FOR SALE 7220 Highview Road, Port Hardy LIST PRICE: $1,468,000 56-UNIT MULTI-FAMILY APARTMENT BUILDING IN PROXIMITY TO SCHOOLS, HOSPITAL, AND DOWNTOWN PORT HARDY CONTACT JAMES BLAIR FOR FURTHER DETAILS (604) 267-2455 james@billgooldrealty.com Selling Apartment Buildings as if they were our own! RE/MAX Bill Goold Realty 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. www.billgooldrealty.com 410 North Tower, 650 West 41st Avenue, Vancouver, BC V5Z 2M9
PROPERTY SUMMARY CIVIC ADDRESS: 7220 Highview Road Port Hardy, V0N 2P0 PROPERTY IDENTIFIER: 001-308-726 LEGAL DESCRIPTION: Lot 3 Plan 29962 Section 36 Township 9 Land District 49 ZONING: RAM1 Multi Family Apartment Block LOT SIZE: 101,056 sq.ft. YEAR BUILT: 1980 CONSTRUCTION TYPE: 3 and 4 storey wood frame 56 RESIDENTIAL UNITS: 30 - One Bedroom 24 - Two Bedroom 2- Three Bedroom ELEVATOR: Yes BALCONIES/PATIOS: Yes PARKING: Yes surface stalls PROPERTY TAXES (2014): $10,337 ASSESSMENT JULY 2014: Land $101,000 Improvement $876,000 Total $977,000 HIGHLIGHTS: Proximity to shopping, hospital, schools, and the downtown core of Port Hardy Excellent suite mix Elevator service Balconies or patios for every suite Ample parking Electric baseboard heat paid for by tenants Westpark Manor, a 41-suite building, is directly adjacent to the Property and is also available for sale
LOCATION PROFILE Location Profile LOCATION Port Hardy is a rural town located on the northern tip of Vancouver Island. With a growing population of approximately 4,000 habitants, Port Hardy has aggressive economic development initiatives along with short-term and long-term strategic goals to attract businesses. Amenities can be found on Granville Street, which leads to Port Hardy s ocean-front downtown core. Along the shore are many restaurants and pubs offering breathtaking views of the Queen Charlotte Strait and its wildlife. BC Ferries links Port Hardy with several remote communities along the breathtaking Inside Passage and Discovery Coast routes to Prince Rupert and Bella Coola. Over the last several decades, Port Hardy has become synonymous with outdoor activities and adventure. Flanked by coniferous forest on one side and the Queen Charlotte Strait on the other, visitors are just steps away from a vast expanse of untamed wilderness. Port Hardy offers kayaking, hiking & parks, scuba diving, wildlife viewing, beaches, and cultural tours. Port Hardy is the starting point for the world famous Cape Scott Provincial Park and the North Coast Trail. Additionally Port Hardy serves as a home away from home for many of the northern commercial fishing fleet. With an abundance of salmon, cod, and halibut it is an ideal fishing destination.
PROPERTY DESCRIPTION THE OPPORTUNITY Lindsay Manor is a 56 suite apartment complex featuring 56 furnished and unfurnished suites in the heart of Port Hardy. Shopping, schools, and the hospital are in close proximity. The adjacent property, Westpark Manor, is also available for sale. BUILDING DESCRIPTION The building is a 3-storey wood frame construction with aluminum siding and cedar trims. The windows are dual pane. Hallways are carpeted and there is linoleum in the laundry areas, and ceramic tile in the entrance foyer. The laundry room is on the main level and has three washers and three dryers. The exterior is fully landscaped and there is ample surface parking available to tenants. A typical suite has a living/dining area with galley kitchen featuring wood cabinetry and 24 or 30 stoves and fridges. The bathrooms are a standard 4-piece bathroom complete with vanity. The bathtub surrounds are ceramic tile. The living room, dining room, hallway, and bedrooms are carpeted, and the kitchen and bathroom flooring is linoleum. Electrical baseboard are located in each suite for heating. Heating costs are the responsibility of the tenants. Domestic hot water is supplied by a common hot water system.
LOCATION AMENITIES Restaurants Quarterdeck Pub Mo s Restaurant Walcan Seafood Hogan s Corner Errand Entertainment Peoples Drug Mart Rexall Port Hardy Hospital Home Hardware Parks Carrot Park Port Hardy Walkway Beaver Harbour Park Groceries Overwaitea Foods BC Liquor Store Shopping Thunderbird Mall tb!s The Bargain Shop Coffee Shops Café Guido Market Street Cafe 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)
NEIGHBOURHOOD SHOWCASE Top left: BC Ferries links Port Hardy with several remote communities along the breathtaking Inside Passage and Discovery Coast routes to Prince Rupert and Bella Coola. This ferry service, located 4-minutes from the Property, offers a wide variety of possible scenic day cruises. Top right: Located less than a 20-minute walk from the Property, the downtown Port Hardy waterfront walkway offers views of wildlife and an unlimited supply of fresh sea air to enjoy. The stroll begins at Rotary Park, where two family playgrounds, public washrooms, and the informative Visitor Centre are located. Bottom: Located 64km to the west is the world class Cape Scott Provincial Park. This rugged coastal wilderness park, located at the northwestern tip of Vancouver Island, is home to day hikes or backpacking excursions to explore the sandy beaches and rainforest area. Cape Scott covers 115km of aweinspiring ocean frontage and 30km of remote beaches.
