FOR SALE 9 Unit Apartment Complex Cedarwood Manor - 1744 Spruce Street, Prince George, BC For further information contact: Bruce Long CCIM, FRI 604.312.2000 Personal Real Estate Corporation brucelong@telus.net Macdonald Commercial Real Estate Services Ltd. 1827 West 5 th Avenue, Vancouver, BC V6J 1P5 T 604.736.5611 F 604.736.7976 www.macdonaldcommercial.com Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price or terms and withdrawal without notice.
Executive Summary ABOUT PRINCE GEORGE, B.C: With a vibrant population of more than 70,000 and an affordable housing market, living in Prince George is attractive. The City provides all the amenities of a big city. The University of Northern BC, the International Airport, the new Cancer Ward at the University Hospital of Northern BC are just a few of the more recent additions to the city. Prince George is the Supply and Service centre for North and Central BC. Economic sectors include Construction, Forestry & Pulp and Paper, Mining, Transportation & Logistics, Tourism, Health Care and Education. ABOUT CEDARWOOD MANOR: Cedarwood Manor is a very well managed investment property located a short walk from the University Hospital and numerous other amenities. Pride of ownership is evident throughout the building and there is seldom a vacancy. With current rents about 15% below market levels, there is good potential to improve on this investment. SUITE MIX 1 x Studio; 5 x 1 Bedroom; 3 x 2 Bedroom LOT SIZE 117.6 Frontage x 99.2 Depth - 0.27+/- acres ZONING RM 4 PROPERTY TAXES $8,392.38 (2017) EFFECTIVE GROSS INCOME $71,603 TOTAL EXPENSES $30,472 NET OPERATING INCOME $41,131 PRICE $975,000 POTENTIAL To increase rents by approximately 15%
17th Ave 17th Ave Aerial Map 16 Victoria St 15th Ave Subject Spruce St Spruce St 15th Ave Prince George For further information contact: Bruce Long CCIM, Personal Real Estate Corporation 604.312.2000 brucelong@telus.net Kamloops Kelowna Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price Vancouver
Income and Proforma CEDARWOOD MANOR 1744 Spruce St., Prince George, BC Current s as of July 2017 Suite # Suite Type Current CMHC 1 (Oct 2016) Market 2 101 Studio $545 $605 $650 102 1 Bdrm $645 $676 $700 103 2 Bdrm $745 $788 $800 201 1 Bdrm $620 $676 $750 202 1 Bdrm $645 $676 $750 203 2 Bdrm $720 $788 $850 301 1 Bdrm $645 $676 $800 302 1 Bdrm $620 $676 $800 303 2 Bdrm $720 $788 $900 Total Monthly $5,905 $6,349 $7,000 Laundry (Monthly Avg) $180 $180 $180 Gross Annual Income $73,020 $78,348 $86,160 1. Average rents per unit type as per CMHC s 2016 Annual Report. al demand has improved significantly over past 12 months. 2. Given the condition and location of this property, it is our opinion that current market rents are approximately 15% higher in most other comparable properties.
Income and Proforma CEDARWOOD MANOR 1744 Spruce Street, Prince George, BC INCOME & EXPENSE PROFORMA ACTUAL CMHC Average MARKET s $70,860 $78,348 $83,400 Laundry $2,160 $2,160 $2,160 Vacancy 2% $ 1,417 $1,567 $1,668 Gross Income $71,603 $78,941 $83,892 Expenses (2016) Advertising $100 $100 $100 Cablevision $2,892 $2,892 $2,892 Caretaker $3,440 $3,440 $3,440 Hydro $1,467 $1,467 $1,467 Garbage $911 $911 $911 Insurance $2,531 $2,531 $2,531 Repairs & Maintenance $7,297 $6,300 $6,300 Snow Removal $473 $473 $473 Property Taxes (2017) $7,411 $8,392 $8,392 Utilities - Water & Sewer $3,194 $3,194 $3,194 Bank Fee $247 $247 $247 Miscellaneous $500 $500 $500 Total Expenses $30,472 $30,456 $30,456 Net Operating Income $41,131 $48,485 $53,436
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