702 School Road, Gibsons.pdf
BUILDING SUMMARY MULTI-FAMILY INVESTMENT FOR SALE
702
1285 Martin Street, White Rock
School Road Gibsons, BC
Vista Heights 34 –suite apartment building with water views
Listed Price
$3,800,000 CDN Three Million Eight Hundred Thousand
Bill Goold | James Blair | Patrick McEvay |David Venance
604-263-2823 | [email protected] 410 – North Tower , 650 West 41st Avenue Vancouver, BC V5Z 2M9
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
BUILDING SUMMARY
702 SCHOOL ROAD, GIBSONS, BC
VISTA HEIGHTS OVERVIEW PID Legal Description
PID 010-312-030
LT 5 BLK 2 DL 686 PL 3130
Suite Mix
5 - 1 Bedroom 17 - 2 Bedroom 12 - 3 Bedroom 34 Units
Zoning
RM-1 Multi-family
Lot Size (s.f.)
39,200
Constructed
1965
Property Taxes 2013
$21,216
Assessments 2013
Land Improvements Total
$522,000 $2,768,000 $3,290,000
This 34 unit apartment building sits on the hill above historic downtown Gibsons, home to Molly's Reach and where CBC filmed "The Beachcombers" series for many years. A short walk to the harbor, restaurants, and shops make this an ideal location on the Sunshine Coast. Gibsons is a thriving community only a 40 minutes ferry ride from Horseshoe Bay and Vancouver. Being 1 of only 2 large rental properties ensures a high demand for suites in the building. Solidly constructed in 1965 it consists of three adjoining buildings separated by concrete dividing walls. Four of the six sections of the roof have been completely replaced. Three floors in each building are accessible by six entryways. The hot water heating system and hard wired fire and smoke alarms throughout have been well maintained. Each suite has a separate thermostat and hydro meter. A common laundry room consists of 3 washers and 4 dryers, owned and coin operated and only 3 years old. Parking stalls at both ends of the building provide easy access for tenants.
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
BUILDING SUMMARY
702 SCHOOL ROAD, GIBSONS, BC
UNIT DESCRIPTIONS Many upgrades to the ideal mix of 1, 2, and 3 bedroom suites in the building. All units have solid hardwood flooring - some refinished - but most covered with carpet. Kitchen and bath floors are vinyl or ceramic tile. Most appliances are relatively new and cabinetry is solid. A dining area leads to a large living room with a 9' patio door and a large balcony featuring views to the ocean, Vancouver Island, and cruise ships in the summer. Four new engineered balconies with French doors have recently been added. Some suites have harbor, island, ocean, and mountain views. There are extensive closets and storage space throughout the units. Rentals tend to be long term in this quiet friendly building.
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
RENT ROLL
702 SCHOOL ROAD, GIBSONS, BC
March 2014 Unit # A 101 A 102 A 103 A 104 A 201 A 202 A 203 A 204 A 301 A 302 A 303 A 304 B 103 B 104 B 201 B 202 B 203 B 204 B 301 B 302 B 303 B 304 C 101 C 102 C 103 C 104 C 201 C 202 C 203 C 204 C 301 C 302 C 303 C 304
Monthly Rent $ 850 835 977 875 875 975 995 895 900 938 995 875 795 800 875 775 795 875 800 795 625 900 975 825 875 950 950 875 717 975 840 895 875 1,025 $29,797
Total
Notes: B 202 - Reduced rent for gardening. Actual rent $590 B 303 - Reduced rent for cleaning. Actual rent $325 C 304 - Occupied by the owner
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
FINANCIAL SUMMARY
702 SCHOOL ROAD, GIBSONS, BC
January – December 2013
Annual Revenue Rental Income
12 months X 29,797
$
357,564 6,120
$ $
363,684 10,911
$
352,773
$
500 11,379 17,726
Laundry (Estimated $ 15/unit) Gross Income Less Vacancy Rate (Actual) Total Annual Effective Revenue
3%
Annual Expenses Advertising Insurance Caretaker Property Tax 2013
21,216 4,005 34,087 4,802 11,367 540 29,102 134,724
Hydro Gas Garbage Water Other (license) Repair & Maintenance Total Annual Expenses
Total Annual Net Revenue
$
218,049 5.74% 38.2%
Capitalization Rate Expense Ratio Price Per Unit Purchase Price
$
111,765 $3,800,000
Does not include capital expenditure of $7,832.00 for professional contractor renovation of suites
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
LOCATION This investment property is located in Gibsons, BC, a coastal community of 4,200 people, at the south end of the Sunshine Coast. It is a 40-minute ferry ride from West Vancouver, followed by a 10-minute (6 km) drive from the Langdale Ferry Terminal. In a stunning West Coast setting, the building overlooks the faces of nearby Islands and it is a minute away from mossy rainforests making it a desirable place to live for water adventurers, nature lovers and artists. The neighbourhood amenities like shopping, services, schools and parks also attract young families and it is a popular destination for retirees. Furthermore, Gibsons earned an international award as “The most liveable community under 20,000” in a world-wide competition by the UN-backed International Awards for Liveable Communities in 2009.
702 SCHOOL ROAD, GIBSONS, BC
Gibsons, BC The building and neighbourhood attributes will ensure consistent market value appreciation, with continuing low vacancies and steady rental income growth.
