COURTENAY
COURTENAY
1055 10th Street, Courtenay $2,480,000
33 Unit Apartment Building Suite Mix 18 ‐ 1 Bedroom 15 ‐ 1 Bedroom
RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
Each office is 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.
BUILDING SUMMARY 1055 10th Street, Courtenay
The Pines Apartments is a well maintained building located on a quiet street in a residential area and it is a five minute drive to all shopping areas. It is of wood construction and stucco exterior, has a tar and gravel roof which was replaced in 2006, 31 open parking stalls and 17 storage lockers. There is a covered front entrance and the lobby is bright with lots of windows bringing in natural light, and is nicely tiled and tastefully decorated with modern furniture, chair rails, intercom system and new light fixtures with BC power smart lighting. The vented hallways are also nicely decorated, having been newly painted with new carpet installed approximately four years ago, with crown and baseboard mouldings and chair rails. The building also has a bike room, large workshop, storage room and a good sized office for the manager. There is also a Montgomery hydraulic elevator and each floor has fire hoses. The building is also equipped with two super hot boilers that are 7 years in age. They heat the building and supply the domestic hot water. The bright laundry room is nicely tiled, decorated with chair rails and is equipped with two Huebsch washers and dryers that were replaced 4 years ago. Both are building owned. Fifty five percent of the suites have been renovated with new carpet, light fixtures, fridges, stoves, hood fans, counter tops, ceramic tile floors and baseboard mouldings. The bathrooms also have new tubs, tub surrounds, toilets, sinks and counter tops. All suites are spacious with lots of closet space, hard wired smoke and heat detectors, electrical panel with circuit breakers, insuite heat controls and have large balconies that were redone three years ago with new vinyl decking and aluminum railings. Fifty percent of the tenants are seniors, and seventy percent have been long term tenants.
RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
Each office is 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.
PROPERTY INFORMATION 1055 10th Street, Courtenay
Legal Description Suite Mix
PL 25639 LT A DL 127 LD 15 PID 002‐626‐802 18 15 33
1 Bedroom 2 Bedroom Unit Total
Chattels
33 Fridges, 33 Stoves, 2 Washers and 2 Dryers
Zoning
Multi Family Apartment Block
Lot Size
39,596 square feet
Age
38 Years
(Constructed 1973)
Property Taxes 2011
$ 13,613
Assessments 2011
Land Improvements Total
Contracts
City of Courtenay & Kone Elevator
Financial Encumbrances
Assumable first mortgage with Peoples Trust in the amount of $1,306,492. Interest rate 5.39% maturity on August 1, 2017 and prioncipal and interest payments at $8,306.54 monthly.
RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
$ 524,000 $ 1,254,000 $ 1,778,000
Each office is 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.
FINANCIAL SUMMARY 1055 10th Street, Courtenay
Annual Revenue
April 2010 ‐ 2011 (Actual)
Projected
Rental Income (Rents x 12) Laundry (estimated) Miscellaneous Less Vacancy Rate (2.8%)
$ 261,867 $ 291,036 4,480 4,360 837 519 ‐ ‐8,286
Total Annual Gross Revenue
$ 267,184 $
287,629
Annual Expenses Advertising Cablevision Elevator Gas Grounds Maintenance Hydro Insurance Licences, Office & WCB Miscellaneous Pest Control Property Taxes Repairs & Maintenance Staffing Salaries Waste Collection & Sewer Water
$ 2,187 $ 2,187 8,773 8,773 3,519 3,519 23,645 23,645 2,121 2,121 4,550 4,550 8,305 8,305 2,612 2,612 2,109 2,109 50 50 13,613 13,613 12,300 12,300 19,195 19,195 7,387 7,387 6,230 6,230
Total Annual Expenses
$ 116,596 $
116,596
Total Annual Net Revenue
$ 150,588 $
171,033
Capitalization Rate Expense Ratio Purchase Price/Per Unit
6.07%
6.90%
43.64%
40.54%
$ 2,480,000 $ 75,152
Not including Property Management fees of $14,806 and Capital Improvements of $2,000. RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
Each office is 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.
RENT ROLL 1055 10th Street, Courtenay
Unit Number 102 103 105 107 108 109 201 202 203 204 205 206 207 208 209 301 302 303 304 305 306 307 308 309 401 402 403 404 405 406 407 408 409
Unit Type
2 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom TOTAL
Monthly Rent
Market Rent
$750 $574 $695 $700 $855 $795 $795 $830 $720 $605 $650 $695 $583 $795 $795 $843 $650 $651 $716 $695 $695 $720 $639 $770 $800 $650 $700 $583 $715 $583 $650 $627 $692 $23,216
$750 $650 $715 $700 $855 $825 $795 $830 $720 $650 $650 $695 $650 $825 $855 $843 $750 $651 $716 $695 $695 $720 $750 $770 $843 $750 $700 $650 $715 $650 $690 $750 $750 $24,253
Please note that our market rents are based on research. We strongly recommend that you do your own research as this is only to be used as a RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
Each office is 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.
LOCATION 1055 10th Street, Courtenay
$2,480,000
RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
Each office is 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.
