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| MLS |
| 46 SUITE APARTMENT COMPLEX - 5% CAP RATE |
Price:
$4,500,000
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| MLS# |
Sq.Ft. |
Lot Size(Acres) |
Address |
| 45125 |
0 |
0.779 |
**SOLD**888 Fairview Road
Penticton, B.C. |
WE ARE PLEASED TO OFFER FOR SALE this 46-suite apartment block, built in 1973, with major renovations completed over the last five years including new roof, exterior stucco, floor coverings in hallways and all suites, re-painted throughout including all suites, and new counter tops in all suites.
The building is a three-storey wood frame structure on a concrete ground level parkade, with 28 covered parking stalls and 37 exterior parking stalls. Heating is by way of electric baseboard radiators. Hot water is provided by two gas-fired boilers. The building has a single electrical meter, and rents include heat, light and hot water. Tenants pay for their own cable connection. The building is serviced with a single elevator, and utility services include sanitary sewer, electricity, gas, telephone and cable. There is a resident caretaker in the building who is paid a salary of $1,700.00 per month.
Lot size is .779 acres, and is irregular in shape. The building has a footprint of approximately 11,860 sq.ft. with paved parking and landscaping at the front of the building. All suites include a balcony, and are fitted with two appliances and a wall air-conditioner. The typical layout comprises living room, dining area, kitchen, one or two bedrooms, storage room and 4-piece bathroom. Access is by way of intercom. Safety equipment includes fire alarms, exit lamps and hard-wired smoke detectors. The building is not fitted with a sprinkler system. There is a coin operated washer and dryer on each floor (total of 3 washers/3 dryers).
Zoning is RM4 (multi-family). An insurance replacement cost estimate completed in February 2008 shows a replacement cost of construction of $5,675,000.00. Rents range from $550.00 per month for bachelor suites, $650.00 to $750.00 for one bedroom suites, and $800.00 for two bedroom suites. Rents include all utilities except cable, and it is felt that rents are below current market rates. Current vacancy rates in Penticton are at less than 1%, and will probably remain the same for the foreseeable future, as there is virtually no new construction of rental apartments currently planned. Title to the property is held by way of a bare trust, and can be purchased by way of the beneficial interest in the trust, thereby saving the cost of the Provincial Property Transfer Tax, a savings of approximately $88,000.00.
CIVIC ADDRESS : 888 Fairview Road, Penticton, B.C.
LEGAL DESCRIPTION : Lot 4, District Lot 250, SDYD, Plan 11502
TAXES (2007) : $25,756.00
LOT SIZE : .779 acre
ZONING : RM4 (Multi-Family)
SUITES : 3 x bachelor
31 x 1-bedroom
12 x 2-bedroom
46 TOTAL
AGE OF BUILDING : Built in 1973
CONSTRUCTION : 3-storey wood frame on concrete parkade
HEAT : Electric baseboard
HOT WATER : 2 gas-fired boilers
PARKING : 28 covered parking stalls
37 open parking stalls
EXTERIOR : Stucco
ROOF : Tar and gravel
SERVICES : City water, electricity, sanitary sewer,
cable, telephone.
CARETAKER : In residence
GROSS INCOME : $367,570 (2008 projection)
NET INCOME : $228,660 (2008 projection)
CAP RATE : 5%
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| MLS |
| **SOLD** |
Price:
$1,750,000
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| MLS# |
Sq.Ft. |
Lot Size(Acres) |
Address |
| 35223 |
8000 |
1.153 |
**SOLD**2964 Skaha Lake Road
Penticton, B.C. |
OUTSTANDING INVESTMENT OPPORTUNITY for this property located at the south end of Penticton on Skaha Lake Road, an area experiencing rapid growth with over 700 new housing units planned, and across he street from the Wal-Mart Super Store and Peachtree Shopping Centre. The site has access from both Skaha Lake Road and Wilson Street, and is a prime property for redevelopment to a mixed-use commercial and residential complex. The existing 8,000 sq. ft. building is currently housing a used furniture store, and could be adapted for many uses.
The building was constructed 27 years ago, and the lot is all paved. The C2 zoning allows for a large variety of commercial uses, with provision for residential above the main floor. This site would be an ideal location for a new mixed-use building with condominiums above the main floor commercial area.
CIVIC ADDRESS: 2964 Skaha Lake Road, B.C.
LEGAL DESCRIPTION: Lot 1, Plan 30067, District Lot 116, SDYD
LOT SIZE: 1.153 Acres
ZONING: C2 Shopping Centre
BUILDING SIZE: 8,000 + sq. ft.
USAGE: Retail Used Furniture
TAXES: $16,036.49 (2005)
FRONTAGE: 250’ on Skaha Lake Road, 182’ on Wilson Street.
Access from both Skaha Lake Road and Wilson Street.
BC ASSESSMENT 2005: $714,000
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| MLS |
| ***SOLD*** |
Price:
$999,000
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| MLS# |
Sq.Ft. |
Lot Size(Acres) |
Address |
| 34337 |
0 |
0.803 |
**SOLD**34381 - 103rd Street
Oliver, B.C. |
WE ARE PLEASED TO OFFER FOR SALE this solid revenue property, located in a quiet area of Oliver in the beautiful South Okanagan Valley. The property consists of ten one-level rental units, comprising two 4-plexes and one duplex, as well as additional land for three more units. All units feature two bedrooms, and have been recently renovated.
