White Rock $4,390,000 25 Unit Apartment Building Suite Mix 1 Studio 16-1 Bedroom (1 u/a) 5-2 Bedroom 1 Studio P/H 2-1 Bedroom P/H
BUILDING SUMMARY This 3.5 storey apartment building is located in White Rock, a ½ block to bus transportation and is a two minute car ride to the beach. It is wood construction with a beautiful brick and stucco exterior. It has a torch on roof, partial of which was redone in 2003. The original elevator has had the motor replaced five years ago. There are also 24 storage units, a bike storage room, and 21 open parking spots. The stamped concrete sidewalk leads to the bright front entrance and new intercom system. There are three multi-temp gas burning boilers and a John Wood hot water tank. The electrical panel is circuit breakers. The fire alarm system was upgraded in 2008 including new emergency exit lights. The large laundry room has two newer Huebsch washers and two dryers which are owned by the building. There is also a staff washroom and a storage/office for the owners. Units have hardwood flooring, smoke and heat detectors, intercom, and in suite heat controls. Kitchens have frost free fridges, newer stoves and range fans. Bathrooms have arborite counters, mosaic tile floors, full tub inserts and fans. All units except one have sundecks and 16 units have water views. They all have separate meters except for unit #106, which runs off of the house.
PROPERTY INFORMATION Legal Description PID 012-364-002 Plan 1864 Lot 4 Block 5 LD 36 Section 10 Township 1 Suite Mix Chattels Zoning Lot Size 1 Studio 16-1 Bedroom (1 u/a) 5-2 Bedroom 1 Studio P/H 2-1 Bedroom P/H 25 Units 25 fridges, 25 stoves 5 dishwashers, 2 washers, 2 dryers RM2 17424 square feet Constructed 1966 Property Taxes 2012 $26,427.66 Assessments 2013 Contracts $ 1,584,000 Land $ 1,840,000 Improvements $ 3,424,000 Shaw cable City of White Rock West Coast Elevators VanCity Fire
FINANCIAL SUMMARY Annual Revenue Current Rental Income (Rents x 12) $ 280,920 Laundry (Estimated) 4,337 Less Vacancy Rate (1%) (2,846) Total Annual Gross Revenue $ 281,781 Annual Expenses 2012 Advertising 367 Licenses & Permits 1,179 Cable 11,292 Management 12,800 Gas 15,902 Elevator 2,128 Hydro 2,311 Insurance 7,256 Property Tax 26,427 Repairs & Maintenance 9,887 Bank Service Charges 662 Water 1,979 Total Annual Expenses $ 92,190 Total Annual Net Revenue $ 189,591 Capitalization Rate 4.31% Expense Ratio 32.71% Purchase Price / Per Unit $ 4,390,000/$175,600 Capital improvements of $3,111 not included in expenses.
Unit Number RENT ROLL July 2013 Monthly Unit Type Rent $ Market Rent $ 101 2 Bedroom 1,025 1,195 102 Studio 750 750 103 1 Bedroom 920 975 104 1 Bedroom 975 975 105 1 Bedroom 760 975 106 1 Bedroom unauthorized 845 975 201 1 Bedroom 855 975 202 1 Bedroom 875 975 203 2 Bedroom 1,105 1,195 204 1 Bedroom 960 975 205 1 Bedroom 935 975 206 2 Bedroom 1,150 1,195 207 1 Bedroom 865 975 208 1 Bedroom 850 975 301 1 Bedroom 885 975 302 1 Bedroom 865 975 303 2 Bedroom 1,195 1,195 304 1 Bedroom 975 975 305 1 Bedroom 950 975 306 2 Bedroom 1,125 1,195 307 1 Bedroom 885 975 308 1 Bedroom 865 975 401 Studio Penthouse 725 750 402 1 Bedroom Penthouse 1,170 1,170 403 1 Bedroom Penthouse 900 1,170 TOTAL $23,410 $25,415 Please note that our market rents are based on research. We strongly recommend that you do your own research as this is only to be used as a guideline.
LOCATION $4,390,000