Mariner s Watch FOR 11682 224 Street · Patrick McEvay | Bill Goold | Ray Townsend | James Blair |...
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11682 224 Street Patrick McEvay | Bill Goold | Ray Townsend | James Blair | David Venance | Margaret Zheng 11682 224 Street MAPLE RIDGE, BC FOR SALE Patrick McEvay Personal Real Estate Corporation (604) 267-2455 [email protected] Selling Apartment Buildings as if they were our own! Bill Goold Realty www.billgooldrealty.com $2,370,000 OPPORTUNITY HIGHLIGHTS Opportunity to invest in a rapidly growing community Located within walking distance to shopping and the West Coast Express (soon to be connected to the SkyTrain Evergreen Line) New capital expenditures include extensive suite renovations, new roof, and complete electrical overhaul Attractive cap rate with ability to increase revenue with below market rents Easy to manage property with tenants paying all their own utilities Mariner’s Watch 21-Unit Apartment Building Offering Proximity to Amenities and Rapid Transit
Transcript of Mariner s Watch FOR 11682 224 Street · Patrick McEvay | Bill Goold | Ray Townsend | James Blair |...
11682 224 StreetPatrick McEvay | Bill Goold | Ray Townsend | James Blair | David Venance | Margaret Zheng
11682 224 StreetMAPLE RIDGE, BC
FORSALE
Patrick McEvayPersonal Real Estate Corporation
(604) [email protected]
Selling Apartment Buildings as if they were our own!
Bill Goold Realtywww.billgooldrealty.com
$2,370,000
OPPORTUNITY HIGHLIGHTS
Opportunity to invest in a rapidly growing community
Located within walking distance to shopping and the West Coast Express (soon to be connected to the SkyTrain Evergreen Line)
New capital expenditures include extensive suite renovations, new roof, and complete electrical overhaul
Attractive cap rate with ability to increase revenue with below market rents
Easy to manage property with tenants paying all their own utilities
Mariner’s Watch
21-Unit Apartment Building Offering Proximity to Amenities and Rapid Transit
11682 224 StreetPatrick McEvay | Bill Goold | Ray Townsend | James Blair | David Venance | Margaret Zheng
UNIT NUMBER TYPE
MONTHLYRENT
CMHCRENT
101 1 Bedroom $650 $708
102 1 Bedroom $640 $708
103 1 Bedroom $640 $708
104 1 Bedroom $635 $708
105 2 Bedroom $750 $886
201 2 Bedroom $760 $886
202 1 Bedroom $635 $708
203 1 Bedroom $610 $708
204 1 Bedroom $650 $708
205 1 Bedroom $640 $708
206 1 Bedroom $635 $708
207 1 Bedroom $641 $708
208 2 Bedroom $770 $886
301 2 Bedroom $743 $886
302 1 Bedroom $635 $708
303 1 Bedroom $635 $708
304 1 Bedroom $650 $708
305 1 Bedroom $640 $708
306 1 Bedroom $640 $708
307 1 Bedroom $640 $708
308 2 Bedroom $850 $886
TOTAL 21 UNITS $14,089 $15,758
As of October 2015
RENT ROLL
CIVIC ADDRESS11682 225th StreetMaple Ridge, BC
PROPERTY IDENTIFIERS000-991-210
21 RESIDENTIAL UNITS16 – One Bedroom
5 – Two Bedroom
LOT SIZE60’ x 147’ (8,820 sf)
ZONINGRM-2
*All measurements are approximate and are subject to verification by the purchaser
LEGAL DESCRIPTIONLot A DL 398 LD 36 Plan NWP 6689
PROPERTY TAXES (2015)$19,451.69
ASSESSMENT (2015)Land $ 343,000Improvement $1,447,000Total $1,790,000
ELECTRICALCopper wiring with individual breakers in each unit and GFI plugs in kitchens
PROPERTY DETAILS
EXTERIORVinyl siding with double glazed windows
HEAT & HOT WATERElectric baseboard heat with individual hot water tanks
ROOFNew 2 ply torch on membrane
YEAR BUILTConstructed in 1967
CHATTELS21 Fridges & 21 Stoves2 Washers & 2 Dryers
11682 224 StreetPatrick McEvay | Bill Goold | Ray Townsend | James Blair | David Venance | Margaret Zheng
FINANCIAL EVALUATION
ACTUAL
YEARLY YEARLY/UNIT % OF EGIREVENUE Rental Income [1] $169,066 $8,051Laundry $3,420 $163Gross Income $172,486 $8,214Less: Vacancy 2.80% [2] $4,830 $230
EFFECTIVE GROSS INCOME $167,657 $7,984
EXPENSES (2014)Property Taxes $13,800 $657 8.23%Insurance $6,960 $331 4.15%Utilities: Electricity $1,344 $64 0.80%Utilities: Garbage $3,300 $157 1.97%Utilities: Water/Sewer $2,520 $120 1.50%Licence $204 $10 0.12%Fire Monitor $240 $11 0.14%Caretaker $4,800 $229 2.86%
Repair & Maintenance [3] $15,750 $750 9.39%
TOTAL EXPENSES $48,918 $2,329 29.18%
TOTAL NET INCOME $118,739
Asking Price $2,370,000 $112,857Cap Rate 5.01%
[1] October 2015 rent roll x 12
[2] CMHC reported average vacancy rate for October 2014
[3] Normalized to $750/unit
11682 224 StreetPatrick McEvay | Bill Goold | Ray Townsend | James Blair | David Venance | Margaret Zheng
Maple Ridge is a city located in thenortheastern section of Metro Vancouver,approximately 45 kilometres east ofVancouver. Stats Canada estimates thepopulation of Maple Ridge will grow from itscurrent size of approximately 101,000 toover 120,000 by 2025.
The Property is located on 224 Street, southof Lougheed Highway and north of theHaney Bypass, and only a 7-minute walk toPort Haney station, where the West CoastExpress train takes commuters to DowntownVancouver in approximately 1 hour, Mondaythrough Friday. This makes Mariner’s Watcha very convenient location for residents whoneed to transit throughout Metro Vancouverfor work.
The Property also has an impressive walkscore of 90, which is classified as a walker’sparadise, with daily errands achievablewithout a car. Shops, services, and HaneyPlace Mall are all located within 3-9 minuteswalking time. Furthermore, Brickwood Parkis a short 8-minute walk, and provides opengreen space, tennis courts, basketballcourts, and play equipment.
LOUGHEED HIGHWAY
11682 224 Street
90 46 41Walk Score Methodology: Walk Score measures the walkability ofany address. For each address, Walk Score analyzes hundreds ofwalking routes to nearby amenities. Points are awarded based onthe distance to amenities in each category. Walk scores are basedout of 100. (Information courtesy of www.walkscore.com)
HANEY PLACEMALL
BRICKWOODPARK
LOCATION PROFILE
