Port Alberni Multi Fam; leased to VIHA; 1.9 mill; 6 cap rate

College Place (DG-MG)

4311 Kendall Ave (DG-MG), Port Alberni, BC V9Y8E3

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• Price:
  $1,950,525
• No. Units:
  16
• Building Size:
  12,000 SF
• Price/Unit:
  $121,907.82
• Property Type:
  Multifamily
• Property Sub-type:
  Garden/Low-Rise
• Property Use Type:
  Investment
• Cap Rate:
  6%
• No. Stories:
  2
• Year Built:
  2005
• Lot Size:
  0.72 AC
• Find Out More...

Last Verified 10/25/2010 Listing ID 16715397

Attachments

• Flyer(2 MB)
• For a complete information package

Highlights

• The property is improved with 4 separate buildings, each containing 4 units
• All units have either a 600 sq. ft. balcony or a patio
• All units have exterior entrances facing onto a nicely landscaped courtyard

• Each unit has its own hot water tank, heat is electric baseboard, and each unit is individually metered
• The College Place Complex has very well landscaped grounds, and is fenced with a fully finished courtyar
• 20 outside parking stalls in a paved parking lot behind the building complex

Description

A rare offering! Built in 2005 and improved on a large 31,478 sq. ft. lot, College Place is a 16-suite apartment/townhouse complex located in Port Alberni, BC. The subject features 4 buildings with 4 rental units in each with all exterior entrances facing onto a nicely landscaped courtyard. Features and excellent suite mix (15-2Br; 1-1Br), large balconies/patios, electric heat and rear parking. This is truly a carefree rental investment, as the entire complex is leased to one government agency for a 10 year term with rent escalations in place. An investor can also acquire the adjacent development site planned for a similar townhouse designed complex totalling approximately 28 units.

College Place is located mid centre in the City of Port Alberni, on Kendall Avenue at the crossroad of Rogers Street. This neighbourhood area is home to the large Multiplex Recreation Centre, the newer North Island College Complex and other new adjacent single family housing. It will soon be home to a new 51 million dollar high school. It has a south west aspect with a view of the mountains across the Alberni Inlet, and will remain very open and very bright due to the neighbouring recreational facilities of integrated playing fields.

Financial Summary

Unit Mix Information

• Proforma
• Year
  2009
• Scheduled Gross Income
  $130,990.48
• Effective Gross Income
  $130,990.48
• Operating Expenses
  $16,837.15
• Net Operating Income
  $114,153.33