Heritage Heights Plaza West 886 Heritage Blvd W 10,180 SF 100% Leased Retail Building Lethbridge, AB T1K 7V5 $2,427,468 USD ($238.45 USD/SF) 4.98% Cap Rate

This six-unit commercial retail strip mall offers a solid, income-producing investment with a strong history of upkeep and reinvestment. Built in 2003 with significant upgrades completed in 2019, the property continues to show well, with Unit 890 fully renovated in 2024. Gabled architectural accents give the building an attractive, cohesive look and strong street-level presence.
The property is well equipped for long-term performance, featuring nine rooftop HVAC units with supplemental electric heat at the unit entrances, 1200-amp, 3-phase electrical service and a security camera system. Parking is a major advantage, with an estimated 65 on-site stalls plus employee and shared overflow parking within the plaza, resulting in an excellent parking ratio of 6.39%.
From an investment perspective, the property generates a current net operating income (NOI) of $165,600 at 76.61% occupancy, providing for a value-add opportunity for an additional $55,000 in NOI upon full occupancy. The rent roll features staggered lease expiries ranging from December 2026 through March 2036, providing both income stability and future leasing flexibility. Escalating rental rates are in place, with an average projected rent of $23.75 per square foot in 2026, positioning the asset for steady income growth over the holding period.