JLL Real Estate Services, Inc. 14th Floor, 355 Burrard Street, Vancouver, BC, V6C 2G6

FOR SA LE

705 Birch AvenuePenticton, BC

Queen’s Park Apartments

▶ Prime A+ Penticton location – minutes to the beach, South Okanagan Events Centre, Cascades Casino, and directly across the street from Queen’s Park Elementary School

▶ Numerous building upgrades including double-glazed windows, patios, torch-on roof (2015), fire control panel (2015) and 8 of 11 hot water tanks replaced (2017/2018).

▶ The building, featuring all 2 bedroom units with below market rents, combined with less than a 1% vacancy rate in the city, provides investors the ability to increase revenue upon turnover

▶ 9,265 square foot corner lot zoned RM-2 (multifamily) for potential future redevelopment

▶ Building is concrete block construction

▶ 11 dedicated full-size storage lockers

▶ Suites feature electric baseboard heat and individual hot water tanks – tenants are responsible for paying these expenses

SALIENT DETAILS

INVESTMENT HIGHLIGHTS

Address 705 Birch AvenuePenticton, BC

11 Units 11 - Two Bedroom

PID 008-241-350

Construction 3 Storey Concrete Block

Lot Size (Approx) 9,278 sf

Parking 5 surface parking

Zoning RM-2

Year Built 1970

Property Taxes (2018) $8,754

Assessment (2018) Land $1,042,000 Improvement $ 326,000Total $1,368,000

List Price $1,795,000

Cap Rate 4.55%

THE OPPORTUNITYJLL is pleased to present investors the opportunity to acquire a well maintained concrete block constructed apartment building, Queen’s Park Apartments, located at 705 Birch Avenue in beautiful Penticton, BC. The building is located on a 9,265 square foot RM-2 zoned corner lot surrounded by new developments making this an excellent property for potential future redevelopment. Penticton is currently in a very low vacancy environment (0.9% as per CMHC October 2017) and with the current rents under market, this provides investors a tremendous opportunity to increase revenues immediately upon turnover. Numerous building upgrades, strong cash flow, and a location that is second to none in Penticton make this a perfect investment in a growing Okanagan city.

RENT ROLLUNIT

NUMBER TYPE SIZE* RENT

101 2 Bedroom 600 sf $995102 2 Bedroom 600 sf $995103 2 Bedroom 600 sf $694201 2 Bedroom 600 sf $995202 2 Bedroom 600 sf $745203 2 Bedroom 600 sf $995204 2 Bedroom 600 sf $957301 2 Bedroom 600 sf $1,095302 2 Bedroom 600 sf $1,095303 2 Bedroom 600 sf $995304 2 Bedroom 600 sf $745

Total 11 Units 6,600 sf $10,306

PROFORMA INCOME STATEMENT

LOCATION

[1] July 2018 rent roll annualized[2] Stabilized at $15 per unit per month[3] CMHC average vacancy rate for Penticton

Yearly Yearly/Unit % of EGR

REVENUE

Rental Income [1] $123,672 $11,243

Laundry [2] $1,980 $180

Gross Revenue $125,652 $11,423Less: Vacancy [3] (0.90%) $1,131 $103

EFFECTIVE GROSS REVENUE $124,521 $11,320

EXPENSES [3]

Property Taxes $8,754 $796 7.03%

Insurance $2,730 $248 2.19%

Hydro, Water & Sewer $14,600 $1,327 11.72%

Waste Removal & Recycling $1,670 $152 1.34%

Business Licence $175 $16 0.14%

Caretaker [4] $6,600 $600 5.30%

Repair & Maintenance [5] $8,250 $750 6.63%

TOTAL EXPENSES $42,779 $3,889 34.35%NET OPERATING INCOME $81,742

[4] Stabilized at $50 per unit per month [5] Stabilized at $750 per unit per year

▶ Queen’s Park Apartments is situated on the edge of downtown within a ten minute walk from Penticton’s Main Street where tenants can find an array of retail outlets and boutique stores.

▶ Penticton is home to many recreational activities such as skiing at Apex Mountain, boating and fishing on Skaha Lake and Okanagan Lake, hiking and biking the Kettle Valley Railway, and rock climbing at Skaha Bluffs.

▶ Penticton Regional Hospital is currently undergoing a $512 million renovation. A 300,000 sf, two-phase expansion is slated for completion in 2019. Phase One involves the construction of a new patient care tower with surgical services and 84 additional inpatient beds. Phase Two will include renovation of current areas and expand the emergency department.

▶ Penticton is surrounded by over 70 wineries and distilleries as well as multiple local orchards and farms.

▶ Located in the heart of the Okanagan, Penticton is a five hour drive to Vancouver and Seattle, and an eight hour drive to Calgary.

▶ Penticton Regional Airport is located within a 10 minute drive from Queen’s Park Apartments, with daily flights to Vancouver and Calgary.

*Approximate size of unit

CONTAC T US

*Personal Real Estate Corporation

Jones Lang LaSalle Real Estate Services Inc. • 355 Burrard Street • 14th Floor • Vancouver, BC V6C 2G6 • www.jllmultifamilybc.com©2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.E. & O. E. Jones Lang LaSalle Real Estate Services, Inc. Real Estate Brokerage

Interested to learn more about this feature listing?

PATRICK MCEVAY*

Vice President +1 604 789 0720 Patrick.McEvay@am.jll.com

JAMES BLAIR*

Vice President +1 604 790 7089 James.Blair@am.jll.com

DAVID VENANCE*

Vice President+1 604 910 3842 David.Venance@am.jll.com

SubjectProperty

Duncan Avenue

Highway 97

Power Street

Okanagan Lake

1

1

2

2

3

3

45

6 4

5

6

7

7

8

8

9

10

910

South Okanagan Events Center

Penticton Golf & Country Club

Okanagan College Penticton

Penticton Lakeside Resort

Okanagan Lake Park

Penticton Yacht Club and Marina

Penticton Plaza

Penticton Regional Hospital

Cherry Lane Mall

Penticton Regional Airport

Main & Martin Street Amenities

Eckhardt Avenue

Main Street

Martin Street