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
702
1285 Martin Street, White Rock
School Road Gibsons, BC
Vista Heights 34 –suite apartment building with water views
Listed Price
$3,800,000 CDN Three Million Eight Hundred Thousand
Bill Goold | James Blair | Patrick McEvay |David Venance
604-263-2823 | [email protected] 410 – North Tower , 650 West 41st Avenue Vancouver, BC V5Z 2M9
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
BUILDING SUMMARY
702 SCHOOL ROAD, GIBSONS, BC
VISTA HEIGHTS OVERVIEW PID Legal Description
PID 010-312-030
LT 5 BLK 2 DL 686 PL 3130
Suite Mix
5 - 1 Bedroom 17 - 2 Bedroom 12 - 3 Bedroom 34 Units
Zoning
RM-1 Multi-family
Lot Size (s.f.)
39,200
Constructed
1965
Property Taxes 2013
$21,216
Assessments 2013
Land Improvements Total
$522,000 $2,768,000 $3,290,000
This 34 unit apartment building sits on the hill above historic downtown Gibsons, home to Molly's Reach and where CBC filmed "The Beachcombers" series for many years. A short walk to the harbor, restaurants, and shops make this an ideal location on the Sunshine Coast. Gibsons is a thriving community only a 40 minutes ferry ride from Horseshoe Bay and Vancouver. Being 1 of only 2 large rental properties ensures a high demand for suites in the building. Solidly constructed in 1965 it consists of three adjoining buildings separated by concrete dividing walls. Four of the six sections of the roof have been completely replaced. Three floors in each building are accessible by six entryways. The hot water heating system and hard wired fire and smoke alarms throughout have been well maintained. Each suite has a separate thermostat and hydro meter. A common laundry room consists of 3 washers and 4 dryers, owned and coin operated and only 3 years old. Parking stalls at both ends of the building provide easy access for tenants.
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
BUILDING SUMMARY
702 SCHOOL ROAD, GIBSONS, BC
UNIT DESCRIPTIONS Many upgrades to the ideal mix of 1, 2, and 3 bedroom suites in the building. All units have solid hardwood flooring - some refinished - but most covered with carpet. Kitchen and bath floors are vinyl or ceramic tile. Most appliances are relatively new and cabinetry is solid. A dining area leads to a large living room with a 9' patio door and a large balcony featuring views to the ocean, Vancouver Island, and cruise ships in the summer. Four new engineered balconies with French doors have recently been added. Some suites have harbor, island, ocean, and mountain views. There are extensive closets and storage space throughout the units. Rentals tend to be long term in this quiet friendly building.
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
RENT ROLL
702 SCHOOL ROAD, GIBSONS, BC
March 2014 Unit # A 101 A 102 A 103 A 104 A 201 A 202 A 203 A 204 A 301 A 302 A 303 A 304 B 103 B 104 B 201 B 202 B 203 B 204 B 301 B 302 B 303 B 304 C 101 C 102 C 103 C 104 C 201 C 202 C 203 C 204 C 301 C 302 C 303 C 304
Monthly Rent $ 850 835 977 875 875 975 995 895 900 938 995 875 795 800 875 775 795 875 800 795 625 900 975 825 875 950 950 875 717 975 840 895 875 1,025 $29,797
Total
Notes: B 202 - Reduced rent for gardening. Actual rent $590 B 303 - Reduced rent for cleaning. Actual rent $325 C 304 - Occupied by the owner
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
FINANCIAL SUMMARY
702 SCHOOL ROAD, GIBSONS, BC
January – December 2013
Annual Revenue Rental Income
12 months X 29,797
$
357,564 6,120
$ $
363,684 10,911
$
352,773
$
500 11,379 17,726
Laundry (Estimated $ 15/unit) Gross Income Less Vacancy Rate (Actual) Total Annual Effective Revenue
3%
Annual Expenses Advertising Insurance Caretaker Property Tax 2013
21,216 4,005 34,087 4,802 11,367 540 29,102 134,724
Hydro Gas Garbage Water Other (license) Repair & Maintenance Total Annual Expenses
Total Annual Net Revenue
$
218,049 5.74% 38.2%
Capitalization Rate Expense Ratio Price Per Unit Purchase Price
$
111,765 $3,800,000
Does not include capital expenditure of $7,832.00 for professional contractor renovation of suites
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
LOCATION This investment property is located in Gibsons, BC, a coastal community of 4,200 people, at the south end of the Sunshine Coast. It is a 40-minute ferry ride from West Vancouver, followed by a 10-minute (6 km) drive from the Langdale Ferry Terminal. In a stunning West Coast setting, the building overlooks the faces of nearby Islands and it is a minute away from mossy rainforests making it a desirable place to live for water adventurers, nature lovers and artists. The neighbourhood amenities like shopping, services, schools and parks also attract young families and it is a popular destination for retirees. Furthermore, Gibsons earned an international award as “The most liveable community under 20,000” in a world-wide competition by the UN-backed International Awards for Liveable Communities in 2009.
702 SCHOOL ROAD, GIBSONS, BC
Gibsons, BC The building and neighbourhood attributes will ensure consistent market value appreciation, with continuing low vacancies and steady rental income growth.
RE/MAX Bill Goold Realty billgooldrealty.com Selling Apartment Buildings as if they were our own!
