341 & 381 Leishman Road Campbell River, BC MULTIFAMILY BUILDING FOR SALE LIST PRICE $2,100,000 RARELY AVAILABLE 28 UNIT STRATA-TITLED MULTIFAMILY INVESTMENT PROPERTY IN DESIRABLE CAMPBELL RIVER NEIGHBOURHOOD CONTACT JAMES BLAIR FOR FURTHER DETAILS 604-267-2455 james@billgooldrealty.com www.billgooldrealty.com RE/MAX Bill Goold Realty Selling Apartment Buildings as if they were our own! 410 North Tower, 650 West 41 st Avenue Vancouver, BC V5Z 2M9 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.
BUILDING SUMMARY CIVIC ADDRESS, BC PID See Rent Roll LEGAL DESCRIPTION PL EPS310 LT 20 DL 72 LD 51 STRATA LOT FORM V ZONING RM-4 MULTIPLE FAMILY DWELLING STORIES Two (2) SUITE MIX 16-1 Bedroom / 10-2 Bedrooms / 2 Bachelor 28 Total suites - 14 per Building LOT SIZE 84 x 460 (38,640 sq. ft.) CONSTRUCTED 1967 PARKING 31 Surface Stalls HEAT Electric Baseboard paid by tenants ELECTRICITY Breaker panels BALCONIES Yes PROPERTY TAXES 2014 $20,406 TOTAL ASSESSMENT 2014 $2,959,600 MORTGAGE Treat as free and clear LOCATION Situated on a quiet cul-de-sac street, St. Andrew s Village fronts on Leishman on the corner of Birch. At the end of the street is Cedar Elementary School and two blocks south is the hospital, which is currently being replaced with a $266 Million, 95 bed facility. Transit, shopping, and recreation are all within walking distance of the property. BUILDING DESCRIPTION The property is comprised of two similar buildings totaling 28 units, and is wood frame 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 an apartment building. The property has undergone significant capital improvements including a new roof (last 3 years), double-glazed windows and patio doors, majority of the rear decks refinished with new ply and deck coating, rear stairs rebuilt, and substantial suite renovations (see next page). The units are heated by individual electric baseboards with in-suite controls and each unit has its own hot water tank. Each building has a shared laundry room with 2 washers and 2 dryers, which are owned. There is also a management office, additional owner storage, and 31 surface parking stalls. The property is extensively landscaped, fenced with an auto timed sprinkler system, and has been meticulously maintained by the current owners. PROPERTY HIGHLIGHTS Units are strata titled, giving an investor the option to sell off each individually. Excellent location within walking distance to schools, shops, and amenities. Extensive landscaping lends itself to exceptional curb appeal. Significant recent capital expenditure and suite renovations.
UNIT DESCRIPTION The suite mix consists of 16 one-bedroom, 10 twobedroom, and 2 bachelor suites. 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. The living space is mainly carpeted with new carpet installed over the last few years in most suites. All kitchens have ample cabinet space, tile floors (1 suite with new linoleum), full size modern fridges and stoves, and dishwashers (except for bachelor suites). 18 kitchens have been completely renovated with new cabinetry, appliances, and arborite countertops. The large bathrooms have tile floors (1 suite with new lino), new vanities with granite or uni-piece mounted tops, new faucets, mirrored medicine cabinets, exhaust fans, and the majority have tub surrounds. All units are also upgraded with modern lighting, decorative paint schemes, door hardware, and closets with louvered bi-fold doors.
