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Beach House Apartments

130 Stewart Avenue, Nanaimo, BC

Apartment Building
24 Suites

SOLD $2,075,000

Overview

Beach House Apartments in a very clean and well maintained 3-storey wood-frame apartment building comprised of 24 suites located in Nanaimo, BC.  Improved on an 18,876 sq. ft. lot, the subject features ample storage, parking, balconies, an ongoing program of upgrades and amazing water views from the eastern and southern units.  Only ½ block from the ocean water front and within walking distance to local amenities, shopping, downtown and ferry terminal.

Location

The site is situated at the north easterly intersection of Stewart Avenue and Dawes Street, 2 blocks to the east of the Island Highway and 2 blocks north of the Island Highway intersection with Stewart Avenue in the mid-easterly portion of Nanaimo.  The ocean frontage is ½ block to the east and includes a public walkway which has been paved and landscaped.

An elementary school is situated 3 ½ blocks to the south, a high school is approx. one km to the south and west, local shopping is available at Terminal Park Center approx. half a km to the north and businesses and other normally expected amenities are available in the downtown business core a few blocks to the south.

The immediate surrounding area is referred to as Stewart. This area has been improved with an intermix of uses ranging between 100 year-old “classic” single family detached residences to multi-story apartment buildings. The topography of land lends itself to very favorable ocean vistas to the north and north east. 

Highlights

  • Superb eastern water views and one half block to ocean waterfront
  • 24 suites improved on a large contiguous 4 lot site totalling 18,876 sq. ft.
  • Balconies/patios for each suite
  • Laundry: 3 washers/3 dryers owned by the building (one set per floor)
  • Owned enter phone with individual buzzers and telephone release
  • Stucco and vinyl exterior finish
  • Each unit has a thermostat independent valve
  • Suites feature carpets & large closets
  • 2Br & 3Br suites feature walk-in closets and 2-piece en-suite
  • Parking:  24 surface stalls
  • Full size storage lockers on each floor
  • Sprinklers in common areas

Upgrades

  • Roof is a flat style torch on replaced in 2000
  • Boiler installed in 1997 with Techmar control installed in 2003
  • New carpets for front stairs (2006)
  • New entrance overhang (2006)
  • Heating/Circulation Pump and boiler tank (2007)
  • Security strips on front and back doors (2007)
  • Exterior weather facing wall rebuilt and resurfaced with vinyl (2008/9)
  • Approx. half the suites have new railings, sliding glass doors and windows, balcony surfaces (2009)
  • Generally, all suites have been kept up with new carpets, appliances, paint, curtains and undergo a more comprehensive renovation upon turnover
  • Six comprehensive suite renovations (2011)
  • Currently 4 suites are undergoing renovations to include refinished cupboards, countertops, appliances, flooring, carpet, bathtub surrounds, vanities, toilets, etc. 
  • New enterphone system (2011)
  • New PRV valve installed (2011)
  • All in-suite water shutoffs replaced (2011)

Summary

Price$2,145,000
Units24
Building Size16,326 sq. ft. approx.
Price/Unit$89,375
Cap Rate5.2%
GIM10.8
Year Built1974
Lot Size(18,876 sq. ft.) approx 132' x 154'
ZoningRM-5
PID008-794-464; 008-794-723; 008-795-011; 005-702-763
Sale Price$2,075,000
Sale Date02/10/2012

Suite Mix

 No. UnitsRent Range
BachelorNo. Units1Rent Range450
One BedroomNo. Units20Rent Range545 - 715
Two BedroomNo. Units2Rent Range850 - 915
Three BedroomNo. Units1Rent Range995

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$297,000
Building$1,521,000
Total$1,818,000
Taxes 2011
$15,815.64
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$198,516
Vacancy(4963)
Effective Gross$193,553
Operating Expenses(83,044)
Net Operating Income$110,509
NotesIncome annualized as of November 2011.  For a current rent roll and expense statement, please contact listing agent.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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