WORTHINGTON APARTMENTS & OCEANVIEW ESTATES POWELL RIVER, SUNSHINE COAST, BC
TWO MULTIFAMILY APARTMENT BUILDINGS
FOR SALE
BRETT AURA ASSOCIATE, INVESTMENT SALES CAPITAL MARKETS GROUP 604.608.5934
[email protected] CUSHMAN & WAKEFIELD LTD.
Suite 700 - 700 W Georgia St PO Box 10023, Pacific Centre Vancouver, BC V7Y 1A1 604.683.3111 1.877.788.3111 www.cushmanwakefield.com
FOR
SALE
WORTHINGTON APARTMENTS & OCEANVIEW ESTATES Two Multifamily Apartment Buildings, Powell River, Sunshine Coast, BC
OPPORTUNITY
LOCATION
Cushman & Wakefield is pleased to present for sale 100% interest in two apartment buildings located in Powell River, BC. The buildings can be purchased together as a portfolio or separately and are located across a lane from each other.
Powell River is situated on the mainland of British Columbia approximately 100 km north of Vancouver and 30 km east of Courtenay/Comox on Vancouver Island. Vehicular access to Powell River is via one ferry from Comox (every 4 hours 7:00 a.m to 7:00 p.m.) or two ferries from Vancouver via the Sunshine Coast (a 5 to 6 hour trip). There is also a ferry to nearby Texada Island every 1½ hours, 8:30 a.m. to midnight. Pacific Coast airlines also makes 6 flights a day from the Vancouver South Terminal in Richmond.
Oceanview Estates, located at 7050 Glacier Street, is a, 3-storey, 64-suite, rental apartment complex comprised of eight connected blocks with a central courtyard. The building was constructed in 1966 and has had significant recent renovations, including new balconies and railings, new exterior aluminum frame windows, new sliding patio doors, new suite carpets and vinyl flooring, new kitchen countertops and appliances, and new hot water tanks. The Worthington, located at 4240 Westview Avenue, is a 3-storey, 43-suite rental apartment building consisting to two blocks. The building was constructed in 1977 and has had significant recent renovations, including new balconies and railings, new exterior aluminum frame windows, new sliding patio doors, new suite carpets and vinyl flooring, new kitchen countertops and updated bathrooms. Each unit has its own hot water tank and is heated by baseboard heating.
The Powell River Regional District (PRRD) is situated at the north end of the Sunshine Coast with a population of 25,000. The PRRD boundaries stretch from Jervis Inlet in the south to Toba Inlet in the north. The area encompasses several mainland rural communities, the Sliammon First Nation, a small section of the Sechelt Indian Government District lands, the municipality of Powell River and Lasqueti, Texada, Savary and Hernando Islands. Powell River is a tourist destination with access to many popular activities, including boating, fishing, hiking, diving, and golf.
WORTHINGTON APARTMENTS & OCEANVIEW ESTATES Two Multifamily Apartment Buildings, Powell River, Sunshine Coast, BC
FOR
SALE
ABOUT THE AREA The properties are within walking distance to the Town Centre Mall and Powell River Plaza, and are centrally located within Powell River. Westview Avenue is the main traffic corridor of Powell River, and the majority of the commercial growth and development has occurred along Joyce Avenue. In the past few years, a new Irly Bird store, Canadian Tire, Sears, Royal Bank and ancillary retail areas have been constructed along Joyce Avenue bordering the Town Centre Mall. Additionally in 2001, a new Safeway store was constructed at the corner of Joyce Avenue and Burnaby Street (approx. 6 blocks north). The Powell River Senior Secondary school, and an elementary school are located nearby. North Island College, the municipal airport, and the BC Ferry terminal are all within 1 km of the properties. With the sloping topography, some units also enjoy views to the west over Malaspina Strait towards Texada Island.
PROPERTY SUMMARY OCEANVIEW ESTATES
THE WORTHINGTON APARTMENTS
ADDRESS
ADDRESS
7050 Glacier Street, Powell River, BC
4240 Westview Avenue, Powell River, BC
Lot 1, Block B, DL 5108, LEGAL DESCRIPTION New Westminster District, Plan 12055 PID: 008-115-583
Lot 3, Block B, DL 5108, LEGAL DESCRIPTION New Westminster District, Plan 14453 PID: 007-821-891
LOT SIZE
1.75 acres (68,389 sf)
LOT SIZE
1.75 acres (68,389 sf)
NET RENTABLE AREA
62,524 sf
NET RENTABLE AREA
27,194 sf
ZONING
RM-3 Medium Density Multi Family
ZONING
RM-3 Medium Density Multi Family
SUITES
16 One Bedroom 32 Two Bedroom 16 Three Bedroom 64 Total Suites
SUITES
7 Studio 29 One Bedroom 6 Two Bedroom 42 Total Suites
2013 GROSS TAXES
$60,454.52
2013 GROSS TAXES
$38,587.61
NET INCOME
$370,000
NET INCOME
$190,000
ASKING PRICE
$4,800,000
ASKING PRICE
$3,250,000
CAP RATE
7.7%
CAP RATE
5.8%
PRICE PER SUITE
$75,000
PRICE PER SUITE
$77,380
WORTHINGTON APARTMENTS & OCEANVIEW ESTATES Two Multifamily Apartment Buildings, Powell River, Sunshine Coast, BC
BRETT AURA ASSOCIATE, INVESTMENT SALES CAPITAL MARKETS GROUP 604.608.5934
[email protected] E.&O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Cushman & Wakefield Ltd. 08/14 bg
FOR
SALE