Sold

15088 Thrift Avenue

White Rock

Apartment Building
9 Suites

SOLD $2,100,000

Strata-Titled

Overview

Exceptionally well-maintained, the subject property is a 9-suite strata-titled apartment building located in White Rock, only a couple blocks west of Johnston Road.

Location

The subject property is located on the south-west corner of Thrift Avenue and Foster Street in White Rock, BC.  Exceptionally situated a few minutes’ walk to the beach and only a couple blocks west of Johnston Road, a main artery offering various amenities, restaurants, shopping and bus transportation.  The Semiahoo Shopping Centre is only one block to the north, while Peace Arch Hospital is also in close proximty.  This community is one of the most desirable and affluent areas in the Lower Mainland with miles of beaches, spectacular views, beautiful parks and now one of the most innovative open air shopping/lifestyle centres in Western Canada.

Features

  • Exceptionally well-maintained with pride of ownership
  • 19 year-old strata-titled building with great suite mix
  • Suites feature gas fireplaces, patios or balconies
  • Suites have in-suite washer/dryer & dishwashers
  • Elevator service
  • Secured underground parking for 9 cars (sprinklered) plus two extra stalls
  • Lush landscaping
  • All tenants have lockers
  • In-floor radiant heating in suites with thermostat
  • Top notch Viessmann boiler (approx. 10 years old)
  • Roof is EPDM with parapet and cedar shake overhang
  • Low maintenance alum soffits
  • All closets have “organizers”
  • Extensive capital improvement program–for a suite by suite breakdown of the work carried out in each suite, please click here.
  • Views from top floor (and 270 degree unobstructed ocean views from roof)
  • Common walls have “sound bars” that seperate dry wall from studs, thereby eliminating noise transfer between suites

Summary

Price$2,295,000
Units9
Storeys3
Net Rentable Area7,699 sq. ft.
Price/Unit$255,000
Cap Rate3.4%
GIM18.2
Year Built1993
Lot Size8,054 sq. ft.
ZoningRM-2
Sale Price$2,100,000
Sale Date07/30/2012

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
One BedroomNo. Units3Avg. Sq. Ft.549Avg. Rent$920
Two BedroomNo. Units6Avg. Sq. Ft.1,009Avg. Rent$1,289

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$808,200
Building$1,296,800
Total$2,105,000
Taxes 2011
$15,272.16
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$125,916
Vacancy(630)
Effective Gross$125,286
Operating Expenses(46,707)
Net Operating Income$78,579
NotesIncome is annualized as of January 2012. For a current rent roll and a detailed 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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