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Bole Apartments

46155 Bole Avenue, Chilliwack

Apartment Building
48 suites

SOLD $4,225,000

Overview

Bole Apartments is a well maintained large scale rental apartment building featuring 48 well-appointed suites. Situated on the southeast corner of Bole Avenue and Victor Street in Chilliwack, this property has an excellent suite mix comprising 12 two-bedrooms, 33 one-bedrooms and 3 bachelor suites. Rents significantly below market.

Highlights & Upgrades

  • Keyless entry / fob system / intercom system
  • Washer and dryer are leased through Coinamatic
  • Laundry on 2nd and 3rd floor (2 sets W/D each floor)
  • No pets
  • Property has attained a Crime Free Multihousing Designation which is a multi-step program ensuring safety and awareness for residents and owners.  
  • Secure and gated ground-level parking featuring 52 stalls (includes scooter designated parking)
  • Garden shed in parking area
  • Exterior lighting for parking and walkway areas
  • New fuel efficient boiler (2013)
  • New roof / flashing (2015)
  • Hallways painted (2015)
  • Hardy board upgrades to exterior (2015)
  • Vinyl exterior upgrade  (2015)
  • New baseboard heaters in 3 suites (2014)
  • Original piping (replaced pipes as needed)
  • Carpets replaced in approx. 25 suites between 2009 – 2016
  • Deck repairs / replacement (2010)
  • All of the previous upgrades have been made to ensure the building operates as a low maintenance facility with excellent appeal
  • Clean Stage 1 Environmental Report (2016)

Location

The subject is located on the north side of Bole Avenue, just east of Victor Street and within walking distance to the historic Five Corners area of Chilliwack.  The property is one block north of Yale Road, a major east-west connector and 4 kms north of Highway 1, with access west to Vancouver.     

Chilliwack continues to see significant change and improvement in business climate with ongoing redevelopment and investment from the business community.  Attractive natural features, convenient retail and shopping options as well as commercial  amenities and low cost of living has continued to attract residents to the area.  Further, there are significant improvements and amenities in proximity to the subject building, including being walking distance to elementary, middle and high schools, medical clinics, and nearby to the Salish Shopping Plaza, Park, and Chilliwack Library.

Summary

Price$4,250,000
Units48
Storeys3
Net Rentable Area31,863 SF
Price/Unit$88,542
Cap Rate3.8%
GIM12.6
Year Built1977
Lot Size28,274 SF
PID004-280-482
Sale Price$4,225,000
Sale Date08/26/2016

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units3Avg. Sq. Ft.527Avg. Rent$531
One BedroomNo. Units33Avg. Sq. Ft.603Avg. Rent$572
2 BedroomNo. Units12Avg. Sq. Ft.865Avg. Rent$669

Financials

FinancingTreat as free and clear.
Assessment 2016
Land
Building
Total
Land$537,000
Building$2,834,000
Total$3,371,000
Taxes 2015
$26,574.74
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$347,657
Vacancy(10,430)
Effective Gross$337,227
Operating Expenses(175,953)
Net Operating Income$161,274
NotesFor a detailed 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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