Cloverdale Apartments

Transcription

1 FOR SALE Cloverdale Apartments B Street, Surrey, BC A Rare Multifamily Opportunity of Scale in the Heart of Cloverdale

2 List Price The Opportunity $16,750,000 JLL is pleased to present investors the opportunity to acquire 100% freehold interest in Cloverdale Apartments, located at B Street in the established town centre of Cloverdale. The property offers a rare opportunity of substantial scale, featuring 79 units on close to 100,000 square feet of land. The strategic location of the property, which is in the heart of Cloverdale and only minutes to Downtown Langley, offers tenants easy access to shops, transit, and amenities. The property has been meticulously maintained with terrific curb appeal and numerous capital expenditures completed. Property Details 79 Units 54-1 Bedroom 22-2 Bedroom 3-3 Bedroom PID Construction 3 Storey Wood Frame Lot Size (Approx) 98,881 sf Parking Surface parking stalls Zoning Multiple Residential 45 Zone Year Built 1973 Property Taxes (2017) $31, Assessment (2017) Land $ 6,921,000 Improvement $ 3,515,000 Total $10,436,000 Investment Highlights Rare opportunity of scale, boasting 79 units on a large 98,881 square foot corner lot Ideal location in the heart of Cloverdale located 300 meters from historic 176 Street which features unique boutiques and local shops Bright and spacious laundry room with 6 washers and 6 dryers owned by the building Dataroom available and includes a Building Condition Report and Phase 1 Environmental Report Extensive recent renovations and capital expenditures include: Torch-on roof replaced approx. 10 years ago Boilers replaced in 2007 Domestic hot water tank replaced in 2016 Large section of the surface parking lot re-paved in 2018 All hallway and stairwell carpets replaced in 2018

3 Rent Roll Summary Type Total Number Rooms Average Monthly Rent Average Monthly CMHC Rent 1 Bedroom $855 $908 2 Bedroom $975 $1,077 3 Bedroom 3 15 $1,174 $1,213 Total 79 Units 265 Rooms $901 $967 Proforma Income Statement Annual Annual/ Unit % of EGR REVENUE Rental Income [1] $853,752 $10,807 $14,220 $180 $867,972 $10,987 $5,208 $66 $862,764 $10,921 Property Taxes $31,146 $ % Insurance [5] $20,000 $ % Water & Sewer $61,104 $ % Waste Removal $9,600 $ % $36,485 $ % Business Licence $4,345 $ % Telephone Line $2,117 $ % $47,400 $ % Property Management [7] $30,197 $ % Repair & Maintenance $59,250 $ % TOTAL EXPENSES $301,644 $3, % NET OPERATING INCOME $561,120 Laundry [2] Potential Gross Revenue (PGR) Less: Vacancy [3] (0.60%) EFFECTIVE GROSS REVENUE (EGR) OPERATING EXPENSES [4] Heating (Gas) & Electricity Caretaker [6] [8] [1] October 2018 rent roll annualized [2] Stabilized at $15 per unit per month [3] CMHC vacancy rate for Cloverdale [4] Expenses provided from Vendor s 2017 Income Statement unless otherwise noted [5] Estimate from Vendor [6] Stabilized at $50 per unit per month [7] Stabilized at 3.5% of EGR [8] Stabilized at $750 per unit per month. Actual R and M for 2017 was $92,199

4 SUBJECT PROPERTY Cloverdale New Town Centre Cloverdale s new town centre plan is currently under review. It proposes new land use that promotes residential densification, a pedestrian friendly commercial core, and an enhancement of 176A Street. The plan encompasses around 297 hectares located at the cross roads of Highway 10 and 15. The main aim of the plan is to introduce a residential transitional zone, to broaden the higher density townhome and semi-detached designations. These changes would favor developments, especially purpose-built rental properties which have been significantly lacking in the Cloverdale area. The final plan is expected in the Fall of AVENUE B STREET

5 WALK SCORE 83 HIGHWAY 15 Cloverdale Fairgrounds C Langley Town Center SUBJECT PROPERTY B HIGHWAY AVENUE A TOWN CENTER One of Surrey s most recognizable main streets with small local shops and plenty of amenities. KWANTLEN TECH CAMPUS 11 min walk from KPU Faculty of Trades and Technology, offering trades and technology programs. RETAIL AMENITIES A. Clover Square Village: BC Liquor Stores, No Frills, Shoppers Drug Mart, Dollarama, Tim Hortons B. Brick Yard Station: Staples, Rexall, Original Joe s, Vera s C. Langley Town Center: Willowbrook Shopping Centre, MEC, Costco, Canadian Tire, Real Canandian Super Store CLOVERDALE FAIRGROUNDS Amphitheater Park Lord Tweedsmuir Secondary Recreation Centre Rodeo Exhibition Association Elements Casino Greenway Park - Pool & Tennis Courts Stetson Bowl Stadium CONTACT US JAMES BLAIR* James.Blair@am.jll.com *Personal Real Estate Corporation PATRICK MCEVAY* Patrick.McEvay@am.jll.com DAVID VENANCE* David.Venance@am.jll.com Jones Lang LaSalle Real Estate Services Inc. 355 Burrard Street 14 th Floor Vancouver, BC V6C 2G Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. E. & O. E. Jones Lang LaSalle Real Estate Services, Inc. Real Estate Brokerage