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Newcastle Apartments

235 Mt Benson Street, Nanaimo

SOLD $1,675,000

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Price$1,795,000

Units11

Storeys3

Year built1960

Lot size8,712 SF

ZoningR8

Price/unit$163,182

Cap rate3.7%

GIM17.61

PID008-805-016

Legal descriptionLot 2, Block 16, New Castle Townsite, Section 1, Nanaimo District, Plan 584

Sale price$1,675,000

Sale date08/26/2019

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.

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)

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	No. units	Average rent
1 bedroom	No. units6	Average rent$733
2 bedroom	No. units5	Average rent$841

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 Goodman Commercial.