01
Open at $1,300,000
$344.92 per square foot and $125,000 below asking.
Prepared for DZN Centre
2670 Lancaster
A private acquisition brief for a strategically located industrial condominium in Ottawa's east end.
Prepared by Charles Khouri & Chris Tremblay
Ottawa Commercial Realtors
3,769 SFTotal area
18' 8"Clear height
$1.425MAsking price
Interactive 3D floor plan and tour
Opening offer$1.300M
Working range$1,325,000–$1,370,000
Clear view of the open warehouse area and clear height
Property fit
Strong functional fundamentals.
The subject combines a compact ownership footprint with useful industrial functionality. Its clear height and dock level loading compare favourably with the most relevant nearby sales.
Address2670 Lancaster Road, Ottawa
Area3,769 square feet
ConfigurationAdvertised as 100% warehouse
LoadingOne dock level door
Power120/208V, 100 AMP, three phase
AvailabilityImmediate
Conceptual floor plan
Plan the open layout.
The cleaned plan removes the existing Golftec rooms and entrance vestibule while retaining only the original exterior entrance door and washroom. Everything else is shown as open warehouse space. The supplied plan indicates an approximately 24 foot 8 inch clear width and the unit is reported to have an 18 foot 8 inch clear height. Dimensions and retained elements should be confirmed onsite. Based on client direction, any future separation work would occur along the south wall.
Clear widthAbout 24 feet 8 inches
Clear height18 feet 8 inches
Retained areasEntrance and washroom
Future separationSouth wall
Pricing framework
Control the negotiation.
The recommended opening offer is $1,300,000, or $344.92 per square foot. The subject is larger than the recent 2664 Lancaster sale, but it is less improved. That supports a higher total price than the comparable without paying the same $363.77 per square foot rate. The working negotiation range is $1,325,000–$1,370,000, subject to due diligence and transaction terms.
Purchase price$1,300,000
Price per SF$344.92
Below asking$125,000
Land transfer tax$22,475
Recommended opening position. The subject is larger than the most recent sale but less improved, supporting a lower price per square foot.
| Position | Price per SF | Total value | Below asking |
|---|---|---|---|
| Recommended opening offer | $344.92 | $1,300,000 | $125,000 |
| Working range low | $351.55 | $1,325,000 | $100,000 |
| Recent neighbouring sale rateBenchmark | $363.77 | $1,371,049 | $53,951 |
| Working range high | $363.49 | $1,370,000 | $55,000 |
| Full asking price | $378.08* | $1,425,000 | $0 |
*The exact full asking rate is $378.084 per square foot. The displayed $378.08 rate is rounded.
Comparable evidence
Best Selected Comparable Sales.
The complete sale schedule was reviewed. These four measurable sales, ranging from 3,106 to 5,389 square feet, provide the best available comparison with the subject's 3,769 square foot area, loading, and industrial utility. Smaller units, unreliable area records, and the 6,887 square foot transaction without a disclosed price were excluded from the selected set.
| Comparable sale | Area | Sale price | Price per SF | Closing date | Clear height | Loading |
|---|---|---|---|---|---|---|
| 2664 Lancaster Road | 3,285 SF | $1,195,000 | $363.77 | Sep. 18, 2026 | 18'8" | 1 dock |
| 2662 Lancaster Road | 3,106 SF | $1,150,000 | $370.25 | Nov. 1, 2025 | 18'8" | 1 dock |
| 2700 Lancaster, Unit 100 | 4,272 SF | $1,325,000 | $310.16 | Jun. 30, 2026 | 14'2" | 1 drive in |
| 2710 Lancaster, Units 117 and 119 | 5,389 SF | $1,910,000 | $354.43 | Sep. 2, 2026 | 14'2" | 2 drive in |
The 2664 Lancaster sale closed September 18, 2026 for $1,195,000, or $363.77 per square foot. It was approximately 13% smaller and more polished than the subject, including a finished black ceiling. The subject's larger area supports a higher total price, while its inferior finish supports a lower price per square foot. That evidence supports a $1,300,000 opening offer and a working negotiation range of $1,325,000–$1,370,000.
Negotiation options
Reference points for client instructions.
These price points are options for consideration. Final offer instructions remain the client's decision, and each move should obtain value through price, conditions, timing, or documentation.
02
Work toward $1,325,000
$351.55 per square foot, subject to due diligence and transaction terms.
03
Hold near $1,370,000
$363.49 per square foot. Any movement should purchase value through price, terms, timing, or documentation.
04
Use the recent sale as a ceiling signal
The $363.77 per square foot benchmark reflects a smaller but more polished unit and should not be applied directly to the less improved subject.
Temporary use of adjoining space
Do not require the south wall separation before closing. The adjoining space should remain available for purchaser use until the neighbouring unit is sold, with no base rent or licence fee and the purchaser paying only the applicable utilities for that additional area. Document access, notice, insurance, liability, security, showings, termination, future wall work, and restoration in a written licence tied to the purchase agreement.
