Maple Ridge $5,000,000 59 Unit Apartment Building Suite Mix 50-1 Bedroom 8-2 Bedroom 1-3 Bedroom
BUILDING SUMMARY The Esther is a three storey, wood frame apartment building located just off Dewdney and Lougheed Highway, right on the bus route and close to the downtown core. It sits on a nicely landscaped lot, and has stucco and brick exterior and a tar and gravel roof. There are 44 parking stalls, 22 covered and 22 uncovered and a private garage for the owner. It has the original cable elevator, a separate office for the manager, a storage locker for each unit, a large workshop, and a large storage room for supplies. The front of the building has a concrete walkway leading into the covered front entrance with large glass doors. The bright lobby is tastefully decorated and furnished, has tiled floors, wood panelling, a newer intercom system and mailboxes. Each floor has a laundry room with one washer and one dryer which are owned by the building. There is a Multitemp, hydrotherm boiler and a back-up generator. The electrical boxes are a mix of fuses and breakers. Units have smoke detectors, in suite heat controls and hot water baseboard heat. The suites are in various stages of renovations. Some have been recently updated with new laminate floors, appliances, countertops and cabinetry in the kitchens. Bathrooms in the newer units also have new fixtures, lighting, flooring and tile tub surrounds. Other units have laminate flooring, original hardwood cabinetry, frost free fridges, arborite countertops and older fixtures in the bathrooms. The three bedroom unit has newer laminate floors, arborite countertops, hardwood cabinetry, a full size frost free fridge, full size stove and exhaust fan in the kitchen. The bathroom has arborite counter tops, mirrored vanity, heat lamp and exhaust fan, older fixtures and a ¾ tile tub surround. It also has another half bathroom. The ground floors have patios with brick railings, and the other floors have balconies with wood railings.
PROPERTY INFORMATION Legal Description PID 007-316-275 Lot 79 District Lot 398 Group 1 New Westminster District Plan 36157 Suite Mix Chattels Zoning Lot Size 50-1 Bedroom 8-2 Bedroom 1-3 Bedroom 59 Units 59 fridges, 59 stoves 3 washers, 3 dryers RM-3 44,692 s.f. Constructed 1975 Property Taxes 2013 $49,216.49 Assessments 2013 Contracts $1,519,000 Land $3,045,000 Improvements $4,564,000 West Coast Elevator
FINANCIAL SUMMARY Annual Revenue Current Rental Income (Rents x 12) $ 539,244 Laundry (Estimated) 10,620 Less Vacancy Rate (normalized) (4.9%) (26,943) Total Annual Gross Revenue $ 522,921 Annual Expenses 2012 Advertising 1,072 Licenses & Permits 2,360 Professional Services 1,933 Caretaker (estimated) 35,400 Telephone 1,344 Insurance 21,951 Property Tax 48,598 Repairs & Maintenance (normalized) 47,200 Bank Service Charges 690 Utilities 48,139 Total Annual Expenses $ 208,687 Total Annual Net Revenue $ 314,234 Capitalization Rate 6.28% Expense Ratio 39.90% Purchase Price / Per Unit $5,000,000/$84,745
Unit Number RENT ROLL September 2013 Unit Type Monthly Rent $ 101 3 Bedroom 1,000 102 1 Bedroom 712 103 1 Bedroom 750 104 1 Bedroom 750 105 1 Bedroom (vacant) 750 106 1 Bedroom 750 107 1 Bedroom 750 108 2 Bedroom (vacant) 950 109 2 Bedroom 900 110 1 Bedroom (vacant) 750 111 1 Bedroom (vacant) 750 112 1 Bedroom (vacant) 750 114 1 Bedroom (vacant) 671 115 1 Bedroom 700 116 1 Bedroom (vacant) 700 117 1 Bedroom (vacant) 750 118 1 Bedroom (vacant) 750 201 2 Bedroom 950 202 1 Bedroom 700 203 1 Bedroom 700 204 1 Bedroom 700 205 1 Bedroom 750 206 1 Bedroom 750 207 1 Bedroom 750 208 2 Bedroom 950 209 2 Bedroom (vacant) 900 210 1 Bedroom 750 211 1 Bedroom 750 212 1 Bedroom 700 214 1 Bedroom 730 215 1 Bedroom 750
Unit Number Unit Type Monthly Rent $ 216 1 Bedroom 700 217 1 Bedroom 750 218 1 Bedroom 674 219 1 Bedroom 750 220 1 Bedroom 750 221 1 Bedroom 750 222 1 Bedroom 750 301 2 Bedroom 900 302 1 Bedroom 750 303 1 Bedroom 700 304 1 Bedroom 700 305 1 Bedroom 750 306 1 Bedroom 700 307 1 Bedroom 750 308 2 Bedroom (vacant) 900 309 2 Bedroom (vacant) 900 310 1 Bedroom 750 311 1 Bedroom 700 312 1 Bedroom 700 314 1 Bedroom 750 315 1 Bedroom 700 316 1 Bedroom (vacant) 750 317 1 Bedroom 750 318 1 Bedroom 700 319 1 Bedroom 750 320 1 Bedroom 750 321 1 Bedroom (vacant) 750 322 1 Bedroom 750 TOTAL $44,937
LOCATION $5,000,000