Street, Langley - Amazon S3 · The Oakdale Apartments are located between 56 Avenue and Highway 1A...
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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 Realty www.BillGooldRealty.com James Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng (604) 267-2455 | [email protected] Contact James Blair for Further Details 410 – North Tower, 650 West 41 st Avenue, Vancouver, BC V5Z 2M9 EXCEPTIONALLY WELL-MAINTAINED 37 UNIT MULTI-FAMILY APARTMENT BUILDING CENTRALLY LOCATED IN LANGLEY OFFERED AT: $5,700,000 FOR SALE 5530 208 th Street, Langley OAKDALE APARTMENTS
Transcript of Street, Langley - Amazon S3 · The Oakdale Apartments are located between 56 Avenue and Highway 1A...
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
James Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
(604) 267-2455 | [email protected]
Contact James Blair for Further Details
410 – North Tower, 650 West 41st Avenue, Vancouver, BC V5Z 2M9
EXCEPTIONALLY WELL-MAINTAINED 37 UNIT MULTI-FAMILYAPARTMENT BUILDING CENTRALLY LOCATED IN LANGLEY
OFFERED AT:
$5,700,000
FOR SALE5530 208th Street, Langley
OAKDALE APARTMENTS
Oakdale ApartmentsJames Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
PROPERTY SUMMARY
MUNICIPAL ADDRESS: 5530 208th StreetLangley, V3A 2K3
PROPERTY IDENTIFIER: 002-370-336
LEGAL DESCRIPTION: Parcel A, District Lot 36, Group 2, New Westminster Land District, REF PL NWP60168
ZONING: RM-2
YEAR BUILT: 1981
SITE SIZE: 1.121 acres (48,831 sq.ft.)
PROPETY TAXES: $24,385.14
37 RESIDENTIAL UNITS: 1 – 1 Bedroom36 – 2 Bedrooms (1 u/a)
ELEVATOR: Yes- Double Bottom Cylinder
BALCONIES/PATIOS: Yes – All Suites
PARKING: Yes – 36 underground + 35 uncovered surface
ASSESSMENT 2014: LandImprovementTotal
$878,000$3,380,000$4,258,000
HIGHLIGHTS: Excellent central location with shopping, schools, and
recreation within walking distance along with transit located in front of the property
Secured covered parking under the building for 36 vehicles with an additional 35 surface stalls
Hot water copper piping replaced – mains and risers
Desirable suite mix with nearly all 2 bedrooms that are all approximately 950 square feet
Laundry room on each floor
Tenant-paid individual electric baseboard heat
Property is fully tenanted with a history of low vacancy and a strong mature tenant base
All balconies replaced with ¾” plywood and heavy duty Duradek vinyl
Meticulously maintained lending excellent curb appeal
Exterior completely repainted in 2014
On-site long-term management in place
Cedar siding replaced with hardy board and all fascia boards replaced in 2014
Dishwashers and garburators in all suites along with full size fridges and stoves
Oakdale ApartmentsJames Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
LOCATION
Rich in history and offering a wonderful sense of community, Langley is a municipality in the Great Vancouver RegionalDistrict. Situated approximately 45 minutes east of downtown Vancouver, the area, rich in farmland, established itself asa producer of poultry, beef, cranberries and other agricultural goods. Over the last 50 years more commercialdevelopments and new residents have found a home in Langley. This due to both the extension of the Trans-CanadaHighway, and the expansion and upgrade of the Fraser Highway in conjunction with the grown of immigration in BC and,specifically, in Vancouver.
The Oakdale Apartments are located between 56 Avenue and Highway 1A and is in proximity to the Langley MemorialHospital, Langley Secondary School and McLeod Athletic Park. Food anchored shopping is available in the Rainbow Malland Willowbrook Shopping Centre and golfers can improve their game at the Newlands Golf and Country Club. Douglasand Portage Parks are readily accessible as are two universities – Trinity Western and a satellite campus of KwantlenPolytechnic. Langley is home to an estimated 130,000 people; that number is growing as the beauty and serenity of thecommunity is being favoured and traded for the hustle and congestion of the more urban setting of Vancouver. Langleyis home to several wineries and an equine industry worth $60M annually. In 2006 it became the Horse Capital of BC andhas retained the title ever since.
LOCATION PROFILE
56 Avenue
Oakdale Apartments
TRANSIT
Bus Route | Destination
C64 | Langley Ctr/Willowbrook
C61 | Langley Ctr/Willowbrook
503 | Aldergrove/Surrey Central Stn
C60 | Langley Center/Langley Hosp.
Oakdale ApartmentsJames Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
PROPERTY DESCRIPTIONBUILDING DESCRIPTIONBuilt in 1981, the Property is a three-storey woodframe raised building over a concrete grade-levelparkade. The building offers one double bottomcylinder elevator, which provides access to the 37apartment units, 36 of which are 2-bedrooms andone being 1-bedroom.
There are three shared laundry rooms- one on eachfloor- and an intercom system. The unit heatingsystem is electric and paid for by the tenants. Thereare 36 secure covered parking stalls within thegrade-level parkade along with an extensiveworkshop perfect for on-site management or ahands-on owner. There are also 35 uncoveredsurface parking stalls available to tenants and guests.