NEIGHBOURHOOD SHOWCASE Top left: The Fort Rupert Trail is a 3.7km trail that follows the traditional route the Kwakiutl First Nations took overland to Bear Cove. It is not uncommon to see many different types of wildlife, including black bears, along the trail as well as culturally modified trees. Top right: Port Hardy is nestled right along the Queen Charlotte Strait offering views of crystal blue waters in the foreground and snow capped mountains in the distance. The waterfront is bustling with fishing boats returning with their daily catch, to sea planes taking off and landing. The numerous benches give the perfect opportunity to sit back and enjoy the view. Bottom: Located on the northwest coast of Vancouver Island, Raft Cove is about 65km from Port Hardy. This popular parks offers day hikes, sea side camping, surfing, scuba diving, and fishing.
RENT ROLL UNIT MONTHLY ANNUAL TYPE NUMBER RENT RENT 101 [1] 1 Bedroom $525 $6,300 102 1 Bedroom $415 $4,980 103 1 Bedroom $425 $5,100 201 1 Bedroom $445 $5,340 202 2 Bedroom + $565 $6,780 203 1 Bedroom $475 $5,700 204 1 Bedroom $475 $5,700 205 1 Bedroom $395 $4,740 206 1 Bedroom $450 $5,400 207 1 Bedroom + $455 $5,460 208 2 Bedroom + $585 $7020 301 2 Bedroom $575 $6,900 302 [1] 2 Bedroom + $595 $7,140 303 1 Bedroom $400 $4,800 304 1 Bedroom $400 $4,800 305 1 Bedroom $450 $5,400 306 [F] 1 Bedroom $495 $5,940 307 2 Bedroom + $575 $6,900 308 [F] 2 Bedroom + $768 $9,216 309 2 Bedroom + $575 $6,900 310 [F] 2 Bedroom + $1,150 $13,800 311 1 Bedroom $475 $5,700 312 1 Bedroom $475 $5,700 313 1 Bedroom $400 $4,800 314 2 Bedroom + $575 6,900 315 [F] 2 Bedroom + $985 $11,820 401 [F] 2 Bedroom $565 $6,780 402 2 Bedroom + $570 $6,840 [1] Currently vacant- monthly rent is asking price [F] Furnished suite + Flex room As of August 2015 UNIT MONTHLY ANNUAL TYPE NUMBER RENT RENT 403 1 Bedroom $485 $5,820 404 1 Bedroom $367 $4,404 405 1 Bedroom $475 $6,300 406 [F] 1 Bedroom $695 $8,340 407 2 Bedroom + $575 $6,900 408 [1] [F] 2 Bedroom + $750 $9,000 409 2 Bedroom + $455 $5,460 410 2 Bedroom + $585 $7,020 411 1 Bedroom $475 $5,700 412 1 Bedroom $485 $5,820 413 1 Bedroom $495 $5,940 414 1 Bedroom $500 $6,000 415 2 Bedroom + $570 $6,840 416 2 Bedroom + $575 $6,900 417 3 Bedroom $625 $7,500 501 2 Bedroom $585 $7,020 502 2 Bedroom + $580 $6,960 503 2 Bedroom $595 $7,140 504 2 Bedroom + $550 $6,600 505 2 Bedroom + $570 $6,840 506 2 Bedroom + $575 $6,900 507 [F] 1 Bedroom $625 $7,500 508 1 Bedroom $525 $6,300 509 1 Bedroom $475 $5,700 510 1 Bedroom $515 $6,180 511 2 Bedroom + $565 $6,780 512 2 Bedroom + $550 $6,600 513 3 Bedroom $625 $7,500 TOTAL 56 UNITS $30,685 $368,220
CASH FLOW ANALYSIS YEARLY YEARLY/UNIT % OF EGI REVENUE Rental Income [1] $368,220 $6,575 Laundry [2] $6,720 $120 Gross Income $374,940 $6,695 Less: Vacancy (16.3%) [3] ($61,115) ($1,091) EFFECTIVE GROSS INCOME $313,825 $5,604 EXPENSES Property Taxes $10,337 $185 3.29% Insurance $13,633 $243 4.34% Utilities [4] $52,571 $939 16.75% Elevator $6,128 $109 1.95% Licence $378 $7 0.12% Caretaker [5] $33,600 $600 10.71% Management [6] $14,841 $265 4.73% Repair & Maintenance [7] $42,000 $750 13.38% TOTAL EXPENSES $173,488 $3,098 55.28% TOTAL NET INCOME $140,337 CAP: 9.56% [1] August 2015 rent roll x 12 [2] Estimated at $10 per unit per month [3] Average vacancy for the property January-August 2015 [4] Utilities include hydro, waste removal, gas, and water and sewer [5] Stabilized at $50 per unit per year [6] Stabilized at 5% of EGI [7] Stabilized at $750 per unit per year. Actual R and M for 2014 was $16,426
Bill Goold Realty Exclusive Agents For more information, please contact: James Blair Senior Associate (604) 267-2455 james@billgooldrealty.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. Selling Apartment Buildings as if they were our own! RE/MAX Bill Goold Realty www.billgooldrealty.com