Port Albernie; 16 unit apt; 1.2 mil; 9.3 cap rate;

Harbourview Apartment Building
3118 – 3rd Ave
Port Alberni, B.C


16 unit apartment block in Port Alberni that is closed to Alberni Harbor Quay. The entire apartment building’s exterior and interior has been completely renovated as well as with new appliances. In addition, there is a potential to convert the apartment building to strata apartment for selling as individual units.
Legal
Description: Plan 197, District Lot 1, Lot 9, Land District 1, Block 73
Free Form: Lot 8, Block 73, Plan 197, District lot 1, Alberni Land District
PID: 003-830-535
Lot Size: 8,250 sq ft
Zoning: Multi-Family Apartment Block (050)
Suite Mix: 2 Studio
14 One Bedroom
16 Total
Gross Taxes: $1,838.02 (2009)
Tax Assessment: Land $ 57,700
Improvement $934,000
Total $991,700
Financial Analysis: Gross Revenue $123,840
Expense $ 11,700
Net Income $112,140
Price per suite: $75,000
Cap Rate: 9.3%
Price: $1,200,000