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Lakeside Court Apartment

45810 1st Avenue, Chilliwack

Apartment Building
57 Suites

SOLD $3,065,000

Overview

Lakeside Court Apartment is a 57-suite multi-family strata, 4-storey frame rental in a top Chilliwack location featuring secured underground parking, elevator and balconies. Very conveniently located next to Chilliwack Public Library with a city park to the southeast. Near all amenities.

Building Description

– Windows thermo-pane
– Secured underground parking
– Tenants pay heat (electric) and cablevision
– In suite storage
– 56 suites have dishwashers
– Approximately 1/2 suites recarpeted
– 17 suites have wood burning fireplaces
– Newly installed security system ($6,250)in 2002
– All 2 Br suites feature 2 piece ensuite
– Concrete skim coat on 2nd – 4th floors
– 55 underground parking
– 24 suites have new carpets in past five years
– 29 surface parking
– 24 suites have new carpets in past five years
– Bike room 30 x 15
– 30 suites have new linoleum in past five years
– New hall carpets 1998

Summary

Price$3,085,000
Units57
Price/Unit$54,123
Cap Rate8.1%
GIM7.79
Year Built1984
Lot Size58,927 sq.ft.
ZoningRM4 - Multifamily
Sale Price$3,065,000
Sale Date04/30/2003

Suite Mix

 No. Units
One BedroomNo. Units19
Two BedroomNo. Units38

Financials

Assessment 2002
Land
Building
Total
Land$123,000
Building$2,773,000
Total$2,896,000
Taxes 2002
$33,682.50
Income and Expenses
Gross Income
Operating Expenses
Net Operating Income
Gross Income$396,032
Operating Expenses(145,166)
Net Operating Income$250,916

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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