In 2014 there was over $212,000 in exteriorupgrades including:
• Building completely repainted
• Cedar siding replaced with hardyboard
• Balconies replaced with all new ¾” plywood andheavy duty Duradek vinyl
• All new soffiting
• All new fascia boards
All units have a dishwasher, garburator, full sizefridge and stove, wood cabinetry, and vinyl flooring.Living rooms are bright and spacious allowing for anabundance of natural light. Living areas andbedrooms have carpeted flooring and most suiteshave a large, internal storage room.
The building has a membrane roof that was replacedin 2000 and the building’s mains and risers for thehot water copper piping have been replaced. The firepanel was replaced in 2010. The on-site caretakerhas lived in the building for over 20 years and treatsthe property as her own. The mature tenant base ismostly long-term and the building is fully tenantedand features a history of incredibly low vacancy.
THE OPPORTUNITYThis offering represents an opportunity topurchase 100% freehold interest in OakdaleApartments, centrally located in theemerging market of Langley.
The Property sits on a large 1.121 acre(48,831 square feet) lot which ismeticulously landscaped. The building itself,being extremely well maintained, offersexceptional curb appeal. Being so wellmanaged and personally cared for, thisapartment building is a true testament topride of ownership.
Oakdale ApartmentsJames Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng PLEA
SE N
OTE
:
CASH FLOW ANALYSISYEARLY YEARLY/UNIT PERCENTAGE
OF EGIPOTENTIAL:
CMHC YEARLY/UNIT PERCENTAGEOF EGI
REVENUE Rental Income [1] $404,988 $10,946 $420,072 $11,353
Laundry $8,317 $225 $8,317 $225
Gross Income $413,305 $11,170 $428,389 $11,578
Less: Vacancy (2.5%) [2] $10,125 $274 $10,502 $284
EFFECTIVE GROSS INCOME $403,180 $10,897 $417,887 $11,294
EXPENSES [3]
Property Taxes $24,385 $659 6.05% $24,385 $659 5.84%
Insurance $14,625 $395 3.63% $14,625 $395 3.50%
Gas $5,373 $145 1.33% $5,373 $145 1.29%
Electricity $8,711 $235 2.16% $8,711 $235 2.08%
Garbage $2,182 $59 0.54% $2,182 $59 0.52%
Water/Sewer $12,777 $345 3.17% $12,777 $345 3.06%
Elevator $2,809 $76 0.70% $2,809 $76 0.67%
Advertising $4,435 $120 1.10% $4,435 $120 1.06%
Work Safe BC $288 $8 0.07% $288 $8 0.07%
Licence $170 $5 0.04% $170 $5 0.04%
Management $32,499 $878 8.06% $32,499 $878 7.78%
Repair & Maintenance $17,387 $470 4.31% $17,387 $470 4.16%
TOTAL EXPENSES $125,641 $3,268 29.99% $125,641 $3,268 28.94%
TOTAL NET INCOME $277,539 $292,246
Asking Price $5,700,000 $154,054
Cap Rate 4.87% 5.13%
[1] July 2015 rent roll x 12
[2] October 2014 average CMHC vacancy rate
[3] Actual for the year 2014
Oakdale ApartmentsJames Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
NEIGHBOURHOOD SHOWCASE
Top left: The Greater Vancouver Zoo spans over 120
acres and is the biggest zoo in British Columbia withover 800 animals for viewing including tigers, deer,eagles and, grizzly bears.
Top right: Langley Spirit Square – a covered
performance platform that can be booked for medium to large public events.
Bottom: Fort Langley, is home to the Fort Langley
National Historic Site attracts 60,000 visitors every year. Visitors, pan for gold, see beaver skins and HBC blankets, and learn from interpreters in authentic period costumes about barrel-making, blacksmithing.
Oakdale ApartmentsJames Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
NEIGHBOURHOOD SHOWCASE
Top: Sendall Gardens – feature 3.67 acres of beautiful and
unique plants, shrubs and trees, flowers in various varieties,exotic birds, trails and duck ponds. The gardens are apopular relaxation spot when visiting the city of Langley.
Bottom: Kwantlen Polytechnic University, only a 14 minute
walk from the Property is a public degree-grantingundergraduate polytechnic university with a total of 20,000students across 4 campuses. KPU offers a comprehensiverange of sought-after programs, including business, liberalarts and science, design, health, trades and technology,apprenticeships, horticulture, and academic and careeradvancement.
Oakdale ApartmentsJames Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
Walk Score Methodology: Walk Score measures the walkability of any address. For each address, Walk Score analyzes hundreds ofwalking 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)
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LOCATION AMENITIES
Restaurants Errand | Entertainment
Original Joe’s Restaurant Shoppers Drug Mart
Poseidon Greek Restaurant I.D.A
Azumae Sushi Home Hardware
Milestones Bar & Grill Clova Cinema
Parks Groceries
Douglas Park No Frills
Murrayville Skatepark Safeway
Clayton Dog-Off-leash Park Costco
Shopping Coffee Shops
Winners Starbucks
Chapters Mcburney Coffee & Tea House
Oakdale ApartmentsJames Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng
Bill Goold Realty | Exclusive Agents
For more information, please contact:
James Blair(604) [email protected]
Bill Goold(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
