BUILDING SUMMARY Canoe Court Prince George, BC 1285 Martin Street, White Rock 4045 1 st Avenue MULTI-FAMILY TOWNHOUSE INVESTMENT FOR SALE LIST PRICE $1,900,000 RARE 21 UNIT STRATA-TITLED MULTI-FAMILY TOWNHOUSE PROPERTY James Blair Bill Goold Patrick McEvay David Venance CONTACT JAMES BLAIR FOR FURTHER INFORMATION 604-263-2823 james@billgooldrealty.com RE/MAX Bill Goold Realty billgooldrealty.com 410 North Tower, 650 West 41 st Avenue Vancouver, BC V5Z 2M9 Selling Apartment Buildings as if they were our own!
BUILDING SUMMARY CIVIC ADDRESS 4045 1 ST Avenue, Prince George, BC PID See Rent Roll LEGAL DESCRIPTION PL PGS253 LT 1 DL 2610 LD 05 ZONING RM-3 Multiple Residential STORIES Each unit is 2 stories plus an unfinished basement SUITE MIX 21-3 bedroom 1.5 bathroom townhomes LOT SIZE Approx. 245 x 210 (~52,000 sq. ft.) CONSTRUCTED 1967 PARKING 42 Surface Stalls HEAT Electric Baseboard paid by tenants ELECTRICITY Breaker panels FENCED BACKYARDS Yes PROPERTY TAXES 2014 $20,406 TOTAL ASSESSMENT 2014 $2,152,500 MORTGAGE Treat as free and clear LOCATION Canoe Court fronts on 1 st Avenue just west of Ospika Boulevard. Across the street is Gordon Bryant Park and along Ospika you will find transit stops as it is a main arterial route in the city running north to south. Four blocks south is 5 th Avenue, another main arterial route running east to west and is the main route to downtown from the Subject Property. BUILDING DESCRIPTION The property configuration is two rows of units facing each other across a common central grassed area. The units are wood construction, built in 1967. Each unit holds its own strata title giving the owner flexibility to sell off individually, or hold and continue to operate as a rental multifamily complex. The units all have fenced backyards with 2 surface parking stalls directly behind each unit. The property had a new roof and vents installed over each row of units in August of 2014, and new double-glazed, energy efficient windows were installed in 2012. All fencing on the property was cleaned, repaired, and repainted in 2014. The units are heated by individual electric baseboards with in-suite controls, and each unit has its own hot water tank. The property is fully landscaped, and has been maintained to an exceptional standard by the current owners. PROPERTY HIGHLIGHTS Units are strata titled, giving an investor the option to sell off each individually. Each unit is self-contained with no covered common areas for the owner to care for Excellent location within walking distance to schools, shops, and amenities. New roof and windows throughout
UNIT DESCRIPTION The suite mix consists of 21 3-bedroom, 1.5 bathroom townhomes. The total square footage of each unit is approximately 1500 square feet including an unfinished basement- suitable for storage, or rec room, and includes the laundry facilities. On the main floor there is a separate dining area and a pantry off of the kitchen. All units have breaker panels, heat and smoke detectors, in-suite electric baseboard heat controls, individual hot water tanks, and curtains and blinds for window coverings. All kitchens have 5 appliances- self-cleaning range, fridge, dishwasher, and washer and dryer. All appliances have been maintained on a regular basis. There is ample cabinet space, tile floors, and arborite countertops. The large bathrooms have lino floors, updated countertops, sinks, faucets, and vanities. There is a tub/shower enclosure and updated medicine cabinets. The units also have updated lighting, door hardware, and extra shelving to make closets into storage areas.
FINANCIAL SUMMARY For the 12-month period ended September 30, 2014 YEARLY YEARLY/UNIT PERCENTAGE OF EGI REVENUE Gross Rental Income ¹ $198,288 $7,081.71 Less: Vacancy (4%) 2 $7,932 $283.27 EFFECTIVE GROSS INCOME $190,356 $9,065 EXPENSES Property Taxes $26,138 $1,244 Insurance $7,859 $374 Hydro $790 $37 Water/Sewer $16,578 $789 Business Licence $155 $7 Caretaker 3 $12,600 $600 Repair & Maintenance 4 $14,700 $700 9.73% 3.38% 0.55% 13.67% 0.07% 8.01% 9.35% TOTAL EXPENSES $78,820 $3,753 45.96% TOTAL NET INCOME $111,536 $4,092 54.31% Price: $1,900,000 Price Per Unit $90,476 Cap Rate: 5.87% 1 November 2014 Rent Roll x 12 2 CMHC Spring 2014 Vacancy Rate for Prince George 3 Stabilized at $50 per unit per month. 4 Stabilized at $700 per unit per year. Actual repair and maintenance expense was $5,890. Does not include capital expenditures of $64,278 (shown below). * Total management and repairs & maintenance expense was $27,015 Actual gross revenue for this period was $169,860, mainly due to suite renovations Capital Expenditures for the 12-month period ended September 30, 2014 Roof $51,597 Drywall Replacement $4,070 Plumbing $2,363 Painting in Suites $385 Electrical $1,258 Fence Repairs and Repainting $4,605 $64,278
LOCATION Bus Route Destination 11 Spruceland 01 Downtown 17 UNBC 18 Spruceland Foothills 55 Rockland 05 Pine Centre The subject property is just a 10 minute drive from downtown Prince George, situated at the confluence of the Fraser and Nechako Rivers, and the crossroads of Highway 16 and Highway 97. With a population of approximately 72,000 Prince George is the largest city in northern BC and the Northern Capital of the province. The economy of Prince George is driven primarily by the service industries. The Northern Health Authority, centred in Prince George, has a $450 million annual budget and is investing more than $100 million in infrastructure over the coming years, as Prince George builds the BC Cancer Agency. Education is another key dominant part of this city. With the University of Northern British Columbia, the College of New Caledonia and School District #57, education adds more than $780 million into the local economy annually. Recreation facilities include 116 playgrounds and parks, baseball, soccer and lacrosse fields, eight golf courses, plus tennis courts, ice rinks and roller rinks, a new modern Aquatic Centre as well as an older swimming pool and the CN Centre, which is a 5,995-seat multi-purpose arena. For hikers there is an 11 kilometer riverfront system of urban hiking trails called the Heritage Trails. This property is located near the corner of 1 st Avenue and Ospika Boulevard, giving tenants access to many transit routes, grocery stores, schools, parks, and shopping.
NEIGHBOURHOOD Restaurants Subway Sushi Hut Coffee Shops Starbucks Tim Horton's Groceries M&M Meats Save-On-Foods Superstore Shopping Pine Centre Mall Marks Work Warehouse Warehouse One Schools Highglen Montessori School Quinson Elementary Heritage Elementary University of Northern British Columbia Parks Gordon Bryant Park Corless Park Rainbow Park Errands Entertainment Health Pharmasave CIBC Scotiabank Shoppers Drug Mart Sears Famous Players James Blair Bill Goold Patrick McEvay David Venance 604-263-2823 james@billgooldrealty.com Walk Score Methodology: Walk Score measures the walkability of any address. For each address, Walk Score analyzes hundreds of walking routes to nearby amenities. Points are awarded based on the distance to amenities in each category. Walk scores are based out of 100. (All information courtesy of www.walkscore.com) Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.