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Mulholland Place

20011 56th Avenue, Langley

Apartment Building
35 Suites

SOLD $3,750,000

Overview

Mulholland Place is a high quality 35-suite three-storey frame multifamily rental apartment building. This project incorporates efficient, low-maintenance specifications to ensure an investor the highest possible return on investment.  

Location

Conveniently located at the northeast corner of 56th Avenue and 200th Street, Langley.  Minutes walk to Willowbrook Mall, Power Centre and close to downtown Langley City.

Features

– Rents average $1.32/sq.ft.
– 40 year Duroid roof
– Tenants to pay heat/cable
– Vinyl exterior
– Price includes GST/No PPT
– R20 + R40 insulation
– Starline vinyl windows
– Flooring: Laminated 20 year hardwood and carpeting (1 inch thick gypsum concrete)
– State of the art, high-tech security and surveillance system (common areas)
– 47 underground parking stalls
– 10 visitor parking stalls
– Washer/Dryer (GE Spacemaker)
– Quiet dishwasher and garborator
– Each suite has separate hot water tank
– Cabinets: quality arborite finish
– Kohler fixtures
– Separate caretaker office and social area
– Bike rack
– High speed internet access (ADSL/Shaw)
– All common areas: Power Smart high efficiency lighting PL13

Summary

Price$3,895,000
Units35
Price/Unit$111,285
Cap Rate7.5%
GIM10.1
Year Built2002
Lot Size26,043 sq.ft.
ZoningRM4 - Multifamily
Sale Price$3,750,000
Sale Date04/01/2003

Suite Mix

 No. UnitsAvg. Sq. Ft.
1 BedroomNo. Units12Avg. Sq. Ft.655 sq. ft.
1 BedroomNo. Units18Avg. Sq. Ft.670 sq. ft.
2 Bedrooms + DenNo. Units5Avg. Sq. Ft.890 sq. ft.

Financials

FinancingTreat as clear title.
Taxes 2002
$42,000.00
Income and Expenses
Gross Income
Operating Expenses
Net Operating Income
Gross Income$383,813
Operating Expenses(92,750)
Net Operating Income$291,063

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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