FOR SALE 770 South Island Highway Campbell River, BC LIST PRICE: $1,600,000 DESIRABLE TOWNHOUSE AND APARTMENT INVESTMENT COMPLEX ACROSS FROM THE OCEAN CONTACT JAMES BLAIR FOR FURTHER DETAILS (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 410 North Tower, 650 West 41 st Avenue Vancouver, BC V5Z 2M9
PROPERTY SUMMARY CIVIC ADDRESS: 770 South Island Highway Campbell River, BC V9W 1A6 NEIGHBOURHOOD: Rockland Area PROPERTY IDENTIFIER: 025-497-804 LEGAL DESCRIPTION: Lot A Plan VIP74310 Section 32 Township 1 Land District 15 ZONING: RM-3 LOT SIZE: 30,797 sq.ft. YEAR BUILT: 1980 18 RESIDENTIAL UNITS: 12 2 Bedrooms 6 1 Bedroom BALCONIES/PATIOS: Yes PARKING: Yes Surface Parking for All Units PROPERTY TAXES (2014): $18,754.05 ASSESSMENT JULY 2014: Land $566,000 Improvement $367,000 Total $933,000 HIGHLIGHTS: Terrific location- across the street from the ocean and the beautiful Seawalk that spans the Campbell River oceanfront 12 2-storey Townhome-style units with an additional 6 1-bedroom suites Tenants responsible for their own utilities- electric heat and individual hot water tanks Ample parking available for all tenants and visitors Long-term mature tenant base
PROPERTY DESCRIPTION BUILDING DESCRIPTION Constructed in 1980, Tyee Gardens offers a desirable suite mix featuring 12 2-bedroom townhomes (with their own entrances) and 6 1-bedroom suites in a separate building. The units are heated by electric baseboards and hot water is supplied by individual hot water tanks. All utilities are paid for by the tenants. There is a shared laundry room with 2 washers and 2 dryers, all of which are owned. There is a storage locker room for tenants of the townhomes and in-suite storage for the 1-bedroom suites. There is surface parking for all tenants. UNIT DESCRIPTION All units have breaker panels, in-suite electric baseboard heat controls, window coverings, and individual hot water tanks. Living spaces are carpeted with access to patios or balconies in all units. All kitchens have full-size fridges and stoves, ample cabinet space, lino floors, and double sinks. Bathrooms feature tubs with surrounds, large vanities, and fans. Bedrooms are very spacious, are all carpeted, and have an abundance of closet space.
PROPERTY LOCATION PROFILE LOCATION Located directly across the street from the ocean, Tyee Gardens is well positioned for tenants to enjoy the Seawalk along Campbell River s ocean front. The regional airport is a 10 minute drive southwest and the city centre is a 5 minute drive north. A bus stop is located directly out front of the property giving tenants access to all city amenities, shopping, and recreation.
CITY PROFILE The city of Campbell River, is located along the Eastern shore of Vancouver Island. With a population of 32,000, Campbell River is the third largest city on Vancouver Island. Named one of the top five cities in North America with criteria based on the quality of life, Campbell River is a thriving community known as the Salmon Capital of the world. Campbell River is host to a variety of growing industries including healthcare, aquaculture and forestry. Campbell River is a transportation hub with access to transit stations that connect with neighbouring cities on Vancouver Island. The Oceanside highway connects Campbell River to the rest of Vancouver Island, the Campbell River airport (YBL), the Campbell River Water Aerodome (YHH seaplane base), and a BC Ferries route to Quadra Island. Campbell River is also home to the Elk Falls Provincial Park which is known for it s year-round salmon fishing.
LOCATION AMENITIES Restaurants Little Caesars Pizza Wasabiya Japanese Sushi Cafe Booster Juice Freddie s Pub Errand Entertainment Evergreen Pharmasave TD Canada Trust North Island College Landmark Cinemas Parks Rotary Beach Park Willow Point Park Frank James Park Groceries Quality Foods M&M Meat Shops Thrifty Foods Shopping Liquor Store Mac s Convenience Store Coffee Shops Tim Hortons Serious Coffee 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: Discovery Fishing Pier is Canada s longest and first salt water fishing pier offering access to high quality fishing, operating 24 hours a day. Top right: The Rotary Seawalk is a 5.5 kilometer paved walkway stretching along the shoreline from downtown Campbell River to the south of Willow Point. Access to the seawalk is located an easy 3-minute walk from this Property. Bottom: Downtown Campbell River is a 10-minute drive from this Property and provides access to unique boutiques, the convenience of large national chains, and a farmer s market each Sunday during the summer months.
RENT ROLL As of May 2015 UNIT NUMBER TYPE MONTHLY RENT CMHC RENT 101 2 Bedroom TH $730 $766 102 2 Bedroom TH $690 $766 103 2 Bedroom TH $730 $766 104 2 Bedroom TH $720 $766 105 2 Bedroom TH $710 $766 106 2 Bedroom TH $690 $766 107 2 Bedroom TH $710 $766 108 2 Bedroom TH $690 $766 109 2 Bedroom TH $710 $766 110 2 Bedroom TH $700 $766 111 2 Bedroom TH $710 $766 112 2 Bedroom TH $725 $766 113 1 Bedroom $590 $630 114 1 Bedroom $640 $630 115 1 Bedroom $620 $630 116 1 Bedroom $620 $630 117 1 Bedroom $600 $630 118 1 Bedroom $600 $630 TOTAL 18 Units $12,185 $12,972
CASH FLOW ANALYSIS YEARLY YEARLY/UNIT % OF EGI REVENUE Rental Income [1] $146,220 $8,123 Laundry [2] $3,240 $180 Gross Income $149,460 $8,303 Less: Vacancy 4.80% [3] $7,174 $399 EFFECTIVE GROSS INCOME $142,286 $7,905 EXPENSES Property Taxes $19,687 $1,094 13.86% Insurance $3,307 $183 2.30% Utilities: Electricity $765 $43 0.53% Utilities: Waste Removal $1,800 $100 1.27% License $150 $8 0.11% Repair & Maintenance [4] $12,600 $700 8.90% TOTAL EXPENSES $38,309 $2,128 26.97% TOTAL NET INCOME $103,977 Asking Price Per Unit Cap Rate $1,600,000 $88,888 6.50% [1] January 2015 Rent Roll x 12 [2] Estimated at $15 per unit per month [3] CMHC Fall 2014 Vacancy Rate [4] Stabilized at $700 per unit per year
Bill Goold Realty Exclusive Agents For more information, please contact: James Blair 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