starlight apartments for sale 1340 fir street, white rock · regional library, and the...

Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.

Selling Apartment Buildings as if they were our own!

RE/MAX Bill Goold Realtywww.BillGooldRealty.com

David Venance| Ray Townsend | Bill Goold | Patrick McEvay | James Blair| Margaret Zheng

David Venance**Personal Real Estate Corporation

(604) 264-5752 | [email protected]

410 – North Tower, 650 West 41st Avenue, Vancouver, BC V5Z 2M9

PRISTINE 10-UNIT APARTMENT BUILDING WITH OCEAN VIEWS, CENTRALLY LOCATED IN WHITE ROCK

$2,000,000

STARLIGHT APARTMENTS1340 Fir Street, White Rock

FOR SALE


HIGHLIGHTS:

White Rock is a very desirable growing seaside community; vacancy rates have decreased from 3.0% to 1.5% since 2012

Exceptional location in the heart of White Rock with shopping, schools, beach, and amenities all within walking distance; high walk score

Very well managed and maintained lending great curb appeal and internal showing

Desirable, low maintenance tenant profile

The property is currently fully tenanted and has a history of no vacancies

Long-term resident caretaker

Significant capital expenditures recently completed; roof, boiler, and common areas

Extensive condo-like upgrades to 70% of the units

Southwest facing units have ocean views

Turn-key investment affordable to a broad array of real estate investors

PROPERTY SUMMARY

CIVIC ADDRESS: 1340 Fir StreetWhite Rock, BC V4B 4B2

PROPERTY IDENTIFIER: 009-825-533

LEGAL DESCRIPTION: Lot 4, Plan 2819, Section 11, Township 1, Land District 36

ZONING: RM-2 Multi Family Apartment Block

LOT SIZE: 7,471 sq.ft.

YEAR BUILT: 1976

CONSTRUCTION TYPE: Wood-frame

10 RESIDENTIAL UNITS: 1 – Bachelor | 9 - One Bedroom

ELEVATOR: No

BALCONIES/PATIOS: Yes – all units

PARKING: Yes – Covered Surface and Street

PROPERTY TAXES (2014): $10,935.57

ASSESSMENT JULY 2014: Land $ 859,000

Improvement $ 440,000

Total $1,299,000


Starlight Apartments: . 1340 Fir Street, White Rock

TRANSIT:Bus Route | Destination

351 | Crescent Beach/Bridgeport STN

354 | White Rock South/Bridgeport STN

C51 | Ocean Park/White Rock Centre

C53 | Cranley Drive/White Rock Centre

345 | King George STN/White Rock Centre

321 | White Rock/Surrey Central STNFir Street

Johnston Road

LOCATION PROFILE

LOCATION:Starlight Apartments is conveniently situated in a quiet seasideneighbourhood in central White Rock. Community amenitieswithin three blocks west of the Property include White RockElementary School, White Rock City Hall, the Fraser ValleyRegional Library, and the “Five Corners” business district onJohnston Street with its quaint shops, cafes, and restaurants.The iconic White Rock Pier and Promenade along the beach iswithin a short walking distance directly south and the PeaceArch Hospital is 2 blocks north. Fir Street is a frequent route forpublic transit with several bus stops nearby and is in closeproximity to King George Boulevard and Highway 99 to theeast.

White Rock continues to be one of the most desirablemunicipalities in the region to reside in and has enjoyed asteady increase in property values with average apartmentvacancy rates of 1.5% in 2014.


BUILDING DESCRIPTIONStarlight Apartments is an exceptionally well maintained, wood-frame, three-storey walk-up apartment building originally constructed in 1976. The building is situated on a 7,471 sq.ft. lot along the east side of Fir Street, and one lot north of Roper Avenue. The southwest facing units (6/10) boast beautiful ocean views and immaculate sun sets. The building consists of 10 legal spacious and bright rental suites which attract a high-caliber of tenant to select from, if and when they become available. The building has a history of no vacancy. Every suite has its own balcony and tenants each have access to a storage locker and the common laundry room, which contains a set of leased coin operated washer and dryer.

