341 & 381 leishmanroad - amazon s3...price: $2,100,000 price per unit $75,000 cap rate: 5.63% 1...
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RE/MAX Bill Goold Realty
www.BillGooldRealty.com 410 – North Tower , 650 West 41st Avenue Vancouver, BC V5Z 2M9
Selling Apartment Buildings as if they were our own!
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.
James Blair| Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
RARELY AVAILABLE 28 UNIT STRATA-TITLED MULTIFAMILY INVESTMENT PROPERTY
IN DESIRABLE CAMPBELL RIVER NEIGHBOURHOOD
341 & 381 Leishman RoadCampbell River, BC
MULTIFAMILY BUILDING FOR SALE
LIST PRICE
$2,100,000
604-267-2455 | [email protected] JAMES BLAIR FOR FURTHER DETAILS
341 & 381 Leishman Road, Campbell River
James Blair| Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
BUILDING SUMMARY
CIVIC ADDRESS341 & 381 Leishman Road, Campbell River, BC
PIDSee Rent Roll
LEGAL DESCRIPTIONPL EPS310 LT 20 DL 72 LD 51 STRATA LOT FORM V
ZONING RM-4 MULTIPLE FAMILY DWELLING
STORIESTwo (2)
SUITE MIX 16-1 Bedroom / 10-2 Bedrooms / 2 Bachelor28 Total suites - 14 per Building
LOT SIZE84’ x 460’ (38,640 sq. ft.)
CONSTRUCTED1967
PARKING31 Surface Stalls
HEATElectric Baseboard – paid by tenants
ELECTRICITYBreaker panels
BALCONIESYes
PROPERTY TAXES 2014 $20,406
TOTAL ASSESSMENT 2014$2,959,600
MORTGAGETreat as free and clear
LOCATION
Situated on a quiet cul-de-sac street, “St. Andrew’s Village” fronts on Leishman on the corner of Birch. At the end of the street is Cedar Elementary School and two blocks south is the hospital, which is currently being replaced with a $266 Million, 95 bed facility. Transit, shopping, and recreation are all within walking distance of the property.
BUILDING DESCRIPTION
The property is comprised of two similar buildings totaling 28 units, and is wood frame construction, built in 1967. Each unit holds its own strata title giving the owner flexibility to sell off individually, or hold and continue to operate as an apartment building. The property has undergone significant capital improvements including a new roof (last 3 years), double-glazed windows and patio doors, majority of the rear decks refinished with new ply and deck coating, rear stairs rebuilt, and substantial suite renovations (see next page).
The units are heated by individual electric baseboards with in-suite controls and each unit has its own hot water tank. Each building has a shared laundry room with 2 washers and 2 dryers, which are owned. There is also a management office, additional owner storage, and 31 surface parking stalls.
The property is extensively landscaped, fenced with an auto timed sprinkler system, and has been meticulously maintained by the current owners.
PROPERTY HIGHLIGHTS
Units are strata titled, giving an investor the option to sell off each individually.
Excellent location within walking distance to schools, shops, and amenities.
Extensive landscaping lends itself to exceptional curb appeal.
Significant recent capital expenditure and suite renovations.
341 & 381 Leishman Road, Campbell River
James Blair| Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
UNIT DESCRIPTION
The suite mix consists of 16 one-bedroom, 10 two-bedroom, and 2 bachelor suites.
All units have breaker panels, heat and smoke detectors, in-suite electric baseboard heat controls, individual hot water tanks, and curtains and blinds for window coverings.
The living space is mainly carpeted with new carpet installed over the last few years in most suites.
All kitchens have ample cabinet space, tile floors (1 suite with new linoleum), full size modern fridges and stoves, and dishwashers (except for bachelor suites). 18 kitchens have been completely renovated with new cabinetry, appliances, and arborite countertops.
The large bathrooms have tile floors (1 suite with new lino), new vanities with granite or uni-piece mounted tops, new faucets, mirrored medicine cabinets, exhaust fans, and the majority have tub surrounds.
All units are also upgraded with modern lighting, decorative paint schemes, door hardware, and closets with louvered bi-fold doors.
