched its second real estate investment opportunity and this time around it is a commercial property in Chilliwack.
Located at the southwest corner of Airport Road and Yale Road, the property is equipped with a drive-thru and is currently tenanted to Starbucks. The site is comprised of 2,100 square feet of building area and experiences high exposure to vehicular traffic with counts of over 38,000 vehicles per day.
addy is offering 520,000 units in the property valued at $1 each to enable B.C. residents to get a foothold into real estate investing. The smallest investment amount available is $1 and the maximum is $1,500. Units will be available for purchase until the offering sells out.
“We’re pleased to offer our members the ability to invest in a commercial property that would otherwise be out of reach for most people without large sums of cash,” said Michael Stephenson, CEO of addy. “This property provides a unique investment opportunity to own part of a newly built drive-thru Starbucks at a highly trafficked intersection in the City of Chilliwack, BC.”
addy’s property purchase decisions are made collectively by its executive team, investment committee, and Board of Directors. Once identified, the property is broken out into investment increments valued at $1. For example, a $1 million property is divided up into one million shares; and shares in the property will be available to qualified members on addy’s platform.
“The tenant (Starbucks) has solid financial strength, the building has a great location and a well-designed and very functional drive-thru, there is a good return in terms of cash flow, with contractual rent steps that go up every year,” said Steve Evans, addy board member and President of Sunstone Realty Advisors and Co-Founder and former CEO of Pure Industrial Real Estate Trust and Pure Multi-Family REIT LP.
“The asset has a triple net or carefree-lease and given the COVID 19 pandemic, we are getting it at a very good cap rate. Plus, Chilliwack is an affordable market compared to Vancouver and it is growing quickly – businesses like the new Molson Brewery are driving job creation in the area further strengthening the economic outlook for the city.”
To learn more about addy, become a member of addy’s network, and invest in real estate, visit addyinvest.com.