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Mulholland Place

20011 56th Avenue, Langley

Apartment Building
35 Suites

SOLD $5,400,000

Strata-Titled

Overview

Built in 2002, Mulholland Place is a high quality 35-suite strata three-storey rental apartment building located in Langley. Exceptionally well maintained, this project incorporates efficient low-maintenance specifications to ensure an investor the highest possible return on investment.  

Location

Conveniently located at the northeast corner of 56th Avenue and 200th Street, Langley.  Minutes walk to Willowbrook Mall, Power Centre and close to Downtown Langley City.

Features

-47 secure underground parking stalls
-10 visitor parking stalls
-40 year Duroid roof (excellent flashing system)
-Tenants pay electric heat/cable
-Electric meter room on each floor
-Vinyl exterior – 30″ overhang
-R20 + R40 insulation
-Starline vinyl windows with sound proofing
-Richmond Elevator (2,500 lbs) 
-Flooring: Laminated 20 year hardwood and carpeting (1 inch thick gypsum concrete)
-State of the art, high-tech security and surveillance system (common areas)
-Power Smart high efficiency lighting in common areas
-In suite washer/dryer (GE Spacemaker)
-Fridges (31′) and Stoves (30′) by GE
-Quiet dishwasher and garborator
-Each suite has separate hot water tank
-Cabinets: quality arborite finish
-Kohler bathroom & kitchen fixtures
-Separate caretaker office and social area
-Bike rack in underground secure parking area
-High speed internet access
-Common areas and suites on sprinklers
-Lawn sprinkler system
-Suites feature patios or balconies

Summary

Price$5,850,000
Units35
Storeys3
Net Rentable Area23,854 sq. ft.
Price/Unit$167,143
Cap Rate4.5%
GIM14.4
Year Built2002
Lot Size26,043 sq.ft.
ZoningRM4 - Multifamily
Sale Price$5,400,000
Sale Date02/24/2012

Suite Mix

 No. UnitsAvg. Sq. Ft.
1 Bedroom + NicheNo. Units12Avg. Sq. Ft.643
1 Bedroom + DenNo. Units18Avg. Sq. Ft.654
2 Bedrooms + NicheNo. Units5Avg. Sq. Ft.874

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$996,000
Building$3,707,800
Total$4,703,800
Taxes 2011
$28,760.53
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$405,636
Vacancy(7,099)
Effective Gross$398,537
Operating Expenses(133,698)
Net Operating Income$264,839
NotesIncome annualized as of December 2011.  For a current rent roll and expense statement, please click here.

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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