First right of refusal
The purchaser should receive a continuing first right of refusal over the directly adjoining unit. Require written notice of a bona fide third party offer, disclosure of the material terms, and at least five business days to match, with final language settled by the purchaser's lawyer.
Both provisions are proposed negotiating terms. Final language, enforceability, exceptions, duration, registration, and successor obligations should be settled by the purchaser's lawyer.
Interactive property review
Walk the space.
Use the embedded 3D experience to move through the unit and switch to the floor plan view. Full screen mode is available within the tour.
If the tour does not load in your browser, open the 3D floor plan in a new window.
Conditions and diligence
Confirm before commitment.
The offer should preserve enough time to complete the legal, physical, financial, and occupancy review. Final conditions should be settled with legal and financing advisers.
Reported condominium costs
Fee, property tax and likely coverage.
Reported condo fee$3.71/SF/yr
Monthly equivalentAbout $1,165/mo
Annual equivalentAbout $13,983
Estimated property tax$2.61/SF
Likely included, to be confirmed
- Snow removal and landscaping
- Parking areas, driveways, curbs and sidewalks
- Exterior building and roof maintenance
- Common element repairs
- Condominium corporation insurance
- Property management and administration
- Reserve fund contributions
Likely not included, to be confirmed
- Property taxes
- Gas and hydro consumed inside the unit
- Unit specific HVAC maintenance and repairs
- Interior repairs and improvements
- Owner contents, liability and business insurance
Water is likely included, but this must be confirmed.
The reported fee is equivalent to approximately $0.309 per square foot monthly. Estimated property tax is $2.61 per square foot. The listing confirms professional management and common exterior improvements, including the roof, asphalt, curbs and sidewalks, but does not specify which expenses are paid from monthly fees. Confirm the fee, tax allocation, included services, water, arrears, special assessments and reserve fund through the status certificate, budget and condominium documents.
Condominium documents and costs
- Review declaration, bylaws, rules, status certificate, reserve fund study, budgets, financial statements, insurance, and meeting minutes.
- Confirm condominium fees, special assessments, arrears, repair obligations, permitted use, signage, parking, loading rights, and exclusive use areas.
Building condition and operations
- Inspect roof responsibility, structure, HVAC, electrical service, plumbing, life safety systems, doors, loading equipment, and environmental condition.
- Confirm measured area, clear height, power capacity, utility arrangements, and any recent capital work.
Zoning, environmental, and insurance
- Verify the intended use under current zoning and condominium rules.
- A clean Phase I environmental report was completed earlier this year. Obtain and review the report, confirm its date and scope, and request a reliance letter if required.
- Obtain satisfactory property and liability insurance before waiver.
Financing contacts
- BDC is identified as the most active lender on this property.
- Adena Oliver and Kevin Johnson at BDC are available financing contacts. Introductions can be arranged if required.
- Confirm loan amount, rate, amortization, security, guarantees, appraisal requirements, conditions and timing directly with the lender.
Occupancy and closing
- Confirm vacant possession and the status of any Golftec occupancy, equipment, access, signage, or restoration obligations.
- Coordinate financing approval, title review, adjustments, and closing deliverables with professional advisers.
South wall and adjoining space terms
- Document temporary use of the adjoining space after closing, with the purchaser paying only the applicable utilities until the neighbouring unit is sold.
- Settle advance notice, insurance, liability, access, security, showings, termination, future separation work, restoration, and first right of refusal language before signing.
Complete reference package
Everything in one place.
Prepared for DZN Centre by Charles Khouri & Chris Tremblay, Ottawa Commercial Realtors. Open or download the revised proposal, subject brochure, conceptual open floor plan, best selected comparable sales, and complete sale schedule.
Updated client report
Open report ↗
Acquisition Proposal
Detailed valuation, offer strategy, temporary adjoining space terms, first right of refusal, conceptual floor plan, subject brochure, best selected comparable sales, and complete sale schedule.
Source document
Open brochure ↗
Listing Brochure
Full property marketing package for the Lancaster Industrial Hub.
4-page curated source document
Open source ↗
Best Selected Comparable Sales
Source pages for the four most relevant nearby Lancaster Road sales used in the valuation analysis.
Conceptual open layout
Open plan ↗
2670 Floor Plan
Open warehouse plan retaining only the front entrance and washroom, with the south wall location identified.
Comparable sales PDF
Download schedule ↗
Complete Comparable Sale List
The complete Lancaster Road sold comparable schedule reviewed for the revised analysis.
Private commercial advisory
Move forward with clarity.
For offer positioning, documentation, and next step coordination, contact the advisory team directly. Charles Khouri and Chris Tremblay bring focused Ottawa market guidance to the acquisition process.