341 & 381 Leishman Road, Campbell River
James Blair| Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
RENT ROLL
February 2015
UNIT NUMBER TYPE
MONTHLY RENT
ANNUALIZED RENT PID
INDIVIDUAL ASSESSMENT
INDIVIDUAL TAXES (2013)
101 2 Bedroom $750 $9,000 028-590-872 $70,200 $804.87
102 1 Bedroom $635 $7,620 028-590-881 $58,900 $691.57
103 1 Bedroom $595 $7,140 028-590-899 $58,700 $689.58
104 Bachelor $535 $6,420 028-590-902 $34,900 $450.94
105 1 Bedroom $635 $7,620 028-590-911 $58,700 $689.58
106 1 Bedroom $595 $7,140 028-590-929 $58,700 $689.58
107 2 Bedroom $750 $9,000 028-590-937 $70,400 $806.89
108 2 Bedroom $735 $8,820 028-591-011 $70,300 $805.88
109 1 Bedroom $635 $7,620 028-591-020 $58,500 $687.58
110 1 Bedroom $635 $7,620 028-591-038 $58,500 $687.58
111 Bachelor $483 $5,796 028-591-046 $34,900 $450.94
112 1 Bedroom $595 $7,140 028-591-054 $58,200 $684.56
113 1 Bedroom $635 $7,620 028-591-062 $58,700 $689.58
114 2 Bedroom $775 $9,300 028-591-071 $70,300 $805.88
201 2 Bedroom $735 $8,820 028-590-945 $71,300 $815.91
202 1 Bedroom $595 $7,140 028-590-953 $60,200 $704.60
203 1 Bedroom $635 $7,620 028-590-961 $60,000 $702.61
204 2 Bedroom $735 $8,820 028-590-970 $71,900 $821.92
205 1 Bedroom $635 $7,620 028-590-988 $60,000 $702.61
206 1 Bedroom $608 $7,296 028-590-996 $59,900 $701.59
207 2 Bedroom $710 $8,520 028-591-003 $71,400 $816.91
208 2 Bedroom $735 $8,820 028-591-089 $71,400 $816.91
209 1 Bedroom $650 $7,620 028-591-097 $59,800 $700.61
210 1 Bedroom $599 $7,188 028-591-101 $59,900 $701.59
211 2 Bedroom $750 $9,000 028-591-119 $71,800 $820.92
212 1 Bedroom $650 $7,620 028-591-127 $59,700 $699.60
213 1 Bedroom $572 $7,104 028-591-135 $60,000 $702.61
214 2 Bedroom $775 $9,300 028-591-143 $71,400 $816.91
TOTAL 28 UNITS $18,372 $220,464 $1,728,600 $20,160
341 & 381 Leishman Road, Campbell River
James Blair| Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
FINANCIAL SUMMARY
For the 12-month period ended September 30, 2014
YEARLY YEARLY/UNIT PERCENTAGE OF EGI
REVENUE Rental Income ¹ $220,464 $7,869.43
Laundry ² $5,040 $180
Gross Income $225,504 $8,049.43
Less: Vacancy (4.8%) ³ $10,824 $515.16
EFFECTIVE GROSS INCOME $214,680 $7,534
EXPENSES Property Taxes $20,406 $729 9.73%
Insurance $7,071 $253 3.38%
Hydro $1,143 $41 0.55%
Waste Removal $2,536 $91 1.22%
Water/Sewer $28,662 $1,024 13.67%
Business Licence $150 $5 0.07%
Caretaker 4 $16,800 $600 8.01%
Repair & Maintenance 5 $19,600 $700 9.35%
TOTAL EXPENSES $96,368 $3,442 45.96%
TOTAL NET INCOME $118,312 $4,092 54.31%
Price: $2,100,000 Price Per Unit $75,000 Cap Rate: 5.63%1 November 2014 Rent Roll x 12
² Estimated at $15 per unit per month3 CMHC Fall 2014 Vacancy Rate for Campbell River4 Stabilized at $50 per unit per month. 5 Stabilized at $700 per unit per year. Actual repair and maintenance expense was $6,128. Does not include capital
expenditures of $112,504 (shown below).
* Total management and repairs & maintenance expense was $29,458.
Actual gross revenue for this period was $168,638, mainly due to fire damaged vacant suites.
Capital Expenditures for the 12-month period ended September 30, 2014
Flooring $19,584
Painting in Suites $472
Cabinetry in Suites $45,661
Appliances $2,031
Stairs and Deck Rebuild $16,773
Landscaping $220
Kitchen and Bathroom Renovations $25,081
Plumbing $2,682
$112,504
341 & 381 Leishman Road, Campbell River
James Blair| Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
LOCATION
Bus Route | Destination07| Peterson04| Campbellton01| Dogwood-Alder
99| Carihi05| Rockland02 |Alder-Dogwood
St. Andrew’s Village is just an 8 minute drive from the downtown corridor ofCampbell River, which is located along the Eastern shore of Vancouver Island. With apopulation of 32,000 Campbell River is the third largest city on Vancouver Island.
Named one of the top five cities in North America with criteria based on the quality of life, Campbell River is a thriving community known as the Salmon Capital of the world. Campbell River is host to a variety of growing industries including healthcare, aquaculture and forestry.
Campbell River is a transportation hub with access to transit stations that connect with neighbouring cities on Vancouver Island. The Oceanside highway connects Campbell River to the rest of Vancouver Island, the Campbell River airport (YBL), the Campbell River Water Aerodome (YHH seaplane base), and a BC Ferries route to Quadra Island. Campbell River is also home to the Elk Falls Provincial Park which is known for it’s year-round salmon fishing.
This property is located near the corner of Birch Street and 2nd Avenue, giving tenants access to many transit routes, coffee shops, grocery stores, and Campbell River’s Hospital, located only a 2 minute walk from the property.
341 & 381 Leishman Road, Campbell River
James Blair| Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
NEIGHBOURHOOD
Restaurants Coffee Shops
Panago Pizza Starbucks
Steiner Bakery Tim Horton's
Parks
Willow Point Park
Frank James Park
Elk Falls Provincial Park
Errands | Entertainment | Health
CIBC
Evergreen PharmasaveScotiabank
TD Bank
Campbell River Hospital
Tidemark TheatreCampbell River City Hall
Schools
Cedar Elementary School
Campbell River Child Care SocietyCarihi Secondary School
École Phoenix Middle School
Groceries Shopping
Quality Foods Campbell River Common
Save-On-Foods London DrugsThrifty Foods Discovery Harbour
Walk Score Methodology: Walk Score measures the walkability of any address. For each address, Walk Score analyzeshundreds 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)