Recent building upgrades include:

IBC high-efficiency boiler and Grundfos Magna 3 circulator pump (Sept. 2013)

Advance Metalpres hot water tank (Sept. 2013)

Piping in the mechanical room (Sept. 2013)

Commercial grade torch-on roof replaced by Chisholm Roofing (10-year warranty). Old roof was removed all the way to the plywood (May 2015)

Common area carpet, modern lighting fixtures, wainscoting, and two-tones of neutral paint (August 2013)

Electrical wiring upgrades (2012 – 2015)

Suite Renovations (6/10 units fully done and 1 unit partially done) include:

Granite countertops and vinyl tile flooring in kitchen & bathroom

Refurbished wood kitchen cabinets with stainless steel handles

New kitchen sink and pull down faucet

Modern 4-light track lighting and dropped feature lighting in kitchen and dining area

All new doors throughout including closet and door handles

Décor light switches and plugs pigtailed to code

New bathroom tub and tile surround, toilet, sink, faucets, and vanity mirror

Carpet in bedroom and living areas including commercial grade underlay

New baseboards

Neutral colored paint throughout (light clay and white)

PROPERTY DESCRIPTION


FINANCIAL EVALUATIONRent Roll

PLEA

SE N

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:

As of May, 2015

CURRENT POTENTIAL: MARKET

UNIT # TYPE ROOMSMONTHLY ANNUALIZED MONTHLY ANNUALIZED

RENT RENT RENT RENT

101 1-Bdrm 3 $875 $10,500 $950 $11,400

102 Bach 2 $675 $8,100 $750 $9,000

201 1-Bdrm 3 $895 $10,740 $950 $11,400

* 202 1-Bdrm 3 $810 $9,720 $950 $11,400

* 203 1-Bdrm 3 $825 $9,900 $950 $11,400

204 1-Bdrm 3 $890 $10,680 $950 $11,400

301 1-Bdrm 3 $870 $10,440 $950 $11,400

* 302 1-Bdrm 3 $920 $11,040 $950 $11,400

** 303 1-Bdrm 3 $770 $9,240 $950 $11,400

304 1-Bdrm 3 $920 $11,040 $950 $11,400

TOTAL 10 UNITS 29 $8,450 $101,400 $9,300 $111,600* Units have not been renovated.

** Caretaker’s suite.

TYPE ROOMS AVG. RENT

1 Bach 2 $675

9 1-Bdrm 27 $864


FINANCIAL EVALUATIONIncome Statement

PLEA

SE N

OTE

:

Net Operating Income (NOI) Potential NOI Projection

ANNUALLY $ PER UNIT % OF EGR ANNUALLY % OF EGR

REVENUE Rental Revenue $101,400 $10,140 $111,600

Laundry Revenue [1] $1,680 $168 $1,680

Parking & Storage Revenue $0 $0 $0

Potential Gross Revenue (PGR) $103,080 $10,308 $113,280

Less: Vacancy Allowance (1.50%) ($1,546) ($155) ($1,546)

EFFECTIVE GROSS REVENUE (EGR) $101,534 $10,153 $111,734

OPERATING EXPENSESProperty Taxes $10,936 $1,094 10.77% $10,936 10.77%

Insurance $6,448 $645 6.35% $6,448 6.35%

Electricity $983 $98 0.97% $983 0.97%

Gas $3,353 $335 3.30% $3,353 3.30%

Water & Sewer $780 $78 0.77% $780 0.77%

Licence $400 $40 0.39% $400 0.39%

Caretaker $2,580 $258 2.54% $2,580 2.54%

Laundry Lease $724 $72 0.71% $724 0.71%

Repair & Maintenance $3,585 $358 3.53% $3,585 3.53%

TOTAL OPERATING EXPENSES $29,789 $2,979 29.34% $29,789 29.34%NET OPERATING INCOME $71,745 $81,944

[1] Laundry is estimated @ $14/unit/month


Restaurants Coffee Shops

Brown’s Social House The Coffee Mill

Leela Thai Restaurant Tim Hortons

Shi Chiku Sushi Bean around the World

Blazin Bagels Starbucks

Parks Groceries

White Rock Park Howes Market

Southmere Village Park Save-On-Foods

Centennial Park Buy-Low Foods Ltd

Shopping Errand | Entertainment

Hilltop Mall Shopper’s Drug Mart

Semiahmoo Shopping Centre Cineplex

Walk Score Methodology: Walk Score measures the walkability of any address. For each address, Walk Score analyzes hundreds of walking routes to nearby amenities.

Points are awarded based on the distance to amenities in each category. Walk scores are based out of 100. (All information courtesy of www.walkscore.com)*

NEARBY AMMENITIES


Bill Goold Realty | Exclusive Agents

For more information, please contact:

David VenancePersonal Real Estate Corporation

Associate(604) [email protected]

Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.

Selling Apartment Buildings as if they were our own!

RE/MAX Bill Goold Realtywww.BillGooldRealty.com

starlight apartments for sale 1340 fir street, white rock · regional library, and the...

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