Alberta Commercial Properties For Sale, Alberta Commercial Real Estate

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858 Heritage Boulevard W
Heritage Heights Lethbridge T1K 7V5

$3,325,000
Commercial

Main Photo: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
Photo 1: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
Photo 2: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
Photo 3: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
Photo 4: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
Photo 5: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
Photo 6: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
Photo 7: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
Status:
Active
Prop. Type:
Commercial
MLS® Num:
A2308122
Build. Type:
Strip Mall
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, 400-amp 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 $171,207 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 $24.25 per square foot in 2026, positioning the asset for steady income growth over the holding period. Heritage Heights Plaza West is located in West Lethbridge, the city’s fastest-growing area for new retail, office, and residential development. Continued expansion along University Drive, including University of Lethbridge lands and the planned West Employment Centre adjacent to the site, is driving sustained population growth and increasing demand for commercial services. As development continues to push west, the area is seeing steady increases in traffic, new businesses, and supporting amenities that strengthen the overall trade area. The property also benefits from excellent visibility and access. East and westbound traffic traveling along Crowsnest Highway AB-3 passes directly by the site, providing consistent exposure to both local commuters and regional traffic. This combination of strong growth, high visibility, and convenient access positions the asset well for long term value retention and stable commercial performance.
Property Type:
Commercial
Property Sub Type:
Retail
Condo Type:
Bare Land Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Building Type:
Strip Mall
Total Building Area:
10,180 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
1.12 acre(s)
Acres Cleared:
Acres Cultivated:
Acres Irrigated:
Acres Leasehold:
Acres Not Cultivated:
Acres Freehold:
Acres Seeded:
Acres Tame Hay:
Acres Treed:
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Acres Water Rights:
Reg. Size:
Reg. Size Includes:
Year built:
2003 (Age: 23)
Bathrooms:
- (Full:-, Half:-)
Plan:
1811649
Electricity:
400 Amp Service
Foundation:
Slab
Structure Type:
Multi Unit
Roof:
Asphalt
Ensuite:
No
Garage:
No
Heritage Heights
None
Easement Registered On Title, Restrictive Covenant, Utility Right Of Way
Title to Land:
Fee Simple
Access To Property:
Major Shopping Center, Paved Road, Shared Access
Num. of Parcels:
0
Region:
Lethbridge
Zoning:
C-N
Listed Date:
May 05, 2026
Days on Mkt:
  • Photo 1: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
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  • Photo 2: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
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  • Photo 3: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
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  • Photo 4: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
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  • Photo 5: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
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  • Photo 6: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
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  • Photo 7: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122
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Listed by AVISON YOUNG
Data was last updated May 5, 2026 at 06:05 PM (UTC)
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.