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Maridge Apartments

22235 119th Avenue, Maple Ridge

Apartment Building
23 Suite

SOLD $1,720,000

Overview

Maridge Apartments is a 23-suite three-storey frame rental apartment building located in a central area of Maple Ridge. Built in 1978 and improved on an 18,200 sq. ft. lot, the property features balconies, secured underground parking, storage and elevator service. Situated close to schools, church, shopping and bus transportation.  Significant upside on rents.

Location

  • Situated on the shores of the mighty Fraser River and nestled against the Coastal Mountains, Maple Ridge is a mecca of adventure for the outdoor enthusiast. Located 45 kilometers east of Vancouver, it is a progressive community well-known for its beautiful countryside and spectacular scenery. It is a community of urban sophistication that retains a sense of rural charm.
  • The subject is located on the north side of 119th Avenue between 222nd and 223rd Streets, three blocks north of Lougheed Highway and four blocks south of Dewdney Trunk Road in Maple Ridge.  It provides easy access to Haney By-Pass, the new Pitt River Bridge and the West Coast Communiter Train.
  • Situated within walking distance to schools, church, Haney Place Mall, Maple Ridge Arts Centre/Theatre, Maple Ridge Art Gallery, Fraser Medical Clinic, Save On Foods, recreation and bus transportation.

Features

  • Suites feature balconies or patios
  • Office in lobby area
  • Laundry room contains 2 washers/2 dryers (free service)
  • Elevator
  • Enunciator panel in lobby
  • Electric heat paid by tenants
  • Suites have breakers
  • Laminated floors in suites
  • Full size lockers for tenants
  • Secured underground parking
  • Cedar siding exterior

Upgrades

  • New hot water tank (2011)
  • Roof replaced (2010)
  • Power Smart meters (2012)
  • FOBs for parking
  • 3 balconies repaired (2012)

Summary

Price$1,895,000
Units23
Storeys3
Price/Unit$82,391
Cap Rate5.2%
GIM10
Year Built1978
Lot Size140' x 130' (18,200 sq. ft.)
ZoningRM-3
PID011-308-711
Sale Price$1,720,000
Sale Date02/13/2012

Suite Mix

 No. UnitsAvg. Rent
One BedroomNo. Units20Avg. Rent$649
Two BedroomNo. Units3Avg. Rent$688

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$618,000
Building$1,643,000
Total$2,261,000
Taxes 2011
$19,987.32
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$187,414
Vacancy(5,622)
Effective Gross$181,792
Operating Expenses(83,882)
Net Operating Income$97,910
NotesFor a current rent roll and profroma expense statement, 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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