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Forest Creek Manor

901 Forestbrook Drive, Pentiction

Apartment Building
31 suites

SOLD $2,150,000

Overview

Forest Creek Manor is a four storey 31-suite apartment building located in sunny Penticton, BC. The property features balconies, parking, storage and a great suite mix (10-1Br and 21-2Br units). Rents significantly below market.

Location

Forest Creek Manor is located in sunny Penticton, BC.  Penticton is situated between Okanagan Lake and Skaha Lake, in the Southern Okanagan region of BC and offers an exceptional lifestyle.  Beautiful lake beaches, award winning wineries, golf courses and the Apex Ski Resort characterize this Okanagan community.

Specifically, the subject is situated on the north side of Forestbrook Drive between Ontario and Kensington Streets, with Penticton Creek forming the north property line. There are two schools within 1km and Okanagan Lake is just minutes away by car.

Highlights

  • Four storey wood-frame building featuring 31 suites
  • Electric baseboard heat, hot water & cable TV supplied by building
  • Hot water provided by 2 electric 405 litre tanks
  • Parking: 27 stalls at rear (2 covered)
  • Elevator service provided by Thyssen
  • Workshop/storage area
  • Suites feature balconies & exterior AC wall-mounted units
  • Laundry rooms contain 1 washer/1 dryer (owned) on 2nd, 3rd, & 4th floors
  • Long term caretakers who provide “handyman” services
  • Building requires some TLC

Summary

Price$2,550,000
Units31
Storeys4
Price/Unit$82,258
Cap Rate3%
GIM10.5
Year BuiltTBA
Lot Size86.65' x 283.93' (24,829 sq. ft.)
ZoningRM-3
PID003-811-557
Sale Price$2,150,000
Sale Date07/17/2013

Suite Mix

 No. UnitsAvg. Rent
One BedroomNo. Units10Avg. Rent$568
Two BedroomNo. Units21Avg. Rent$675

Financials

FinancingTreat as clear title.
Assessment 2013
Land
Building
Total
Land$596,000
Building$1,603,000
Total$2,199,000
Taxes 2012
$18,362.42
Income and Expenses
Gross Income
Vacancy (1.5%)
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$243,016
Vacancy(3,645)
Effective Gross$239,371
Operating Expenses(161,009)
Net Operating Income$78,362
NotesFor a current rent roll and 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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