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For Sale

Newcastle Apartments

235 Mt Benson Street, Nanaimo

Apartment Building
11 suites

$1,795,000

Two blocks to the Harbourfront walkway

Overview

Newcastle Apartments is a well-maintained 11-suite apartment building located in one of Vancouver Island’s emerging cities – Nanaimo. Situated on a corner 8,712 SF site only two blocks to the Harbourfront walkway and adjacent to the Nanaimo Yacht club.

With population growth, declining vacancies and increasing pressure on rents, Newcastle Apartments is well-poised to capitalize on the growing demand for rental accommodation.

Summary

Price$1,795,000
Units11
Storeys3
Price/Unit$163,182
Cap Rate3.7%
GIM17.61
Year Built1960
Lot Size8,712 SF
ZoningR8
PID008-805-016

Suite Mix

 No. UnitsAvg. Rent
1 bedroomNo. Units6Avg. Rent$733
2 bedroomNo. Units5Avg. Rent$841

Highlights

  • 11-suite three-storey wood-frame apartment building built in 1960
  • Excellent suite mix of 6 one-bedrooms and 5 two-bedrooms—above average in size
  • Features tenant storage lockers, laundry facilities and oak hardwood floors (9 suites)
  • Parking: 11 surface stalls
  • Rent includes heat, hot water and basic cable
  • Ongoing capital upgrades program
  • Situated on a corner 8,712 SF site, within two blocks to the Harbourfront walkway and adjacent to the Nanaimo Yacht club
  • Strategically located at the convergence of Central Nanaimo, the University District and the Old City neighbouhood

Upgrades

  • Roof: replaced (Dec 2015)
  • Hot water tank: Rinnai on-demand hot water system (2016)
  • Boiler: replaced (2015)
  • Windows: double-pane vinyl-frame for 10/11 suites (2006-2009)
  • Exterior: stucco coating (Aug 2011)

Financials

Assessment 2017
Land
Building
Total
Land$145,000
Building$936,000
Total$1,081,000
Taxes 2018
$7,616
Income and Expenses
Gross Income
Less vacancy at 2.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$104,520
Vacancy(2,613)
Effective Gross$101,907
Operating Expenses(35,533)
Net Operating Income$66,374

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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