Legal Description : Lots A, B & C; Plan 19756; D/L 2450S, SDYD
Zoning : RM 2
Property Taxes (2005) : $ 9,274.49
Gross Income : $ 61,920.00
Total Land Size : .803 acre
DETAILS AND AMENITIES:
· The property consists of 3 separate titles: Lot A (.18 acres), Lot B (.26 acres) and Lot C (.35 acres), containing two 4-plexes and one duplex unit.
· All units have been recently renovated, and contain 2 bedrooms, 1 bathroom, kitchen, dinette, living room and laundry/storage room, (total size approximately 625 s/f).
· 6 units have newly installed French doors to a patio toward the large grassed back yard. 2 units have attached carports and paved parking areas.
· Each unit is separately metered; tenants pay their own utilities.
· Two ancillary buildings contain storage lockers and a newly installed coin operated laundry, plus storage shed for lawnmower, garden tools, etc.
· Lot C (.35 acres) has additional vacant land that may possibly accommodate another 3 units.
· Rents range from $500 to $525/month, plus utilities.
INCOME/EXPENSE:
Gross Annual Income: $61,920.00
Expenses:
Taxes $ 9,274.79 ($1,9274.25 + $3,652.23 + $3,648.01)
Insurance $ 2,315.00 (paid November 2005)
Repairs & Maintenance $ 1,857.60 (estimated 3% of gross)
Total Expenses $13,447.39
NET ANNUAL INCOME: $48,472.61
RENT ROLL:
34369 103RD STREET (4-PLEX)
UNIT RENT Date Renovated
1 $500 January/06
2 $525 March/April/06
3 $525 December/04
4 $510 June/05
34381 - 103rd STREET (4-PLEX)
UNIT RENT Date Renovated
1 $500 January/06
2 $525 April/04
3 $500 February/03
4 $525 Oct/02 (painted February/06)
10128 - 343rd AVENUE (DUPLEX
UNIT RENT Date Renovated
1 $525 April 2004
2 $525 April 2004
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| Exclusive |
| COMMERICAL INVESTMENT PROPERTY |
Price:
$1,875,000
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| MLS# |
Sq.Ft. |
Lot Size(Acres) |
Address |
| 0 |
12275 |
0.28 |
**SOLD**13009 Rosedale Avenue
Summerland, B.C. |
LOCATED ON A HIGH-PROFILE CORNER in downtown Summerland, this property consists of a 3-storey + underground garage, 6-year old custom-built Medical/Dental building and houses the largest medical and dental practices in the community.
A state-of-the-art H.V.A.C. System throughout the building allows for multiple zone controls. The building has a very attractive exterior, with stucco, ornamental stone, and lots of windows.
This high quality investment is offered for sale at $1,875,000, and shows a 6.7% return, with increased revenue potential as leases come due for renewal. Current lease rates are below market value for facilities of this quality.
The Main Floor houses a medical clinic for five doctors, and features very high quality leasehold improvements, including reception, washrooms, offices, diagnostic and examining rooms, as well as being the “walk-in-clinic” for Summerland residents.
The Third Floor encompasses similar high-quality dental facilities, with reception, washrooms and examining rooms.
The Second Floor is currently vacant, but will be leased back by the Seller of the building for a two-year term (or longer) at $12.00 per sq. ft. on gross floor area.
The building is serviced with elevator, heated underground parking for eleven vehicles, and 17 exterior vehicle parking stalls.
Civic Address 13009 Rosedale Avenue, Summerland, B.C.
Legal Description Lot a, Plan KAP 72299, D/Lot 473, ODYD
Lot Size .292 Acre
Assessed Value (2008) $1,626,000
Taxes (2008) $27,964.11
Current Use Medical and Dental Offices
Building Size 12,275 sq.ft.
Age Built in 2002
Construction Wood frame exterior, stucco and stone exterior finish
Roof Mixed, asphalt shingles and tongue & groove
H.V.A.C. Rooftop, gas fired
Elevator Yes
Parking Heated underground for 11 vehicles. 17 surface bays.
BUILDING:
Gross rentable space 12,275 sq.ft.
Net rentable space 9,900 sq.ft. approximately
Garage Below ground, Approximately 4,145 sq.ft. , 11 stalls.
Main Floor 4,145 sq.ft. approximately. Medical offices.
Second Floor 4,065 sq.ft. approximately. Vacant.
Third Floor 4,065 sq.ft. approximately. Dental offices
LEASES:
Main Floor Tenant : RMA Holdings Ltd. (Medical Offices)
5 years commencing March 1, 2007. $39,000/year
Second Floor Tenant: Seller. New 2-year lease to be signed, triple
net, $48,780/year commencing upon sale
Third Floor Tenant: Abougoush/McIntosh (Dental Offices)
5 years commencing February 1, 2008. $41,280/year
NET INCOME: $125,125/YEAR.
Cap Rate:6.7%.
NOTE: Landlord pays insurance. Tenants pay all other operating costs.
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| MLS |
| ***SOLD*** |
Price:
$695,000
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| MLS# |
Sq.Ft. |
Lot Size(Acres) |
Address |
| 40323 |
1617 |
0.21 |
**SOLD**603 Main Street
Penticton, B.C. |
| Land and building sale. Investment opportunity, 9% CAP rate. Corporate owned Kentucky Fried Chicken franchise. New 3-year triple net least. Same location since 1973. Contact Keith for Income Statement. |
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