1055 10th Street, Courtenay $2,480,000
33 Unit Apartment Building Suite Mix 18 ‐ 1 Bedroom 15 ‐ 1 Bedroom
RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
Each office is 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.
BUILDING SUMMARY 1055 10th Street, Courtenay
The Pines Apartments is a well maintained building located on a quiet street in a residential area and it is a five minute drive to all shopping areas. It is of wood construction and stucco exterior, has a tar and gravel roof which was replaced in 2006, 31 open parking stalls and 17 storage lockers. There is a covered front entrance and the lobby is bright with lots of windows bringing in natural light, and is nicely tiled and tastefully decorated with modern furniture, chair rails, intercom system and new light fixtures with BC power smart lighting. The vented hallways are also nicely decorated, having been newly painted with new carpet installed approximately four years ago, with crown and baseboard mouldings and chair rails. The building also has a bike room, large workshop, storage room and a good sized office for the manager. There is also a Montgomery hydraulic elevator and each floor has fire hoses. The building is also equipped with two super hot boilers that are 7 years in age. They heat the building and supply the domestic hot water. The bright laundry room is nicely tiled, decorated with chair rails and is equipped with two Huebsch washers and dryers that were replaced 4 years ago. Both are building owned. Fifty five percent of the suites have been renovated with new carpet, light fixtures, fridges, stoves, hood fans, counter tops, ceramic tile floors and baseboard mouldings. The bathrooms also have new tubs, tub surrounds, toilets, sinks and counter tops. All suites are spacious with lots of closet space, hard wired smoke and heat detectors, electrical panel with circuit breakers, insuite heat controls and have large balconies that were redone three years ago with new vinyl decking and aluminum railings. Fifty percent of the tenants are seniors, and seventy percent have been long term tenants.
RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
Each office is 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.
PROPERTY INFORMATION 1055 10th Street, Courtenay
Legal Description Suite Mix
PL 25639 LT A DL 127 LD 15 PID 002‐626‐802 18 15 33
1 Bedroom 2 Bedroom Unit Total
Chattels
33 Fridges, 33 Stoves, 2 Washers and 2 Dryers
Zoning
Multi Family Apartment Block
Lot Size
39,596 square feet
Age
38 Years
(Constructed 1973)
Property Taxes 2011
$ 13,613
Assessments 2011
Land Improvements Total
Contracts
City of Courtenay & Kone Elevator
Financial Encumbrances
Assumable first mortgage with Peoples Trust in the amount of $1,306,492. Interest rate 5.39% maturity on August 1, 2017 and prioncipal and interest payments at $8,306.54 monthly.
RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
$ 524,000 $ 1,254,000 $ 1,778,000
Each office is 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.
FINANCIAL SUMMARY 1055 10th Street, Courtenay
Annual Revenue
April 2010 ‐ 2011 (Actual)
Projected
Rental Income (Rents x 12) Laundry (estimated) Miscellaneous Less Vacancy Rate (2.8%)
$ 261,867 $ 291,036 4,480 4,360 837 519 ‐ ‐8,286
Total Annual Gross Revenue
$ 267,184 $
287,629
Annual Expenses Advertising Cablevision Elevator Gas Grounds Maintenance Hydro Insurance Licences, Office & WCB Miscellaneous Pest Control Property Taxes Repairs & Maintenance Staffing Salaries Waste Collection & Sewer Water
$ 2,187 $ 2,187 8,773 8,773 3,519 3,519 23,645 23,645 2,121 2,121 4,550 4,550 8,305 8,305 2,612 2,612 2,109 2,109 50 50 13,613 13,613 12,300 12,300 19,195 19,195 7,387 7,387 6,230 6,230
Total Annual Expenses
$ 116,596 $
116,596
Total Annual Net Revenue
$ 150,588 $
171,033
Capitalization Rate Expense Ratio Purchase Price/Per Unit
6.07%
6.90%
43.64%
40.54%
$ 2,480,000 $ 75,152
Not including Property Management fees of $14,806 and Capital Improvements of $2,000. RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
Each office is 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.
RENT ROLL 1055 10th Street, Courtenay
Unit Number 102 103 105 107 108 109 201 202 203 204 205 206 207 208 209 301 302 303 304 305 306 307 308 309 401 402 403 404 405 406 407 408 409
Unit Type
2 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom TOTAL
Monthly Rent
Market Rent
$750 $574 $695 $700 $855 $795 $795 $830 $720 $605 $650 $695 $583 $795 $795 $843 $650 $651 $716 $695 $695 $720 $639 $770 $800 $650 $700 $583 $715 $583 $650 $627 $692 $23,216
$750 $650 $715 $700 $855 $825 $795 $830 $720 $650 $650 $695 $650 $825 $855 $843 $750 $651 $716 $695 $695 $720 $750 $770 $843 $750 $700 $650 $715 $650 $690 $750 $750 $24,253
Please note that our market rents are based on research. We strongly recommend that you do your own research as this is only to be used as a RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
Each office is 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.
LOCATION 1055 10th Street, Courtenay
$2,480,000
RE/MAX BILL GOOLD REALTY
PHONE 604‐263‐2823 410 North Tower, 650 West 41st Avenue FAX 604‐263‐1057 Vancouver BC V5Z 2M9 BILLGOOLDREALTY.COM
Each office is 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.
