for sale new price windows added in 2018...for sale new price“century manor” 1094 government...
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FOR SALE NEW PRICE
“Century Manor”1094 Government Street, Penticton, BC
12-SUITE APARTMENT BUILDING IN PENTICTON, BC
Dan Schulz | Vice PresidentPersonal Real Estate Corporation 778 999 [email protected]
Chris Tigas | Associate778 319 [email protected]
bcapartmentinsider.com
2 minute walk to NEW Penticton Regional Hospital
8 of the 12 Suites RenovatedNew Roof, Flashing &
Windows Added In 2018
PROPERTY SUMMARY
Asking price $2,288,000
No. of suites 12
Building Storeys 2
Price per unit $190,666
Cap rate 4.2%
Lot size 8,974 SF
Parking 12 stalls
Year built 1957
LOCATIONThe subject property is located along Government Street near the downtown core of Penticton, BC.
The site is nestled in a peaceful residential area, yet just a short walking distance to Penticton’s Main Street - the hub of many restaurants, pubs and stores including Cherry Lane Shopping Centre and the newly built Canadian Superstore.
Penticton is one of only two cities in the world that is situated between two lakes; Okanagan Lake to the North and Skaha Lake to the South. With lakes on either end of the city, there’s plenty of waterfront and beach areas to enjoy. Not to mention the famous Penticton River Channel which gives visitors and locals the opportunity to bring a tube and float from one end of the city to the other.
Drive a short distance to Naramata and you will find an abundance of wineries, vineyards, orchards, and scenic views along the way. Better yet, enjoy wine country by bike along the Kettle Valley Rail Trail. There’s plenty of fun to be had in Penticton.
SUBJECT
OPPORTUNITYTo acquire a recently updated , corner lot 12-suite apartment building in beautiful Penticton, BC. The subject property is exceptionally well-maintained, centrally located and produces stable rental income.
RECENT IMPROVEMENTS
● Built in 1957, and updated throughout 2018. Eight of the twelve units have been exceptionally renovated.
● Renovations include new floors, new windows, new backsplashes, new plumbing, and new A/C systems in each of the suites.
● The building has also been updated with a new roof and new flashing in 2018. Also included in the building are 12 above-ground parking stalls located in the back and shared coin-operated laundry machines.
8 MinutesJust a short walk to Penticton’s Main Street, the hub of many restaurants, pubs and stores.
SUBJECT
12 Suites8 out of the 12 suites have beenrecently renovated.
PROFORMA RENT ROLL
July 1, 2019 1094 Government Rd, Penticton, BC
12Suite mix breakdown
SUITE TYPE MONTHLY RENT ANNUAL RENT % TOTAL REVENUE
1 1-Bdrm $850.00 $10,200.00 8%
2 Bachelor $675.00 $8,100.00 6%
3 1-Bdrm $835.00 $10,020.00 8%
4 2-Bdrm $975.00 $11,700.00 9%
5 1-Bdrm $800.00 $9,600.00 7%
6 2-Bdrm $1,000.00 $12,000.00 9%
7 2-Bdrm $975.00 $11,700.00 9%
8 1-Bdrm $960.00 $11,520.00 9%
9 Bachelor $700.00 $8,400.00 7%
10 1-Bdrm $900.00 $10,800.00 8%
11 Bachelor $758.00 $9,096.00 7%
12 2-Bdrm $1,250.00 $15,000.00 12%
TOTAL 12 SUITES $10,678 $128,136 100%
25%
42%
33% SUITE MIX
Studio 3
One bedroom 5
Two Bedroom 4
PROFORMA INCOME STATEMENT
NET INCOME
1094 Government Rd, Penticton, BC
Gross Rental Income $128,520.00
ExpensesProperty Management Fees $6,500.00 Grounds Maintenance $1,625.00 Janitorial Service $1,387.00 Snow Removal $1,008.00 Legal Fees $1,807.00 Plumbing Matintenance $295.82 Fire Alarm Maintenance $1,228.00 Repairs & Maintenance $1,160.00 Electric Utility $1,026.00 Garbage $801.00 Property Taxes $8,000.00 Insurance $6,360.00
Total Expenses $31,198.00
NET OPERATING INCOME $96,936.00
bcapartmentinsider.com
4.20%CAP RATE
Price per unit $190,666
Value $2,288,000
Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price or terms and withdrawal without notice.
Dan Schulz | Vice PresidentPersonal Real Estate Corporation 778 999 [email protected]
Chris Tigas | Associate778 319 [email protected]
Real Canadian Superstore
Skaha Beach
Penticton Regional Hospital
Penticton River Channel
SUBJECT PROPERTY
Kettle Valley Rail Trail