Johnson Street

Transcription

1 Contact information:

2 Opportunity Cushman & Wakefield Ottawa is pleased to offer the opportunity to acquire a well positioned, newly built, 3 stacked, townhouse complex of 28 units. The complex is located at the corner of Johnson and McDonnell Streets in the Queen s University district with the added proximity to the Kingston General Hospital. The property consists of 3 structures comprising of 28 units with 101 rooms. The complex is built on.61 acres of land. Property Details Asking Price: $14,800,000 Forecasted NOI: $727, Unit Mix: Total Units: Parking: 1 Bedroom 1 Unit 2 Bedroom 2 Units 3 Bedrooms 6 Units 4 Bedrooms 20 Units 101 Rooms 28 underground spaces 1 surface parking space Land: Building: Construction:.61 acres of land 3 individual buildings Stack townhomes Brick and stone Veneer and concrete

3 Building Description The three multi-residential properties subject of this assignment are near carbon copies of each-other in every respect. Descriptions below pertain to both properties with little to no variances. General Building Data: The three buildings are positioned in a U format with central and shared courtyard. Each property is 3 storeys in height and clad in red brick with steal roof line parapet disguising the flat roof There is large courtyard to the rear of the properties which will be fully landscaped with grass for tenants use. The subject property can be described as in new condition. Rental Units : The unit break down for the property is as follows: UNIT TYPE JOHNSON STNUE 1 Bedroom 1 2 Bedroom 1 3 Bedroom 6 4 Bedroom 20 Total ( 101 rooms) 28 Structural : The building is constructed from poured in place reinforced hollow-form concrete with reinforced slab on grade. There is no basement as it has been utilized as underground parking, Lower level units have been excavated to permit full-sized entry way doors and large egress windows giving the appearance of above grade. Exterior : Exterior of the buildings consist of brick veneer with cantilevered wood balconies with aluminium post and rail. Roof : The roof system is a flat roof with membrane and aggregate overlay. Laundry Facilities : Each unit is equipped with a shared laundry rbarresi@

4 Building Description

5 Site Description General Site Data: Johnson Street Access: Vehicular access to the subject properties is from McDonnell Street only via the underground parking garage. Pedestrian access is available to each unit from the street front or rear doors within the courtyard Parking: Approximately 28 total parking spaces within the complex within the underground heated and sprinklered garage. With one surface accessible space available Topography: The sites are generally level at street grade with surrounding properties. Topography does not appear to be detrimental to the property. Municipal Services: Full municipal services are available to the subject property.

6 Neighbourhood Analysis Locational Characteristics Surrounding Uses: The subject property is located just north-west of Queen s University and the downtown core of the City of Kingston. The property is well positioned in an established residential node with a mixture of low to medium residential properties. It represents a significant low-rise development complex within the immediate area providing for a prominent position. Public transportation is available via Kingston Transit public transit services with stops within walking distance. Market Conditions / Vacancy: The vacancy rate in the Kingston area has remained stable over year on a total basis. It currently residents at between 1.4% and 2.7% for the subject area, with even less in some micro-area nodes. The average rent for two-bedroom apartments reached just below $1,175 per month. This represents standard apartment rental however, with student residences being rented out on a per room basis. The subject property itself is currently vacant and has not taken occupancy as of yet. Discussions with surrounding competitive property managers and leasing representatives in the area have indicated that this property (although competitive) will be 100% leased. Cushman & Wakefield found these candid discussions beneficial and surprising in that these individuals had no hesitation nor concern for the new supply in competition with their own products, thus showing the strong demand for student housing in the area. rbarresi@

7 Neighbourhood Map

8 Regional Map Subject Property Kingston General Hospital

9 Kingston Market Overview The City of Kingston a major centre between Canada s two largest cities (Montreal and Toronto) and the nation s capital (Ottawa). Kingston is located approximately 240km east of Toronto, off of the Highway 401, 146 km southwest of Ottawa and approximately 270km west of Montreal. Kingston is Ontario s oldest City and was once the capital of preconfederation Canada and home to Canada s first Prime Minister Sir John A. Macdonald. Below are general demographics for the City of Kingston. Population - 25th largest census metropolitan area in Canada Unemployment Rate - consistently one of the lowest unemployment rates in country 152, % Median Family Income $69,051 Real GDP at basic prices ($millions) 5,146 CPI ( percentage change) 2.3% Retail Sales 1,850 Total Building Permits 219,923 Total Housing Starts 653 Average Commute to Work 5.9 km LARGEST PRIVATE SECTOR EMPLOYERS INVISTA Canada 981 StarTek Canada 776 Calian Technologies Ltd. 650 Empire Life Insurance Company 580 J.E. Agnew Food Services 575 Bell Canada 377 Novelis 358 Commissionaires Canada 240 Assurant Solutions 180 SLH Transport Inc. 174 Cancoil Thermal Corp 150 Dupont R&D Centre 150 KIMCO Steel 128 * data confirmed as of April 2011 # OF EMPLOYEES rbarresi@

10 Market Rental Rate Analysis We surveyed the competitive rental apartment market in order to determine market rental rates for the various unit types. The following table is a summary of the result Address Distance from Campus (km) Number of Bedrooms Monthly Rent Rent per room Utilities Inc. (Y/N) Parking HOUSES 276 Albert Street 0 3 $3,000 $1,000 Y Y 548 Brock Street 0 3 $2,100 $700 N Y 4 Birch Street $2,500 $625 N Y($) 326 University Ave $1,380 $690 N Y 477 King Street 0 4 $2,550 $638 N Y 308 College Street 0 2 $1,550 $775 Y Y($) 663 Princess Street 0 4 $3,020 $755 Y Y($) Statistics Min 2 $1,380 $625 Max 4 $3,020 $1,000 Ave 3 $2,300 $740 APARTMENTS 227 Brock Street $1,337 $1,337 N Y($) 179 Earl Street $1,190 $1,190 Y (No Hydro) Y($) 333 Barrie Street 0 1 $1,445 $1,445 Y Y($) 15 MacPherson Ave 2 2 $1,656 $828 Y Y 17 Van Order Drive $1,650 $825 Y Y 332 Princess Street 0 2 $1,844 $922 Y (No Hydro) Y($) 110 Clergry Street E $1,949 $975 Y Y 394 Princess Street 0 2 $1,700 $850 Y Y($) 316 Princess Street 1 3 $2,098 $699 N N 292 Johnson Street $2,100 $700 Y (No Hydro) Y($) 80 Division Street 0 3 $2,025 $675 N N 134 King Street E 1 4 $2,463 $616 N Y($) 195 Union Street $3,080 $770 N Y($) 148 Division Street 0 4 $2,600 $650 Y (No Hydro) Y($) 253 Queen Street $2,600 $650 N Y($) 663 Princess Street 0 4 $3,060 $765 Y Y($) Statistics Min 1 $1,190 $616 Max 4 $3,080 $1,445 Ave 3 $2,050 $869 rbarresi@

11 Pro Forma Rent Roll