FOR SALE - NEW PRICE!

Transcription

1 Hecate Pine Fifth FOR SALE - NEW PRICE! Meticulously Maintained 12-Suite Apartment Building in Nanaimo Opportunity Highlights Invest in rapidly - growing Nanaimo! 10,593 sf lot within walking distance to Downtown Nanaimo R14 Zoning Meticulously maintained throughout ownership tenure

2 Here is your chance to own a well-maintained rental building in a fast-growing market! SUBJECT Opportunity To acquire a meticulously cared for, conveniently-located 12-suite apartment building in Nanaimo, BC. Location The subject property is located at the end of Pine reet in Nanaimo. The site is conveniently situated less than a five minutes drive and a 15-minute walk to Downtown Nanaimo. The Departure Bay ferry terminal is a 10-minutes drive away, and the Duke Point ferry terminal is less than 15-minutes away by car. Nanaimo s central location on Vancouver Island provides an excellent location for many businesses to set up shop. From shipping, tourism, forestry, and other industrial uses, Nanaimo offers a plethora of wide-ranging employment opportunities. Located less than two hours by ferry from Metro Vancouver (and less than half-an-hour by floatplane), Nanaimo offers the convenience of being within close proximity to Vancouver while also allowing a lifestyle away from a big metropolis. Furthermore, there is a passenger ferry connecting Downtown Nanaimo to Downtown Vancouver is in the works, allowing Nanaimo to be considered a viable suburb of Greater Vancouver. Improvements Built in 1993, this three-storey building features 12 residential rental suites. Parking is provided at the side of the building. The suite breakdown is as follows: 10 x 1-bedrooms 2 x bachelor Property Information Address Zoning Floor Space Ratio (FSR) Legal Description R14 Zoning 0.65 PID Tenure Gross Taxes TBA (2017) Asking Price $1,798,888 PL VIP55340 LT 1 LD 32 SEC 1 Property to be delivered free and clear of all financial encumbrances. Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price or terms and withdrawal without notice. Please do not disturb tenants. Tours of the property will be arranged for the Buyer.

3 1 l ina m ) er Bay T rry oe Fe esh ay ors B re o H rtu e t pa rvic e D (Se Waterfront Seawall 5 te eca H 1 2 Port Place Mall 4 Bayview Elementary School 5 Nanaimo Casino ne Vi Deverill Square Park Rd y ia or t c Ferry to Gabriola Island Hw Pi d Du (Se ke Po rvi in ce t F to err Tsa y T ww erm ass ina en l ) th Nanaimo Airport an Fif Port Theatre 6 mins drive 18 mins walk Isl John Barsby Community School 5 mins drive 29 mins walk 620 Pine reet, Nanaimo, BC

4 Proforma Income atement For the Year Ended December 31, 2018 GROSS INCOME ACTUAL POTENTIAL Gross Rental $111,936 $132,000 Less Vacancy 1.6% -$1,343 -$2,112 Total Gross Income $110,593 $129,888 EXPENSES Operating Expenses Garbage removal $2,198 $2,040 Insurance $3,390 $3,480 Electricity $2,358 $1,980 Management fee $5,597 $5,220 Property taxes $8,400 $8,400 Gardening $2,400 $2,400 Repairs/maintenance $2,400 $2,400 Water/sewer charges $2,872 $2,400 Total Expenses $29,614 27% $28,320 NET OPERATING INCOME $80,978 $101,568 ASKING PRICE CAP VALUE PRICE PER UNIT 4.50% $1,798,888 $149, POTENTIAL RETURN CAP VALUE PRICE PER UNIT 5.65% $1,798,888 $149, Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price or terms and withdrawal without notice.

5 Rent Roll as at December 1st, 2018 SUITE TYPE MONTHLY RENT POTENTIAL RENT ANNUAL RENT POTENTIAL ANNUAL RENT % TOTAL REVENUE 1 1-Bdrm $875 $950 $10,500 $11, % 2 1-Bdrm $875 $950 $10,500 $11, % 3 1-Bdrm $750 $950 $9,000 $11, % 4 1-Bdrm $699 $950 $8,388 $11, % 5 1-Bdrm $640 $950 $7,680 $11, % 6 1-Bdrm $875 $950 $10,500 $11, % 7 1-Bdrm $875 $950 $10,500 $11, % 8 1-Bdrm $975 $950 $11,700 $11, % 9 1-Bdrm $900 $950 $10,800 $11, % 10 1-Bdrm $619 $950 $7,428 $11, % 12 Bachelor* $675 $750 $8,100 $9, % 16 (11) Bachelor* $570 $750 $6,840 $9, % TOTAL 12 SUITES $9,328 $11,000 $111,936 $132, % *Unauthorized Bachelor 17% 1-Bdrm 83% SUITE MIX BREAKDOWN 1-Bdrm Bachelor Suite Breakdown 1-Bdrm 10 Bachelor 2 Total 12 Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price or terms and withdrawal without notice.