RENT ROLL February 2015 UNIT NUMBER TYPE MONTHLY RENT ANNUALIZED RENT PID INDIVIDUAL ASSESSMENT INDIVIDUAL TAXES (2013) 101 2 Bedroom $750 $9,000 028-590-872 $70,200 $804.87 102 1 Bedroom $635 $7,620 028-590-881 $58,900 $691.57 103 1 Bedroom $595 $7,140 028-590-899 $58,700 $689.58 104 Bachelor $535 $6,420 028-590-902 $34,900 $450.94 105 1 Bedroom $635 $7,620 028-590-911 $58,700 $689.58 106 1 Bedroom $595 $7,140 028-590-929 $58,700 $689.58 107 2 Bedroom $750 $9,000 028-590-937 $70,400 $806.89 108 2 Bedroom $735 $8,820 028-591-011 $70,300 $805.88 109 1 Bedroom $635 $7,620 028-591-020 $58,500 $687.58 110 1 Bedroom $635 $7,620 028-591-038 $58,500 $687.58 111 Bachelor $483 $5,796 028-591-046 $34,900 $450.94 112 1 Bedroom $595 $7,140 028-591-054 $58,200 $684.56 113 1 Bedroom $635 $7,620 028-591-062 $58,700 $689.58 114 2 Bedroom $775 $9,300 028-591-071 $70,300 $805.88 201 2 Bedroom $735 $8,820 028-590-945 $71,300 $815.91 202 1 Bedroom $595 $7,140 028-590-953 $60,200 $704.60 203 1 Bedroom $635 $7,620 028-590-961 $60,000 $702.61 204 2 Bedroom $735 $8,820 028-590-970 $71,900 $821.92 205 1 Bedroom $635 $7,620 028-590-988 $60,000 $702.61 206 1 Bedroom $608 $7,296 028-590-996 $59,900 $701.59 207 2 Bedroom $710 $8,520 028-591-003 $71,400 $816.91 208 2 Bedroom $735 $8,820 028-591-089 $71,400 $816.91 209 1 Bedroom $650 $7,620 028-591-097 $59,800 $700.61 210 1 Bedroom $599 $7,188 028-591-101 $59,900 $701.59 211 2 Bedroom $750 $9,000 028-591-119 $71,800 $820.92 212 1 Bedroom $650 $7,620 028-591-127 $59,700 $699.60 213 1 Bedroom $572 $7,104 028-591-135 $60,000 $702.61 214 2 Bedroom $775 $9,300 028-591-143 $71,400 $816.91 TOTAL 28 UNITS $18,372 $220,464 $1,728,600 $20,160
FINANCIAL SUMMARY REVENUE For the 12-month period ended September 30, 2014 YEARLY YEARLY/UNIT Rental Income ¹ $220,464 $7,869.43 Laundry ² $5,040 $180 Gross Income $225,504 $8,049.43 Less: Vacancy (4.8%) ³ $10,824 $515.16 EFFECTIVE GROSS INCOME $214,680 $7,534 PERCENTAGE OF EGI EXPENSES Property Taxes $20,406 $729 9.73% Insurance $7,071 $253 3.38% Hydro $1,143 $41 0.55% Waste Removal $2,536 $91 1.22% Water/Sewer $28,662 $1,024 13.67% Business Licence $150 $5 0.07% Caretaker 4 $16,800 $600 8.01% Repair & Maintenance 5 $19,600 $700 9.35% TOTAL EXPENSES $96,368 $3,442 45.96% TOTAL NET INCOME $118,312 $4,092 54.31% Price: $2,100,000 Price Per Unit $75,000 Cap Rate: 5.63% 1 November 2014 Rent Roll x 12 ² Estimated at $15 per unit per month 3 CMHC Fall 2014 Vacancy Rate for Campbell River 4 Stabilized at $50 per unit per month. 5 Stabilized at $700 per unit per year. Actual repair and maintenance expense was $6,128. Does not include capital expenditures of $112,504 (shown below). * Total management and repairs & maintenance expense was $29,458. Actual gross revenue for this period was $168,638, mainly due to fire damaged vacant suites. Capital Expenditures for the 12-month period ended September 30, 2014 Flooring $19,584 Painting in Suites $472 Cabinetry in Suites $45,661 Appliances $2,031 Stairs and Deck Rebuild $16,773 Landscaping $220 Kitchen and Bathroom Renovations $25,081 Plumbing $2,682 $112,504
LOCATION Bus Route Destination 07 Peterson 04 Campbellton 01 Dogwood-Alder 99 Carihi 05 Rockland 02 Alder-Dogwood St. Andrew s Village is just an 8 minute drive from the downtown corridor of Campbell River, which 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. This property is located near the corner of Birch Street and 2 nd Avenue, giving tenants access to many transit routes, coffee shops, grocery stores, and Campbell River s Hospital, located only a 2 minute walk from the property.
NEIGHBOURHOOD Restaurants Panago Pizza Steiner Bakery Coffee Shops Starbucks Tim Horton's Groceries Quality Foods Save-On-Foods Thrifty Foods Shopping Campbell River Common London Drugs Discovery Harbour Schools Cedar Elementary School Campbell River Child Care Society Carihi Secondary School École Phoenix Middle School Parks Willow Point Park Frank James Park Elk Falls Provincial Park Errands Entertainment Health CIBC Evergreen Pharmasave Scotiabank TD Bank Campbell River Hospital Tidemark Theatre Campbell River City Hall 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)